Contents x
    Intraday Momentum Index (IMI)
      • Dark
        Light
      Contents

      Intraday Momentum Index (IMI)

        • Dark
          Light
        Article summary

        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.
        • 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
        Was this article helpful?
        What's Next