The Intraday Momentum Index (IMI), developed by Tushar Chande, is a crossbreed between RSI and candlestick analysis. IMI determines the candle type that dominated the recent price action, using that to pinpoint the extremes in intraday momentum .
As the market tries to bottom after a sell off, there are gradually more candles with green bodies, even though prices remain in a narrow range. IMI can be used to detect this shift, because its values will increase towards 70. Similarly, as the market begins to top, there will be more red candles, causing IMI to decline towards 20. When the market is in trading range, IMI values will be in the neutral range of 40 to 60.
Usually intraday momentum leads interday momentum . QStick can show interday momentum , it complements IMI. You will find it in my published indicators.
I have added volatility bands based OB/OS, in addition to static OB/OS levels. You can also turn on IMI Ehlers smoothing. BTW, all parameters are configurable, so do check out the options page.
List of my other indicators:

 Google doc: https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9WIKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
As the market tries to bottom after a sell off, there are gradually more candles with green bodies, even though prices remain in a narrow range. IMI can be used to detect this shift, because its values will increase towards 70. Similarly, as the market begins to top, there will be more red candles, causing IMI to decline towards 20. When the market is in trading range, IMI values will be in the neutral range of 40 to 60.
Usually intraday momentum leads interday momentum . QStick can show interday momentum , it complements IMI. You will find it in my published indicators.
I have added volatility bands based OB/OS, in addition to static OB/OS levels. You can also turn on IMI Ehlers smoothing. BTW, all parameters are configurable, so do check out the options page.
List of my other indicators:

 Google doc: https://docs.google.com/document/d/15AGCufJZ8CIUvwFJ9WIKns88gkWOKBCvByMEvm5MLo/edit?usp=sharing
// // @author LazyBear // List of all my indicators: https://www.tradingview.com/v/4IneGo8h/ // study("Intrady Momentum Index [LazyBear]", shorttitle="IMI_LB") length=input(14, "IMI Length") lengthMA=input(6, "IMI MA Length") obLevel=input(70, "IMI static OB level") osLevel=input(20, "IMI static OS level") mult=input(2.0, title="Volatility Bands Stdev Mult") lengthBB=input(20, title="Volatility Bands Length") applySmoothing=input(false, "Smooth IMI") lowBand=input(10, "Smoothing LowerBand") PI=3.14159265359 EhlersSuperSmootherFilter(price, lower) => a1 = exp(PI * sqrt(2) / lower) coeff2 = 2 * a1 * cos(sqrt(2) * PI / lower) coeff3 =  pow(a1,2) coeff1 = 1  coeff2  coeff3 filt = coeff1 * (price + nz(price[1])) / 2 + coeff2 * nz(filt[1]) + coeff3 * nz(filt[2]) filt gains=iff(close>open,nz(gains[1])+(closeopen),0) losses=iff(close<open,nz(losses[1])+(openclose),0) upt=sum(gains,length) dnt=sum(losses,length) imi=applySmoothing ? EhlersSuperSmootherFilter(100*(upt/(upt+dnt)), lowBand) : 100*(upt/(upt+dnt)) basisx=ema(imi, lengthBB) devx = (mult * stdev(imi, lengthBB)) ulx = (basisx + devx) llx = (basisx  devx) // Uncomment if you want more bands //hline(90) //hline(10) hline(obLevel) hline((obLevel+osLevel)/2, linestyle=dotted) hline(osLevel) plot(imi, color=red, linewidth=2) plot(imi>=ulx? imi : na, color=green, style=cross, linewidth=3 ) plot(imi<=llx? imi : na, color=maroon, style=cross, linewidth=3 ) plot(ema(imi, lengthMA), color=blue)
List of my free indicators: http://bit.ly/1LQaPK8
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
List of my indicators at Appstore: http://blog.tradingview.com/?p=970
Yes, all my indicators are listed there (except this, ofc). I usually update that list every week or so. For a much cleaner list, use the Google docs link.
// @author LazyBear
// List of all my indicators:
//
study("Intrady Momentum Index ", shorttitle="IMI_LB")
length=input(14, "IMI Length")
lengthMA=input(6, "IMI MA Length")
obLevel=input(70, "IMI static OB level")
osLevel=input(20, "IMI static OS level")
mult=input(2.0, title="Volatility Bands Stdev Mult")
lengthBB=input(20, title="Volatility Bands Length")
applySmoothing=input(false, "Smooth IMI")
lowBand=input(10, "Smoothing LowerBand")
PI=3.14159265359
EhlersSuperSmootherFilter(price, lower) =>
a1 = exp(PI * sqrt(2) / lower)
coeff2 = 2 * a1 * cos(sqrt(2) * PI / lower)
coeff3 =  pow(a1,2)
coeff1 = 1  coeff2  coeff3
filt = coeff1 * (price + nz(price)) / 2 + coeff2 * nz(filt) + coeff3 * nz(filt)
filt
gains=iff(close>open,nz(gains)+(closeopen),0)
losses=iff(close<open,nz(losses)+(openclose),0)
upt=sum(gains,length)
dnt=sum(losses,length)
imi=applySmoothing ? EhlersSuperSmootherFilter(100*(upt/(upt+dnt)), lowBand) : 100*(upt/(upt+dnt))
basisx=ema(imi, lengthBB)
devx = (mult * stdev(imi, lengthBB))
ulx = (basisx + devx)
llx = (basisx  devx)
// Uncomment if you want more bands
//hline(90)
//hline(10)
hline(obLevel)
hline((obLevel+osLevel)/2, linestyle=dotted)
hline(osLevel)
plot(imi, color=red, linewidth=2)
plot(imi>=ulx? imi : na, color=green, style=cross, linewidth=3 )
plot(imi<=llx? imi : na, color=maroon, style=cross, linewidth=3 )
plot(ema(imi, lengthMA), color=blue)
Now you must copy PINE SCRIPT and paste the entire code when you open up a new chart.