MVPMC

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.

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Release Notes: ◊ Adjustments
Neutral point set around 0, for future easy of calculations regarding autoset levels.
Release Notes: ◊ Adjustments
Changed order of levels.
Cleaned up script.
Added Dotted hlines
Release Notes: ◊ Adjustments
Updated theme.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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