The Intraday Momentum Index (IMI), developed by Tushar Chande, is a cross-breed between RSI and candlestick analysis. IMI determines the candle type that dominated the recent price action, using that to pinpoint the extremes in intraday momentum.
As the market tries to bottom after a sell off, there are gradually more candles with green bodies, even though prices remain in a narrow range. IMI can be used to detect this shift, because its values will increase towards 70. Similarly, as the market begins to top, there will be more red candles, causing IMI to decline towards 20. When the market is in trading range, IMI values will be in the neutral range of 40 to 60.
Usually intraday momentum leads interday momentum. QStick can show interday momentum, it complements IMI. You will find it in my published indicators.
I have added volatility bands based OB/OS, in addition to static OB/OS levels. You can also turn on IMI Ehlers smoothing. BTW, all parameters are configurable, so do check out the options page.
Bravo, always good to see your published charts. Have all your published charts linked in my Indicator list.
LazyBear
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Thanks.
Yes, all my indicators are listed there (except this, ofc). I usually update that list every week or so. For a much cleaner list, use the Google docs link.
QuantitativeExhaustion
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In the case where you have two indicators, we can not add both indicators, only the first one listed. When we had the share chart "make it mine" tab, we could copy both indications.
LazyBear
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I know, I have requested this feature to @admin/team. Till then "Make mine" is our friend :)
QuantitativeExhaustion
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Glad you did, Team of great programmers here at TV