Metatrader 5 Indicators | Relative Momentum Index (RMI) | Free Download

Explore the latest free tools from the MQL5 community. Here's a new indicator, expert advisor, or script for MetaTrader.

The difference from RSI is that it uses price change for a specified period (i.e. the momentum) instead of the price changes of two adjacent bars. The rest of the calculations are similar to RSI. The indicator was developed by Roger Altman and was first published in February 1993 in the Technical Analysis of Stocks & Commodities magazine.

Parameters:

• RMI Period - the period of RMI.
• Momentum Period - the period of momentum (with the value 1 the indicator is identical to RSI).

Interpretation of the signal is the same as that of the relative strength index:

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• The tops and bottoms of the indicator are a little ahead of the formation of local price maximums and minimums.
• Graphical patterns (head and shoulders, etc.) that are not easy to recognize on price charts.
• Divergence.

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