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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.
Example: rmi ( 14, 4) creates the Relative Momentum Index value for 14 days using a four-day momentum.
Days(Periods): An integer value identifying the number of days to be included in the calculation.
Momentum : An integer value identifying the momentum period.
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.”
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