◊ 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.
Great indicator mate. Any planned update for alerts and the other stuff mentioned?
MVPMC
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@stareatgoats, hi ser, i did those things in the triple rmi bot. Currently im working on a new approach on momentum. You can find it on github CMYKSCRIPTS