Developed by Tushar Chande, the Intraday Momentum Index (IMI) is a cross-breed between the RSI and candlestick analysis. The calculation of the IMI is very similar to the RSI, except it uses the relationship between the intraday opening and closing prices to determine whether the day is “up” or “down.” If the close is above the open, it is an up day. If the close is below … [Read more...]
Intraday Momentum Index : The Concept
The Intraday Momentum Index was developed by Tushar Chande. A combination of the Relative Strength Index and Candlestick Analysis gives the Intraday Momentum Index. The IMI calculation is similar to RSI, but there lies a difference. The intraday opening and closing prices relationships are used here in order to find out if the day is up or down. An up day means that the … [Read more...]