A better OB/OS indicator?

snailfx · Post by **snailfx** » Mon Apr 14, 2014 2:58 pm

Hi,
Few month ago i started to study RMI indicator and i was able to improve my trading results so i like to draw your attention to this indicator.
The RMI (Relative Momentum Index) is a variation of the RSI indicator (a description is in RMI code). RMI(14,1) is identical with RSI(14).

Next picture is self explanatory. There are RMI (14,5) for D1,H4 and H1 :
- RMI above/below 85/15% suggest a bigger retracement or direction change than above/below 70/30%;
- most of the time after RMI enter in the extreme OB/OS zone, PA will form a new HH/LL (RMI will form a divergence);
- LTF RMI above/below HTF RMI "pull" the HTF RMI in that direction ;
- multiple direction changes between 30-70% could be considered as ranging zone or a slow advance in the direction of the HTF RMI ;

mtf_rmi.png

MTF_RMI could be used in backtesting.
For long trend pairs RMI behaves different.
In the same manner could be compared Stochastic(21,3,7).
If it is a better OB/OS indicator I will let you to decide, for me it is.

123Reverse · Post by **123Reverse** » Wed Apr 16, 2014 1:52 am

Am I doing something wrong with the MTF_RMI?

It does not compile, giving these errors:

error - 'return' - expressions are not allowed on a global scope RMI_MTF.mq4 79 1
warning - not all control paths return a value RMI_MTF.mq4 77 1
warning - variable 'shift' not used RMI_MTF.mq4 94 7

snailfx · Post by **snailfx** » Wed Apr 16, 2014 4:18 am

It was coded pre 6xx.
Try this one.

Post by **thomasmore** » Fri Apr 18, 2014 8:21 am

RMI_MTF.PNG

snailfx » 16 Apr 2014, 06:18 wrote:It was coded pre 6xx.
Try this one.

The 6xx- version gives a blank...

Post by **Wavegarrick** » Fri Apr 18, 2014 8:35 am

Hi Guys this might sound stupid, I had the same problem a Ludowillems, but when I put the Rmi Indicator located in the Rmi Zip in my indicator folder, the mtf indicator worked. Why? I dont know. I am not a coder

Post by **thomasmore** » Fri Apr 18, 2014 8:52 am

Wavegarrick » 18 Apr 2014, 10:35 wrote:Hi Guys this might sound stupid, I had the same problem a Ludowillems, but when I put the Rmi Indicator located in the Rmi Zip in my indicator folder, the mtf indicator worked. Why? I dont know. I am not a coder :)

Yes, that' correct: it works! Thanks.

fajst_k · Post by **fajst_k** » Sat Apr 26, 2014 1:12 am

This RMI indicator is based on Empty4 RSI implementation which is not Wilder RSI implementation but
who knows what implementation...

here is a link to screenshots and comparision of Wilder RSI and Empty4 RSI

http://www.forex-tsd.com/Empty4-4/8 ... post673192

next post has a Empty4 code of Wilder RSI

So I believe this indicator must be updated to match Wilder RSI implementation

Krzysztof

snailfx · Post by **snailfx** » Sat Apr 26, 2014 6:50 am

I'm not a coder. I only modified a shell MTF using RMI indicator found on forexfactory and as Wavegarrick noted it is necesary to have both indicators (RMI and RMI_MTF) in the indicators folder.

snailfx · Post by **snailfx** » Sat Apr 26, 2014 8:03 am

Another way to analize RMI by modifying OnChart Stochastic indicator.

onchart_rmi.png