Intraday Momentum Index Indicator MT5 intraday momentum index index

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introduction to the intraday momentum index

the name of the intraday momentum index is an oscillator that measures the ratio between a directional change in price and a total change in price over a given time period.

this indicator is displayed in a separate window just below the main trading chart.

it is suitable for a variety of time frames and currency pairs.

the default metric settings can be modified directly from the input tab. feel free to try the settings and parameters to suit your personal preferences. let's take a closer look at the input below.

period – defines the period to be deployed in the calculation:

overbought – defines overbought level;

oversold – define oversold levels.

formula for intraday momentum index:

the calculation of the intraday momentum index is based on the following formula:

IMI = 100*U /（U+D）

where:

U = SMA（ upward, cycle),

D = SMA（ decline, cycle)

if closed >open:

up = close price – opening price

otherwise:

up = 0

if closed <open:

down = opening – close

otherwise:

down = 0

how to use the intraday momentum index:

this forex indicator clearly marks the area above the 70.00 level as overbought level and the area below the 30.00 level as oversold level.

prices are considered bullish but are also overbought when the indicator line breaks through and remains above the 70.00 level. likewise, when the line breaks through and remains below the 30.00 level, the price is considered bearish, but also oversold.

installation guide

will IMI.mq5 or IMI.ex5 copy and paste the metric file into Metatrader 5 trading platform MQL5 in folder.

you can access this folder by clicking the top menu option as follows:

document > 打开数据document 夹 > MQL5 >indicators (paste here).

go to now MT5 the left side of the terminal. exist导航器, find the meter name, right-click it, and select附加到图表。