# Relative Momentum Index

1017 9
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".
```////////////////////////////////////////////////////////////
//  Copyright by HPotter v1.0 05/09/2014
// 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".
////////////////////////////////////////////////////////////
study(title="Relative Momentum Index", shorttitle="RMI")
xPrice = close
Length = input(20, minval=1)
SellZone = input(70, minval=1)
hline(0, color=gray, linestyle=dashed)
hline(SellZone, color=red, linestyle=line)
xMom = xPrice - xPrice[Length]
xMU = iff(xMom >= 0, nz(xMU[1], 1) - (nz(xMU[1],1) / Length) + xMom, nz(xMU[1], 1))
xMD = iff(xMom <= 0, nz(xMD[1], 1) - (nz(xMD[1],1) / Length) + abs(xMom), nz(xMD[1], 0))
RM = xMU / xMD
nRes = 100 * (RM / (1+RM))
plot(nRes, color=blue, title="RMI")
```
DONATE/TIP

BTC: 3FKWwtaYrf5NHZzaCi1fyAfQj7XSgtyCqe
Here's a colorized version if you want to pretty yours up...

FYI: Here is the RMI created by user TheLark

I found a small issue with your script. The zero line doesn't work. It has to be set to 50 not 0 :)
ChartArt
I mean it seems to 55 not 50.
ChartArt
What about script do you speak?
HPotter
RMI has three levels: 0 (zero line), 70 (overbought), 40 (oversold).

The first level (hline) needs to be 55 not 0.
ChartArt
Oh, I understood. I do not know how work this versions of the scripts for fix. I hope that peoples will fix it yourself. Thank you.
The RMI seems to be one of the many indicators which sound awesome in theory but produce many false signals in reality.

ChartArt
RSI vs RMI (both with a period length of 20 days)

EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter