Oscillator Intraday Momentum Index displays the ratio between the directed change in the price and the total change in the prices over the specified period.
There are three adjustable parameters:
- Period – calculation period;
- Overbought – overbought level;
- Oversold – oversold level.
Calculation:
IMI = 100*U /(U+D)
where:
U = SMA(Up, Period), D = SMA(Down, Period)
If Close > Open:
Up = Close – Open
otherwise:
Up = 0
If Close < Open:
Down = Open – Close
otherwise:
Down = 0
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