This script makes use of three RMI's, to indicate Overbought/Oversold.
Adjustments can easily be made, through its settings or script.
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
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.
- 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
Wanna share your findings ? or need help resolving a problem ?
CMYK :: discord.gg/AnkZuA
AUTOVIEW :: discordapp.com/invite/BFz8VPn
TRADINGVIEW UNOFFICIAL :: discord.gg/fZFcJBy
- Correction in the AUTOMATION > SHORT/LONG section.
- 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.
- 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...
- Added STOPLOSS / TAKEPROFIT / PYRAMIDING counter / Entry position values
- Beware for bug in STOPLOSS for shorts, will be fixed soon.
- Cleaned Up Script / changed placement of PLOT section
- Currently Debugging Stoploss & Takeprofit for SHORTS
- 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
- Added Several Alert approaches in the "AUTOVIEW ALERTS" section
- Backtesting problem persists, Beware or this. ( STOPLOSS & TAKEPROFIT for SHORTS do not show in backtesting)
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