The Intraday Momentum Index (IMI) is a variation of Relative Momentum Index which takes into account up and down days on the specified interval. However, instead of using difference of Close prices, IMI considers difference (absolute value) between Open and Close prices on up and down bars.
The primary plot is accompanied with Overbought and Oversold levels (by default, 70 and 30 percent, respectively).
||The number of bars used to calculate averages.|
||The Intraday Momentum Index plot.|
||The Overbought level.|
||The Oversold level.|
*For illustrative purposes only. Not a recommendation of a specific security or investment strategy.