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Rmi

Omni Trader | RMI EMA RSI VOL | Margin Focused Indicator Version 1.0 Background I'm happy to release my latest and most complex indicator, 'Omni Trader', this was programmed for but absolutely not limited to margin trading (BTC & ETH) and over the course of the indicator testing has yielded great results. Furthermore, the word omni translated to 'all' or 'of all things' which is exactly what this indicator is about, it can be used for swing trading, scalp trading, margin trading all done manually or via automated methods eg. Autoview. Regarding the testing, it was primarily done on 5M candles on BTCUSD and ETHUSD and are where the default settings will fit most appropriately on first inspection, however, this tool has been programmed to have copious amounts of customisation for you to tweak and adjust to your trading style, please see the features outlined below for details: Features UI: Perfectly clear UI configured so the user can easily identify where signals are triggering along the chart and where areas of conditional logic is taking place with a colour scheme that is easy on the eye. Logic: 3 levels of base logic (toggleable) to display entries and exits ranging from 'All Trades' to more conservative levels, restricting signals. UI: Restrict Signal Repeats is a toggleable option to restrict subsequent signals triggering straight after each other, this optional is of main use in automated trading (Autoview) Logic: Volume is an toggleable parameter will fully customisable settings that allows you to influence the signal logic by including it in conditional logic Logic: RMI is one of the main indicators to form your signals based on momentum, fully customisable as always, the advantage of this indicator is that because its momentum based it give you signals around the clock regardless of time frame (in contrast to eg. RSI which will often not have one half of the signals for prolonged periods of time due to market conditions/direction) Logic: EMA is also one of the main set of tools used to form the signals and is heavily influenced by the 3 levels of base logic mentioned earlier that are toggleable but also you can customise each EMA length to suit to your strategy, the defaults are ideal for faster time-frames. Logic: A new programmed feature called signal limited that I have developed, this is an RSI based trigger that you can set a custom time-frame for, it will restrict your signals based on OS/OB conditions too, eg. you wont create longs if the ticker is very overbought on the 1D time frame - extremely useful for optimising trades. Future As with all my indicators, I have a series of updates and versions planned to improve this indicator further. Early adopters get the benefit of a cheaper access price and also having their say in how they want the indicator to be tailored and improved. Omni Trader is already a complete indicator that can be used to make profit, but the future updates will be focused on quality of life and further conditional logic additions to optimise it further. Access Trial access to this indicator is done via my discord server and community listed below, you can request access on there. Those who do not use discord, contact me directly on TV. Discord Link: discord.gg
Pine Script™ indicator
by Tradespot
27
CMYK RMI SMA Automated Strategy▼ This is the strategy version of the script, For Backtesting ◊ Introduction This script makes use of three RMI's and SMA's, that indicate Overbought/Oversold on different Periods that correspond with Frequency’s that move the market. ◊ Origin This is an update on █▓▒░ CMYK ♦ RMI ♦ TRIPLE ░▒▓█ ◊ Usage This script is intended for Automated Trading on the 1-5 minute chart. ◊ Features Summary Two Part Indicator Strategy Type Selection Three RMI's SMA's Trend adjustment Pump/Dump Entry Delay Pyramiding Ignore first entries Take Profit Stop Loss Interval between Entries Multiring Fix Alert signal Seperation ◊ Community Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg AUTOVIEW :: discordapp.com TRADINGVIEW UNOFFICIAL :: discord.gg ◊ Setting up Autoview Alerts Use the study version of this script, To set up The Alerts Autoview Picks up on. Goto the CMYK Discord for support and Settings. ◊ Backtesting Use the strategy version of this script for backtesting. ◊ Contact Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg
Pine Script™ strategy
by MVPMC
43
CMYK RMI SMA Study For Autoview▼ This is the study version of the script, For usage with Autoview ◊ Introduction This script makes use of three RMI's and SMA's, that indicate Overbought/Oversold on different Periods that correspond with Frequency’s that move the market. ◊ Origin This is an update on █▓▒░ CMYK ♦ RMI ♦ TRIPLE ░▒▓█ ◊ Usage This script is intended for Automated Trading on the 1-5 minute chart. ◊ Features Summary Two Part Indicator Strategy Type Selection Three RMI's SMA's Trend adjustment Pump/Dump Entry Delay Pyramiding Ignore first entries Take Profit Stop Loss Interval between Entries Multiring Fix Alert signal Seperation ◊ Community Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg AUTOVIEW :: discordapp.com TRADINGVIEW UNOFFICIAL :: discord.gg ◊ Setting up Autoview Alerts Use the study version of this script, To set up The Alerts Autoview Picks up on. Goto the CMYK Discord for support and Settings. ◊ Backtesting Use the strategy version of this script for backtesting. ◊ Contact Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg
Pine Script™ indicator
by MVPMC
5
CMYK RMI TRIPLE Automated study for Autoview▼ This is the study version of the script, For usage with Autoview ◊ Introduction This script makes use of three RMI 's, that indicate Overbought/Oversold on different timescales that correspond with Frequency’s that move the market. ◊ Origin 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 ticks from close to close, the Relative Momentum Index counts up and down ticks from the close relative to a close x number of days ago. This results in an RSI that is smoother, and has another setting for fine tuning results. This bot originated out of Project XIAM , an investigative script that outlined my approach towards Automated Trading Strategies. Are you interested in writing bots yourself ? check out the beta version of this script. It has many bugs, but also most of the Skeleton. ◊ Usage This script is intended for Automated Trading with AUTOVIEW or TVAUTOTRADER , on the 1 minute chart. ◊ Features Summary Overlay Mode Indicator Mode Three RMI's  Trend adjustment Pyramiding Ignore first entries Take Profit  Stop Loss Interval between Entries Multiring Fix Alert signal Seperation ◊ Community Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg AUTOVIEW :: discordapp.com TRADINGVIEW UNOFFICIAL :: discord.gg ◊ Setting up Autoview Alerts Use the study version of this script, To set up The Alerts Autoview Picks up on. The Signals to work with are : Open 1 Long Use this to open one Long Position. With quantity being : / Once per bar Being larger than 0 Comment example : e=exchange b=long q=amount t=market Open 1 Short Use this to open one Short Position. With quantity being : / Once per bar Being larger than 0 Comment example : e=exchange b=short q=amount t=market Close1 Position Use this to Close The amount of one Open Position. With quantity* being : / Once per bar Being larger than 0 Comment example : e=exchange c=position q=amount t=market *Beware when using a percental % quantity, instead of an absolute quantity. Percental Quantities are based on the , Not And will change in absolute value relative to the amount of open trades. Close All positions Use this to Close All Open Positions. With quantity being : Once per bar Being larger than 0 Comment example : e=exchange c=position t=market For the specific Syntax used in the comment of the alert, visit Autoview . ◊ Setting up TVAutotrader Use the strategy version of this script, And load it into TVAT . ◊ Backtesting Use the strategy version of this script for backtesting. ◊ Contact Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg
Pine Script™ indicator
by MVPMC
26
CMYK RMI TRIPLE Automated strategy▼ This is the strategy version of the script. ◊ Introduction This script makes use of three RMI 's, that indicate Overbought/Oversold on different timescales that correspond with Frequency’s that move the market. ◊ Origin 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 ticks from close to close, the Relative Momentum Index counts up and down ticks from the close relative to a close x number of days ago. This results in an RSI that is smoother, and has another setting for fine tuning results. This bot originated out of Project XIAM , an investigative script that outlined my approach towards Automated Trading Strategies. Are you interested in writing bots yourself ? check out the beta version of this script. It has many bugs, but also most of the Skeleton. ◊ Usage This script is intended for Automated Trading with AUTOVIEW or TVAUTOTRADER , on the 1 minute chart. ◊ Features Summary Overlay Mode Indicator Mode Three RMI's  Trend adjustment Pyramiding Ignore first entries Take Profit  Stop Loss Interval between Entries Multiring Fix Alert signal Seperation ◊ Community Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg AUTOVIEW :: discordapp.com TRADINGVIEW UNOFFICIAL :: discord.gg ◊ Setting up Autoview Alerts Use the study version of this script, To set up The Alerts Autoview Picks up on. The Signals to work with are : Open 1 Long Use this to open one Long Position. With quantity being : / Once per bar Being larger than 0 Comment example : e=exchange b=long q=amount t=market Open 1 Short Use this to open one Short Position. With quantity being : / Once per bar Being larger than 0 Comment example : e=exchange b=short q=amount t=market Close1 Position Use this to Close The amount of one Open Position. With quantity* being : / Once per bar Being larger than 0 Comment example : e=exchange c=position q=amount t=market *Beware when using a percental % quantity, instead of an absolute quantity. Percental Quantities are based on the , Not And will change in absolute value relative to the amount of open trades. Close All positions Use this to Close All Open Positions. With quantity being : Once per bar Being larger than 0 Comment example : e=exchange c=position t=market For the specific Syntax used in the comment of the alert, visit Autoview . ◊ Setting up TVAutotrader Use the strategy version of this script, And load it into TVAT . ◊ Backtesting Use the strategy version of this script for backtesting. ◊ Contact Wanna try this script out ? need help resolving a problem ? CMYK :: discord.gg
Pine Script™ strategy
by MVPMC
37
CryptoVN - Relative Momentum Index (RMI)The Relative Momentum Index (RMI) was developed by Roger Altman and was introduced in his article in the February, 1993 issue of Technical Analysis of Stocks & Commodities magazine. RMI function determines the internal momentum of a field using the number of upward and downward price changes across a given number of bars over a given period of time. As an oscillator, the RMI exhibits the same strengths and weaknesses of other overbought / oversold indicators. During strong trending markets the RMI will remain at overbought or oversold levels for an extended period. However, during non-trending markets, the RMI tends to oscillate predictably between an overbought level of 70 to 90 and an oversold level of 10 to 30. Since the RMI is based on the RSI, many of the same interpretation methods can be applied. In fact, many of these “situations” are more clearly manifest with the RMI than they are with the RSI. * Tops and Bottoms: The RMI usually tops above 70 and bottoms below 30. The RMI usually forms these tops and bottoms before the underlying price chart. * Chart Formations: The RMI often forms chart patterns (such as head and shoulders or rising wedges) that may or may not be visible on the price chart. * Failure Swings: (Also known as support or resistance penetrations or breakouts.) This is where the RMI surpasses a previous high (peak) or falls below a recent low (trough). * Support and Resistance: The RMI shows, sometimes more clearly than the price chart, levels of support and resistance. * Divergence: As discussed above, this occurs when the price makes a new high (or low) that is not confirmed by a new RMI high (or low). The main purpose of RMI is to improve the data provided by the RSI classical indicator if the price touches the Oversold or Overbought zone. If you like and use this, tips and donations are always welcome ^^!! Bitcoin: 3BMEXfdqNNmVmtHYvZ1HqMyXchAGLUrbqF (*) My Advice to You: - The Trend Is Your Friend. TRADE WHAT YOU SEE, NOT WHAT YOU THINK. Happy Trading Life ^^!
Pine Script™ indicator
by cuongitl
2
CMYK RMI TRIPLE◊ Introduction This script makes use of three RMI's, to indicate Overbought/Oversold. Adjustments can easily be made, through its settings or script. ◊ Origin 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. This results in an RSI that is smoother. This is a part of Project XIAM. ◊ Theoretical Approach Philosophy γ :: consequential ◊ Usage You can use this as an indicator for manual trading, or apply AUTOTVIEW to automate your trading. My advice is to combine this with another indicator before you do this. The script is written in an organized and flexible manner to do this. ◊ Features 3 RMI's with seperately adjustable HIGH / LOW levels. Trend adjustment on the SLOW RMI. Adjustable Interval between entries / Once per dip-top entry. Take Profit & Stop loss ◊ Community Wanna share your findings ? or need help resolving a problem ? CMYK :: discord.gg AUTOVIEW :: discordapp.com TRADINGVIEW UNOFFICIAL :: discord.gg
Pine Script™ strategy
by MVPMC
11
CMYK XIAM OPEN◊ Introduction This is project XIAM, a work in progress. Recently i came across the repainting problem. Since then i haven't seen any bot-code that makes > 5% profit in two weeks with 0.25% fees/trade. People who make good bots either bluff or don't share the code. they let you rent it. I aim to understand, learn it, write it myself. And share my findings with whoever shares with me. ◊ Origin Based on RMI (RSI with momentum) and SMA, and values derived from those. ◊ Usage Currently an investigative script. ◊ Theoretical Approaches Philosophy α :: Cleansignal :: Cleaning up the signal, from irregularities that cause unpredictable results. Merging available tickers of a pair into one. Merging available tickers of different coins into one in the correct proportion. (eg. Crypto market cap) Removing Jitter, and smoothing signal without delay. Philosophy β :: Rythmic :: Syncing into the rythm's, to never miss the que, and trade on every theoretical low/high Searching Amplitude, Period, Phase Shift, Frequency's of the carrier waves. Marking Acrivity/inactivity of the carrier waves. Partial Fractal repetition asses-able with above data? Philosophy γ :: consequential :: Seeking for Indicatory events and causal relations Probability / reward. Confirmation and culmination. ... ◊ Community Wanna share your findings ? or need help resolving a problem ? CMYK :: discord.gg AUTOTVIEW :: discordapp.com
Pine Script™ strategy
by MVPMC
8
CMYK XIAM◊ Introduction This is project XIAM, a trading bot based on SMA and RMI ◊ Origin Based on 'The Relative Momentum Index' by Roger Altman : 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. This results in an RSI that is smoother. The input has been changed to the change of a smoothed close multiplied by a smoothed volume . In addition SMA is used to detect an up/downwards phase. ◊ Adjustments CMYK color theme applied. ◊ Usage Automatic trading strategy ◊ Future Prospects Remove jitter. Take Variance into account Auto adjusting settings evaluated on previous placements. Proper asset management.
Pine Script™ strategy
by MVPMC
21
CMYK VRMI◊ Introduction This script indicates the relative movement of price x volume. ◊ Origin Based on 'The Relative Momentum Index' by Roger Altman : 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. This results in an RSI that is smoother. The input has been changed to the change of a smoothed close multiplied by a smoothed volume. The polarity of VRMI indicates bearish/bullish movement. ◊ Adjustments CMYK color theme applied. ◊ Usage VRMI indicates the force the market moves with. ◊ Future Prospects - ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊
Pine Script™ indicator
by MVPMC
CMYK VRMI RAYS ◊ Introduction Introducing VRMI in this script, an RMI based on price movement and volume, to indicate bullish and bearish trends. This script marks the background depending on RMI <> VRMI , VRMI polarity and large buy/sell sprees. ◊ Origin Based on 'The Relative Momentum Index' by Roger Altman : 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. This results in an RSI that is smoother. In addition VRMI reacts quick, it is used to cut off latency from RMI, and it's polarity indicates the beginning and end of a trend. Large buy sell sprees and detected in their proportion with an sma on the volume ◊ Adjustments CMYK color theme applied. ◊ Usage This indicator can be used to detect trends and mark reversals. ◊ Prospects ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊
Pine Script™ indicator
by MVPMC
CMYK RMI ARROWS◊ Introduction I started using this script because of its fast reaction, and good tell for buy/sell moments. For larger timescales, the overall trend should be taken into account regarding the levels. In the future i will update this indicator, to automatically adjust those. This is the Overlay expansion of the Indicator Linked below. ◊ Origin 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. This results in an RSI that is smoother. ◊ Adjustments CMYK color theme applied. Four levels to indicate intensity. Two Timescales, to overview the broader trend, and fast movements. ◊ Usage RMI indicates overbought and oversold zones, and can be used for divergence and trend analysis. ◊ Future Prospects Self adjusting levels, relative to an SMA trend. Alternative RMI, which functions as an overlay. ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ░▒▓█ CMYK ◊ RMI █▓▒░
Pine Script™ indicator
by MVPMC
6
CMYK RMI◊ Introduction I started using this script because of its fast reaction, and good tell for buy/sell moments on a short timescale. For larger timescales, the overall trend should be taken into account regarding the levels. In the future i will update this indicator, to automatically adjust those. ◊ Origin 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. This results in an RSI that is smoother. ◊ Adjustments CMYK color theme applied. Four levels to indicate intensity. Two Timescales, to overview the broader trend, and fast movements. ◊ Usage RMI indicates overbought and oversold zones, and can be used for divergence and trend analysis. ◊ Future Prospects Self adjusting levels, relative to an SMA trend. Alternative RMI, which functions as an overlay. ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊ ◊
Pine Script™ indicator
by MVPMC
4
Relative Momentum Index Backtest The Relative Momentum Index (RMI) was developed by Roger Altman. Impressed with the Relative Strength Index's sensitivity to the number of look-back periods, yet frustrated with it's inconsistent oscillation between defined overbought and oversold levels, Mr. Altman added a momentum component to the RSI. As mentioned, the RMI is a variation of the RSI indicator. Instead of counting up and down days from close to close as the RSI does, the RMI counts up and down days from the close relative to the close x-days ago where x is not necessarily 1 as required by the RSI). So as the name of the indicator reflects, "momentum" is substituted for "strength". You can change long to short in the Input Settings WARNING: - For purpose educate only - This script to change bars colors.
Pine Script™ strategy
by HPotter
Relative Momentum Index Strategy The Relative Momentum Index (RMI) was developed by Roger Altman. Impressed with the Relative Strength Index's sensitivity to the number of look-back periods, yet frustrated with it's inconsistent oscillation between defined overbought and oversold levels, Mr. Altman added a momentum component to the RSI. As mentioned, the RMI is a variation of the RSI indicator. Instead of counting up and down days from close to close as the RSI does, the RMI counts up and down days from the close relative to the close x-days ago where x is not necessarily 1 as required by the RSI). So as the name of the indicator reflects, "momentum" is substituted for "strength". WARNING: - This script to change bars colors.
Pine Script™ indicator
by HPotter
Renko+Moving Average+RMI Alert R3 by JustUncleLThis script idea is designed to be used with 10pip brick (recommended) Renko charts. It combines the Renko price action with a directional coloured EMA (default length 6) and a RMI (instead of the usual RSI) indicator to provide entry and exit signals. RMI is bit like RSI with a built-in momentum factor and works well with Renko. Signals can optionally be filtered by Daily or Weekly Open, where by only trade long above open and short below open (this option is enabled by default). Exit occur when EMA or RMI reverses direction, or optionally (disabled by default) when the Renko prints a brick in the reverse direction. Each Entry and Exit signal creates an Alertcondition that can be picked up by the TradingView Alarm system. TIP: To get 10pip Bricks set Renko to "Traditional" type bricks and 0.001 for non-JPY currency pairs, and 0.1 for JPY currency pairs. Also set chart Time frame to 5min or 15mins. References: TheLark Relative Momentum Index (RMI)
Pine Script™ indicator
by JustUncleL
15
Relative Momentum Index The Relative Momentum Index (RMI) was developed by Roger Altman. Impressed with the Relative Strength Index's sensitivity to the number of look-back periods, yet frustrated with it's inconsistent oscillation between defined overbought and oversold levels, Mr. Altman added a momentum component to the RSI. As mentioned, the RMI is a variation of the RSI indicator. Instead of counting up and down days from close to close as the RSI does, the RMI counts up and down days from the close relative to the close x-days ago where x is not necessarily 1 as required by the RSI). So as the name of the indicator reflects, "momentum" is substituted for "strength".
Pine Script™ indicator
by HPotter
9