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Relative Momentum Index

The Relative Momentum Index (RMI) was developed by Roger Altman, and introduced in his Feb 1993 article in Technical Analysis of Stocks & Commodities magazine. As its name suggests, Relative Momentum Index adds a momentum component to the traditional RSI, designed to increase reliability by decreasing spurious oscillations between defined overbought and oversold levels.

This Relative Momentum Index indicator has 2 components. A change in RMI line color provides a warning signal for an upward or downward price movement. This trend is confirmed by the RMI line crossing the control signal line. Please see screenshots! In real time use, the RMI indicator provides a good balance between entry speed and reliability, and is a favorite of our group.

Alerts: We have added user-selectable message and email alerts for both a change in RMI line color (i.e., warning signals) and for RMI crossing the control signal (i.e., trend confirmation). Please note that email recipient and smtp information must be specified in MT4/options before using email alerts.


Parameters

  • RMI Length (Default=20): # bars used to calculate RMI
  • Signal Length (Default=6): # bars used to calculate control signal
  • Momentum Length (Default=4): # bars used to calculate momentum component within RMI signal
  • Toggle alerts on/off: Turns on (if true) or off (if false) all alerts
  • Alerts when RMI changes color: If true, will alert when RMI changes color (i.e., warning signal)
  • Alerts when RMI crosses ctrl signal: If true, will alert when RMI crosses control signal (i.e., trend confirmation)
  • Turn on alerts message: If true, turns on message box alerts
  • Turn on alerts sound: If true, turns on alerts sound
  • Turn on alerts email: If true, turns on alerts emails


iCustom

Developers can use the following code with iCustom:

iCustom(NULL,0,"Relative Momentum Index",20,6,4,false,false,false,false,false,false,0,0); // Current control signal value

iCustom(NULL,0,"Relative Momentum Index",20,6,4,false,false,false,false,false,false,1,0); // Current RMI uptrend value

iCustom(NULL,0,"Relative Momentum Index",20,6,4,false,false,false,false,false,false,2,0); // Current RMI downtrend value

iCustom(NULL,0,"Relative Momentum Index",20,6,4,false,false,false,false,false,false,3,0); // Current RMI no trend value 
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