Relative Momentum Index Mt4
The rmi relative momentum index indicator is an improved version of rsi momentum is included in the calculation.
Relative momentum index mt4. 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. Based on this information traders can assume further price movement and adjust their strategy accordingly. I find that rsi is better in showing divergences while rmi is better is pointing out overbought oversold areas.
Hopefully now you can see just how versatile and effective momentum indicators can be in helping you identify trading opportunities whether you are looking to fade price as the indicators suggest that momentum is overstretched or using the indicators to identify divergence and potential reversals. Rmi as requested by glaz description. Relative momentum index mq5 9 06 kb view download as zip how to download code from metaeditor the relative momentum index rmi was developed by roger altman.
The relative momentum index was introduced by roger altman and in february 1993 was published in the technical analysis of stocks commodities magazine. Relative momentum index rmi indicator for metatrader 5 provides for an opportunity to detect various peculiarities and patterns in price dynamics which are invisible to the naked eye. Relative momentum index indicator aims to improve the data provided by the classical relative strength index rsi if the price reaches an oversold or overbought area.
Intraday momentum index for mt4. While your typical 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. The rmi counts up and down days from todays close relative to the close n days ago n is not limited to 1 as required by the rsi.
Relative momentum index indicator aims to improve the data provided by the classical relative strength index rsi if the price reaches an oversold or overbought area. Forex metatrader 5 trading platform. This modification is called the relative momentum index rmi in which momentum is substituted for strength because a momentum index is usually obtained by creating a moving average of the most recent closing price compared with the close y days in the past i personally use both rsi 14 period and rmi 20 5 with exponential moving average.
The relative momentum index was introduced by roger altman and in february 1993 was published in the technical analysis of stocks commodities magazine. Free download of the relative momentum index rmi indicator by rone for metatrader 5 in the mql5 code base.
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