RMI indicator

Made this one with a filter.

RMI vs RSI

Roger Altman created the RMI due to his frustration with the RSI's inconsistent oscillation between defined overbought and oversold levels which made it hard for him to analyze trends, so Altman added a momentum component to the RSI.

• RSI counts price's gains and losses from Close to Close.
• RMI calculates price's gains and losses from Close relative to a Close several bars back

RMI is an advanced version of the RSI indicator which is better suited to trend trading. Signals on the "50" median line are used for entering trends.

A Jurik Smoothed version is also available here: Jurik RMI indicator.