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    Dynamic Momentum Index (DYMI)
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      Dynamic Momentum Index (DYMI)

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        Article summary

        DXcharts powers DXtrade, DXfina, and FinCharts.
        Check our website to find more information about DXcharts library.

        The Dynamic Momentum Index (DYMI) indicator is very similar to Relative Strength Index (RSI). The only difference is that DYMI uses variable time periods (from 3 to 30) while RSI has a fixed number of them (usually 14). Controlling the number of time periods, DYMI becomes more sensitive to short-term moves than RSI: the more volatile the price, the shorter the time period is.

        DYMI = RSI = 100 - 100/1 + RS
        StdA = MA10 of StdC5
        Vi = StdC5/StdA
        TD = INT (14/Vi)

        where:
        RS – Relative Strength value, requires a look back period which changes in DYMI
        Std – standard deviation value used to calculate the number of periods in DYMI
        TD – dynamic length, defines how many periods to use for each RS value
        MA10 – 10-period Simple Moving Average
        StdC5 – five-day standard deviation of closing prices

        Dynamic Momentum IndexDynamic Momentum IndexINPUTS

        Price
        The following data sources are available for calculation of DYMI:
        • Open. The Open Price of every bar for the specified period.
        • High. The High Price of every bar for the specified period. 
        • Low. The Low Price of every bar for the specified period.
        • Close. The Close Price of every bar for the specified period. 
        • Median. The Median Price of every bar for the specified period - (High + Low) / 2.
        • Typical. The sum of High, Low, and Close prices divided by 3 for the specified period- (High + Low + Close) / 3.
        • OHLC average. The arithmetical mean of High, Low, Open, and Close prices for the specified period - (Open + High + Low + Close) / 4.
        • Volume. The Close Price of every bar + average volume of an asset for the specified period.
        InputDescription
        StDevLengthThe number of periods used to calculate the standard deviation value
        StDevAverageLengthThe number of periods used to calculate the moving average of standard deviation
        DynamicLengthThe number of periods used to calculate each RS value
        MinDynamicLengthThe minimum number of periods used to calculate DynamicLenght
        MaxDynamicLengthThe maximum number of periods used to calculate DynamicLength
        OverboughtThe price value to fix the overbought level at
        OversoldThe price value to fix the oversold level at

        PLOTS

        The plot renders the data you are working with on the chart. You can show/hide a plot by clicking the corresponding item in the settings. Every plot has a set of basic settings that you can change: color, weight, and type.

        PlotDescription
        DYMIThe DYMI plot
        OverBoughtThe overbought level
        OverSoldThe oversold level
        Color

        Click the color rectangle under the plot's name to open the palette. Use the slider at the bottom to set the opacity of the color.

        Palette

         To create a custom color:

        1. Clickto open the color picker
        2. By using the slider at the bottom, adjust the main color
        3. Then, set a shade for the main color on the palette

        The custom-created colors are added to your palette. To remove a custom color, drag it out of the palette.

        Weight
        Change the value (in px) to adjust the thickness of the plot.
        Type
        The following plot types are available:
        • Linear. The plot is displayed as a line.
        • Column. The plot is displayed as a histogram.
        • Difference. The plot is displayed as a line which represents the difference between High and Low prices of the bar.
        • Points. The plot is displayed as points.
        • Text above candle. The plot is displayed as the price labels above candles on the chart.
        • Text below candle. The plot is displayed as the price labels below candles on the chart.
        • Triangle above candle. The plot is displayed as triangles above candles on the chart.
        • Color candle. The candles on candle-type charts are highlighted with specified colors.

        OVERLAYING

        Check Overlaying to display the indicator on the chart. Otherwise, the indicator is shown in a study pane down below.

        Note: To reset the settings, click Restore to Default next to the SETTINGS: INDICATOR'S TITLE
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