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

Author: Andrei N. Bolkonsky

The Candlestick Momentum Index (CMI, based on the Candlestick Momentum Indicator ) was described by William Blau in the book "Momentum, Direction, and Divergence: Applying the Latest Momentum Indicators to Technical Analysis" .

The values ​​of the Candlestick Momentum indicator are normalized (by absolute value) and mapped to the [-100,+100] interval. Due to normalization, positive values ​​of the CMI correspond to overbought conditions in the market and negative values ​​correspond to oversold conditions in the market.

Candlestick Momentum Index

The formula for calculating the Candlestick Momentum Index is as follows:

100 * EMA(EMA(EMA( cmtm(price 1, price 2, q), r), s), u) 100 * CMtm (price 1, price 2, q, r, s, u)
CMI ( price 1 , price 2 , q, r, s, u) = ––––––––– –– –– –– –– – – ––––––––––––––––––––––––––– = ––––––––––––––––––––––––––––––––––––––––––––––
EMA(EMA(EMA( |cmtm(price1,pric2,q)| ,r),s),u) EMA(EMA(EMA( |cmtm(price1,pric2,q)| ,r),s),u)

If EMA(EMA(EMA(|cmtm(price1,pric2,q)|,r),s),u)=0, then CMI(price1,price2,q,r,s,u)=0

Attachment download

📎 blau_cmi.mq5 (9.92 KB)

📎 williamblau.mqh (4.52 KB)

Source: MQL5 #378