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#1 Selling Amibroker Plugin featuring:
Relative Momentum Index for Amibroker (AFL)
Relative Momentum Index is a normalized ; momentum oscillator similar to RSI and ranges between 0 and 100. It is intended to help determine the strength of price trends and also to highlight potential short-term market overbought and oversold levels. When the markets are in strong trend, the RMI will stay at overbought or oversold levels for sometime. It, otherwise oscillates between an overbought level of 70 to 90 and an oversold level of 10 to 30. Since the RMI is based on the RSI, many of the same interpretation methods of RSI can be applied.
Formula:
Example: rmi ( 14, 4) creates the Relative Momentum Index value for 14 days using a four-day momentum.
Parameters:
Days(Periods): An integer value identifying the number of days to be included in the calculation.
Momentum : An integer value identifying the momentum period.
Usage:
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). As the indicator name reflects, “momentum” is substituted for “strength.”
Similar Indicators / Formulas
Indicator / Formula
/* Relative Momentum Index */
/* AFL code by Prakash Shenoi */
Length=Param("Length?",2,3,20,1);//default =14 or 20
mom=Param("Momentum?",2,3,11,1);//default = 4 or 5
xRMI = RMI(Length,mom);
Plot(xRMI, " Relative Momentum Index ("+WriteVal(Length,1.0)+")", 34+4,1 + styleThick);
Plot(70,"",colorDarkGrey,styleDashed|styleNoLabel);//OS
Plot(30,"",colorDarkGrey,styleDashed|styleNoLabel);//OB
Buy = Cross( xRMI, 30 );
Sell = Cross( 70, xRMI );
PlotShapes( shapeUpArrow * Buy + shapeDownArrow * Sell, IIf( Buy, colorGreen, colorRed ) );
GraphXSpace=5;
/*Buy and Sell Conditions*/
Buy = Ref(xRMI,-1)<40 AND xRMI > Ref(xRMI,-1);
Sell = Ref(xRMI,-1)>70 AND xRMI < Ref(xRMI,-1);
Buy = ExRem(Buy,Sell);
Sell = ExRem(Sell,Buy);
/*End Buy and Sell Conditions*/2 comments
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i earn 2 lac by using this indicator. thank u.
Yeah right and now you are a crorepati. I feel no harm in disclosing one’s earning. But what would really help is the modus operandi using this Indicator. There are many people like axay who just say a line or two to get attention. I havent downloaded this afl yet. But will sure feedback in time.
Cheers
JS