Relative Momentum Index - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources - MetaTrader 5 Resources

The Relative Momentum Index (RMI) was developed by Roger Altman. It was first introduced in the February 1993 issue of Technical Analysis of Stocks and Commodities magazine.

RMI is a variation of the RSI indicator. RMI calculates the number of days up and down from the closing price relative to the closing price X days ago (where

Note that the RMI with parameter C, 14, 1 is equivalent to the 14-period RSI of the closing price. This is because the momentum parameter only counts 1 day of price changes (which is what the RSI does by default).

As the momentum period increases, RMI fluctuations become smoother.

Since the RMI is an oscillator, it has the same advantages and disadvantages as other overbought/oversold indicators. In strong market trends, the RMI may remain at overbought or oversold levels for extended periods of time.

However, in non-trending markets, the RMI tends to fluctuate more predictably between overbought levels of 70 to 90 and oversold levels of 10 to 30.

Attachment download

📎 relative_momentum_index.mq5 (9.06 KB)

Source: MQL5 #19851