Charts

Intraday Momentum Index (IMI)

Description

The Intraday Momentum Index, developed by Tushar Chande, is similar to RSI except the current bar's open to close change is used. RSI uses the prior bar's close to current bar's close change.

Formula

For each period an upward and downward change is calculated as follows:

\[Upward = if\;Close_{t} - Open_{t} > 0\;then\;Close_{t} - Open_{t},\;else\;0 \]

\[Downward = if\;Close_{t} - Open_{t} < 0\;then\;Open_{t} - Close_{t},\;else\;0 \]

\[IMI = \frac{\sum_{i=1}^{n} Upward}{\left ( \sum_{i=1}^{n} Upward + \sum_{i=1}^{n} Downward \right )} \times 100\]