Relative Momentum Index (RMI) - Alternative

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RMI_Alternative.efs  EFSLibrary - Discussion Board
  

File Name: RMI_Alternative.efs


Description:
Relative Momentum Index (RMI) - Alternative


Formula Parameters:
Length : 5
Y : 10

Notes:
This is an alternative RMI version.
The Relative Momentum Index (RMI) was developed by Roger Altman. Impressed
with the Relative Strength Index's sensitivity to the number of look-back
periods, yet frustrated with it's inconsistent oscillation between defined
overbought and oversold levels, Mr. Altman added a momentum component to the RSI.
As mentioned, the RMI is a variation of the RSI indicator. Instead of counting
up and down days from close to close as the RSI does, the RMI counts up and down
days from the close relative to the close x-days ago where x is not necessarily
1 as required by the RSI). So as the name of the indicator reflects, "momentum"
is substituted for "strength".

Download File:
RMI_Alternative.efs




EFS Code:






/*********************************Provided By:      eSignal (Copyright c eSignal), a division of Interactive Data     Corporation. 2009. All rights reserved. This sample eSignal     Formula Script (EFS) is for educational purposes only and may be     modified and saved under a new file name.  eSignal is not responsible    for the functionality once modified.  eSignal reserves the right     to modify and overwrite this EFS file with each new release.Description:            Relative Momentum Index (RMI) - Alternative    Version:            1.0  05/04/2009    Formula Parameters:                     Default:    Length                              5    Y                                   10Notes:    This is an alternative RMI version.    The Relative Momentum Index (RMI) was developed by Roger Altman. Impressed     with the Relative Strength Index's sensitivity to the number of look-back     periods, yet frustrated with it's inconsistent oscillation between defined     overbought and oversold levels, Mr. Altman added a momentum component to the RSI.    As mentioned, the RMI is a variation of the RSI indicator. Instead of counting     up and down days from close to close as the RSI does, the RMI counts up and down     days from the close relative to the close x-days ago where x is not necessarily     1 as required by the RSI). So as the name of the indicator reflects, "momentum"     is substituted for "strength".    **********************************/var fpArray = new Array();var bInit = false;function preMain() {    setStudyTitle("RMI");    setCursorLabelName("RMI", 0);    setDefaultBarFgColor(Color.red, 0);    setStudyMax(101);    setStudyMin(-1);    var x = 0;    fpArray[x] = new FunctionParameter("Length", FunctionParameter.NUMBER);    with(fpArray[x++]) {        setLowerLimit(1);        setDefault(5);    }    fpArray[x] = new FunctionParameter("Y", FunctionParameter.NUMBER);    with(fpArray[x++]) {        setLowerLimit(1);        setDefault(10);    }}var xRMI_a = null;function main(Length, Y) {var nBarState = getBarState();var nRMI_a = 0;    if (nBarState == BARSTATE_ALLBARS) {        if (Length == null) Length = 5;        if (Y == null) Y = 10;    }        if (bInit == false) {        xRMI_a = efsInternal("Calc_RMI_a", Length, Y);        bInit = true;    }    nRMI_a = xRMI_a.getValue(0);     if (nRMI_a == null) return;	return nRMI_a;}var bSecondInit = false;var xMOM = null;var	xUpAvg = null;var xDownAvg = null;function Calc_RMI_a(Length, Y) {var nRes = 0;var nUpAvg = 0;var nDownAvg = 0;    if (bSecondInit == false) {        xMOM = mom(Y);        xUpAvg = efsInternal("Calc_UpAvg", Length, xMOM);        xDownAvg = efsInternal("Calc_DownAvg", Length, xMOM);        bSecondInit = true;    }    nUpAvg = xUpAvg.getValue(0);    nDownAvg = xDownAvg.getValue(0);    if (nUpAvg == null || nDownAvg == null) return;	if(nUpAvg + nDownAvg != 0) {        nRes = 100 * nUpAvg / (nUpAvg + nDownAvg);    }    	return nRes;	}function Calc_UpAvg(Length, xMOM) {var nRes = 0;var nRef = ref(-1);var nVal = xMOM.getValue(0);    if (xMOM.getValue(-1) == null) return;	if(nVal < 0) nVal = 0;	nRes = (nRef * (Length - 1) + nVal) / Length;    return nRes;}function Calc_DownAvg(Length, xMOM) {var nRes = 0;var nRef = ref(-1);var nVal = xMOM.getValue(0);    if (xMOM.getValue(-1) == null) return;	if(nVal >= 0) {        nVal = 0;	} else {		nVal = -nVal;	}	nRes = (nRef * (Length - 1) + nVal) / Length;    return nRes;}