Intraday Momentum Index (IMI)
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    Intraday Momentum Index (IMI)

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    Article Summary

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    The Intraday Momentum Index (IMI) indicator is a version of Relative Strength Index (RSI) that considers the relationship between a security's Open and Close prices instead of difference between the close and previous close, which is used in RSI. The IMI's line can help identify when a security is overbought (the line is above 70) or oversold (the line is below 30).

    IMI = 100 * (UpDaysSum / (UpDaysSum + DownDaysSum))

    where:
    UpDaysSum &nash; the sum of gains on up days  for the period (CP - OP)
    DownDaysSum – the sum of losses on down days for the period (OP - CP)
    OP – open price
    CP – close price

    Intraday Momentum IndexIntraday Momentum Index

    INPUTS

    InputDescription
    LengthThe number of bars used to calculate IMI
    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
    IMIThe Intraday Momentum Index 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.
    • DifferenceThe plot is displayed as a line which represents the difference between High and Low prices of the bar.
    • PointsThe plot is displayed as points.
    • Text above candleThe plot is displayed as the price labels above candles on the chart.
    • Text below candleThe plot is displayed as the price labels below candles on the chart.
    • Triangle above candleThe 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