◊ 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. [ Top - High - Low - Bottom ] 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.
excellent, might wanna add the parameter in the lark's rmi with signal line (which is a bit faster than fast SMA) and color change based on direction up or down of
MVPMC
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@saccoface, This option will be implemented on the next update.
Invisible_Chaos
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Very, very good job. All your scripts looks amazing - good results and understandable signals. Nicely done !