Relative Momentum Index
The Relative Momentum Index was developed by Roger Altman. This index uses momentum and feedback and is somewhat similar to the Relative Strength Index. The user may change the input (close) and period length. This indicator’s definition is further expressed in the condensed code given in the calculation below.
How To Trade Using Relative Momentum Index
The Relative Momentum Index may be used in conjunction with other studies. No trading signals are given for this indicator.
How To Access in MotiveWave
Go to the top menu, choose Add Study, start typing in this study name until you see it appear in the list, click on the study name, click OK.
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//input = price (user defined, default is closing price)
//period = user defined, default is 20
//prev =previous, index = current bar number
//LOE = less or equal, MOE = more or equal
mon = momentum(index, period, input); mu = mon; md = mon; prevMu = ifNull(mon, mu[index-1]); //returns mom as initial default value prevMd = ifNull(mon, md[index-1]); //returns mom as initial default value if (mon MOE 0) mu = prevMu -(prevMu / period) + mon; if (mon LOE 0) md = prevMd -(prevMd / period) + abs(mon); rm = mu/md; Plot: rmix = 100 * (rm / (1 + rm));