Customer Support : 020-61923200, [email protected] | Call and Trade : 020-61923220
Creator: Tushar Chande
Default period: 5
In the Intraday Momentum Index [IMI] indicator, two lines are plotted below the chart.
The green line represents the Intraday Momentum Index (IMI).
The red line represents the average of the IMI
An intraday momentum index measures the strength of the trend during intraday sessions compared to the range of the sessions. In other words, the strength of the trend as compared to the range during a given period of time.
This indicator calculates the intraday strength of the session using a daily candlestick, hence its name. However, it is not limited to intraday timeframes.
IMI is a momentum indicator. As long as it is above the average line, it indicates that the trend is strong and bullish. A bearish indicator is one that is below its average line and indicates the strength of the bearish trend.
The indicator table value in TradePoint & RZone also provides you with a list of all values of this indicator for any group of stocks. This will allow you to compare the readings of this indicator across different stocks.
This indicator is also available in the System Builder of RZone & TradePoint for all charting methods. Using the system builder, you can develop various strategies based on the different conditions already present in this indicator. Additionally, it can be used with other indicators or price patterns to develop effective trading strategies. For any group of stocks and market segments, you can scan and backtest stocks based on those strategies.
The indicator is applicable to all types of charting. Calculated based on the number of columns on P&F charts, bricks on Renko charts, lines on Line-break charts, candles on Heikin ashi charts, and lines on Kagi charts. While the formula and reading of the indicators remain the same, they become more dynamic on these charts.