RMI, as requested by glaz
Description:
The Relative Momentum Index was developed by Roger Altman and was introduced in his article in the February, 1993 issue of Technical Analysis of Stocks & Commodities magazine.
While your typical RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a close x number of days ago. The result is an RSI that is a bit smoother.
Usage:
Use in the same way you would any other RSI. There are overbought and oversold zones, and can also be used for divergence and trend analysis .
Grab the source code here: pastebin.com/LRVusQmy
Installation video by @ChrisMoody here : vimeopro.com/user146...iewcom-how-to-videos
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I'd like as many people as possible to get it :)
Description:
The Relative Momentum Index was developed by Roger Altman and was introduced in his article in the February, 1993 issue of Technical Analysis of Stocks & Commodities magazine.
While your typical RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a close x number of days ago. The result is an RSI that is a bit smoother.
Usage:
Use in the same way you would any other RSI. There are overbought and oversold zones, and can also be used for divergence and trend analysis .
Grab the source code here: pastebin.com/LRVusQmy
Installation video by @ChrisMoody here : vimeopro.com/user146...iewcom-how-to-videos
░░░░░░░░░░░░░░░ Feel free to follow me to keep up with my latest scripts! ░░░░░░░░░░░░░░░
░░░░░░░░░░░░ PLEASE THUMB UP OR STAR IF YOU LIKE THIS INDICATOR! ░░░░░░░░░░░░
I'd like as many people as possible to get it :)
study(title = "TheLark Relative Momentum Index (RMI)",overlay=false) //•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•// // // // RMI BY THELARK // // ~ 2-19-14 ~ // // // // •/• // // // // https://www.tradingview.com/u/TheLark // // // //•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•/•// // Relative Momentum Index (RMI) // "... The Relative Momentum Index was developed by Roger Altman // and was introduced in his article in the February, 1993 issue of // Technical Analysis of Stocks & Commodities magazine. " // "... While RSI counts up and down days from close to close, the Relative // Momentum Index counts up and down days from the close relative to a // close x number of days ago. " // Requested by glaz @ TradingView // inputs len = input(20, title="Length") mom = input(4, title="Momentum",minval=0) ob = input(70,title="Overbought") os = input(30,title="Oversold") c = close docol = input(true,title="Change Color?") dosignal = input(true,title="Show Signal Line?") sig = input(6,title="Signal Length") dohist = input(false,title="Show Hist?") //calc up = ema(max(c - c[mom],0),len) dn = ema(max(c[mom] - c,0),len) rmi = dn == 0 ? 0 : 100 - 100 / (1 + up / dn) signal = sma(rmi,sig) //plots hline(ob) hline(os) plot(dohist?(rmi-signal)+50:na,color=#FF006E,histbase=50,style=histogram,linewidth=2) plot(dosignal?signal:na,color=#D87A68) col = docol ? rmi > rmi[1] ? #0094FF : #FF006E : #0094FF plot(rmi, color=col,linewidth=2)
