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RMI - The better RSI

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    RMI - The better RSI

    Hello Ninjas,

    I would like to share an Indikator called Relative Momentum Indikator (RMI). It is an modern improvment, based on the well known RSI - and surprisingly it is not part of NT

    It is one of my first C# Code - I hope it is efficent enough. If you have some Ideas for Improvement, you are welcome!

    The RMI contains two Variables: Period and Shift.
    With "Shift = 1" it shows the same behavior like the RSI. While increase the shift, the RMI becomes smoother compared to the RSI.

    My Reference is Erich Florik "New Trader Dimensions". He suggest Values like 3/8 or 5/12 for better Trendsignals compared to the RSI.

    I just put the Indikator in the Download-Section (hope it works!)

    Regards
    Trendseek
    Attached Files

    #2
    Great! Thanks for sharing, TrendSeek!
    Ryan MNinjaTrader Customer Service

    Comment


      #3
      Update for the RMI-Indikator

      Hi Ninjas,

      I just wrote a little update for the RMI-Indicator and make it compatible to NT6.5.
      I would also like to give some further informations. Unfortunaly I can't edit my posting in the Update-Section

      So here we go:


      Description:
      This Indikator is a little improvment, based on the well known RSI. Surprisingly it is not part of NT. The Idea is, to compare Momenti instead of Prices over a given Period. The Distance between the two Prices within a Momentum ist specified by the "Shift" Parameter.

      How to Use:
      Period works like in the RSI. With "Shift = 1" the RMI shows the same behavior like the RSI. While increase the shift, the RMI becomes smoother compared to the RSI.
      ---> Erich Florik "New Trader Dimensions" suggest Values like 3/8 or 5/13 for very clear and better Trendsignals compared to the RSI

      Interpretation:
      above the upper Line (70-80) we have an up-Trend, below the lower Line (30-20) we have a down-Trend. But UNLIKE the RSI we have no oversold/overbought Situation in these regions!


      To Import
      1. Download the attached file to your desktop
      2. From the Control Center window select the menu File > Utilities > Import NinjaScript
      3. Select the downloaded file

      regards
      Trendseek
      Attached Files

      Comment


        #4
        Thanks, TrendSeek.

        You can edit your file sharing post by clicking on the little pencil icon next to "Send to friend".
        Ryan MNinjaTrader Customer Service

        Comment

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