- This topic has 4 replies, 2 voices, and was last updated 1 week ago by .
- You must be logged in to reply to this topic.
Simple – it’s very much like a RSI, but RMI. Would love to see this feature as it’s the only indicator I use consistently. It count the same way except from N days ago.
I found a formula and created the following script in a Show View (one applied change the BARS option in the properties to change the lookback period from 10 days).
//Set Lookback period;
//Get directional change values;
U1 = IF(CHANGE() > 0, CLOSE()-CLOSE(1), 0);
D1 = IF(CHANGE() <=0, ABS(CLOSE()-CLOSE(1)),0);
//Sum changes over lookback period;
U2 = ACC(U1, BARS=$BARS, RANGE=Look Back Period);
D2 = ACC(D1, BARS=$BARS, RANGE=Look Back Period);
RMI = 100 * (U2 / (U2+D2));
When made into a Boolean true/false condition (eg RMI CrossesAbove 70) then it can be used in a watchlist or scan. Workbook attached.
Thanks, Darren! I’ll play around with it to create a signal line for crossover screens. Appreciate that you did this as I’ve been having trouble finding a way to screen for RMI signals.
No worries. Would you use a moving average as the signal line? So for a cross above its 50MA change the last line to this:
RMI CrossesAbove MA(RMI, BARS=50)
Appreciate it! This should do the trick.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
|cname||14 days||This cookie is set by Optuma. The cookies is used to store the users campaign selection for selecting the correct version of Optuma to trial and is "Necessary".|
|cookielawinfo-checbox-analytics||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".|
|cookielawinfo-checbox-functional||11 months||The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".|
|cookielawinfo-checbox-others||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.|
|cookielawinfo-checkbox-necessary||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".|
|cookielawinfo-checkbox-performance||11 months||This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".|
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.