OPEN-SOURCE SCRIPT
CMYK RMI TRIPLE
Updated
◊ Introduction
This script makes use of three RMI's, to indicate Overbought/Oversold.
Adjustments can easily be made, through its settings or script.
◊ Origin
The Relative Momentum Index was developed by Roger Altman and was introduced in his article in the February, 1993 issue of Technical Analysis of Stocks & Commodities magazine.
While RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a close x number of days ago.
This results in an RSI that is smoother.
This is a part of Project XIAM.
◊ Theoretical Approach
Philosophy γ :: consequential
◊ Usage
You can use this as an indicator for manual trading, or apply AUTOTVIEW to automate your trading.
My advice is to combine this with another indicator before you do this.
The script is written in an organized and flexible manner to do this.
◊ Features
◊ Community
Wanna share your findings ? or need help resolving a problem ?
CMYK :: discord.gg/AnkZuA
AUTOVIEW :: discordapp.com/invite/BFz8VPn
TRADINGVIEW UNOFFICIAL :: discord.gg/fZFcJBy
This script makes use of three RMI's, to indicate Overbought/Oversold.
Adjustments can easily be made, through its settings or script.
◊ Origin
The Relative Momentum Index was developed by Roger Altman and was introduced in his article in the February, 1993 issue of Technical Analysis of Stocks & Commodities magazine.
While RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a close x number of days ago.
This results in an RSI that is smoother.
This is a part of Project XIAM.
◊ Theoretical Approach
Philosophy γ :: consequential
◊ Usage
You can use this as an indicator for manual trading, or apply AUTOTVIEW to automate your trading.
My advice is to combine this with another indicator before you do this.
The script is written in an organized and flexible manner to do this.
◊ Features
- 3 RMI's with seperately adjustable HIGH / LOW levels.
- Trend adjustment on the SLOW RMI.
- Adjustable Interval between entries / Once per dip-top entry.
- Take Profit & Stop loss
◊ Community
Wanna share your findings ? or need help resolving a problem ?
CMYK :: discord.gg/AnkZuA
AUTOVIEW :: discordapp.com/invite/BFz8VPn
TRADINGVIEW UNOFFICIAL :: discord.gg/fZFcJBy
Release Notes
◊ Adjustments
- Correction in the AUTOMATION > SHORT/LONG section.
Release Notes
◊ Adjustments- Added Ovveride condition for RMI SLOW in case and entry moment with RMI FAST & RMI MEDI is better than any previous moment with 3 RMI's.
- This setting is called 'ENTRY_EXTRAS' and large triangles are displayed to visualize these entries.
* Because of the current clutter of conditions, their functions will be put in the header in the future, and the Order of sections should be rewritten to allow for the PHASE_SHORT_LV & PHASE_SHORT_LV (largest values) to adapt to SHORT_EXTRA & LONG_EXTRA entries. So that extra entries will only be applied when they are Better placed than any previous in the PHASE. Currently they are applied when they are better than any non-EXTRA entry.
Release Notes
◊ Adjustments- Added capability for larger resolutions.
- Slow Trend adjustment for larger resolutions.
- This shows, without correction it would perform poorly during large events/trends, Better implementation of trend adjustment is needed.
- Use resolution 7 on 10min , 5 on 5min , 1 on 1min.
- Use Slow correction 49 on 10min , 33 on 5min , 10 on 1min.
- ^^^ Looks like a logarythm is needed behind these settings...
Release Notes
◊ Adjustments- Added STOPLOSS / TAKEPROFIT / PYRAMIDING counter / Entry position values
- Beware for bug in STOPLOSS for shorts, will be fixed soon.
Release Notes
◊ Adjustments - Cleaned Up Script / changed placement of PLOT section
- Currently Debugging Stoploss & Takeprofit for SHORTS
Release Notes
◊ Debugging - Fixed TAKEPROFIT_SHORT_X and STOPLOSS_SHORT_X conditions
- Backtesting does not respond to TAKEPROFIT_SHORT_X and STOPLOSS_SHORT_X
- Line 500 to 573
Release Notes
◊ Adjustments - Added Several Alert approaches in the "AUTOVIEW ALERTS" section
◊ Debugging
- Backtesting problem persists, Beware or this. ( STOPLOSS & TAKEPROFIT for SHORTS do not show in backtesting)
Open-source script
In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.
MVPMC
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.