Intraday Momentum Index MT5 Forex Indicator Free Download

The name intraday momentum index mt5 forex indicator is an oscillator that measures the ratio between directional changes in price and the total change in price during a given period.

This indicator is displayed in a separate window below the main trading chart.

It is suitable for various time frames and mt5 currency pairs.

Indicator default settings can be modified directly from the indicator input tab. Feel free to adjust settings and parameters to suit your preferences. Let's take a closer look at these inputs below.

Period – Defines the period of deployment in the calculation:

Overbought – represents the overbought level;

Oversold – Represents the oversold level.

The formula for the intraday Momentum Index indicator:

The calculation of the intraday Momentum Index indicator is based on the following formula:

IMI = 100*U /(U+D)

Where:

U = SMA (upward, period),

D = SMA (downward, period)

If Close > Open:

Up = Close – Open

Otherwise: Otherwise

Up = 0

If Close < Open:

Down = Open – Close

Otherwise: Otherwise

Down = 0

How to use the Intraday Momentum Index indicator:

This Forex indicator clearly classifies the area above the 70.00 level as overbought and the area below the 30.00 level as oversold.

When the indicator line breaks and holds above the 70.00 level, the price is bullish but overbought. Likewise, when the line breaks and holds below the 30.00 level, the price is considered bearish, but also oversold.

How to set up the Intraday Momentum Index indicator in MT5?

Installation Guide

Copy and paste the IMI.mq5 or IMI.ex5 indicator file into the MQL5 folder of the MetaTrader 5 trading platform.

You can access this folder by clicking on the top menu option as shown below:

File > Open data folder > MQL5 > Indicators (paste here).

Now go to the left side of the MT5 terminal. In Navigator , find the meter name, right-click it and select Attach to the chart .

Bottom Line

The Intraday Momentum Index indicator is worth adding to your trading arsenal, but remember to have realistic expectations. Like any other technical analysis tool, it cannot provide 100% accurate signals. Therefore, this Forex indicator can occasionally provide false signals. Its performance will vary widely based on market conditions. Feel free to develop your trading system based on it.

Intraday Momentum Index MT5 Forex Indicator Free Download

Read MoreTriple Threat Forex Trading Strategy