OPEN-SOURCE SCRIPT
Stochastic RMI
The Relative Momentum Index (RMI) is a technical analysis indicator used to analyze the price movements of assets in a financial market. Similar to the RSI (Relative Strength Index), it helps measure the momentum and strength of the asset's price movements over the recent period. However, the RMI offers a "smoother" view, unlike the RSI. This means that there is less "noise" in the indicator.
As is known, the Stochastic RSI indicator is based on the RSI. What I did was to create a stochastic based on the RMI. If you compare this indicator with the "Stochastic RSI", you will see that there is no difference between them, except that the "Stochastic RMI" is more "smooth" and noiseless.
As is known, the Stochastic RSI indicator is based on the RSI. What I did was to create a stochastic based on the RMI. If you compare this indicator with the "Stochastic RSI", you will see that there is no difference between them, except that the "Stochastic RMI" is more "smooth" and noiseless.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.