RMI refers to Relative Momentum Index. I posted something on it a little while ago in this thread #1172, #1182 etc. Note that the comparisons in my most recent post are both 21 period.
"The RMI is a variation of the RSI indicator. The RMI counts up and down days from the close relative to the close x-days ago (where x is not limited to 1 as is required by the RSI) instead of counting up and down days from close to close as the RSI does.
Note that an RMI with parameters of C, 14, 1 is equivalent to a 14 period RSI of the Close price. This is because the momentum parameter is calculating only a 1-day price change (which the RSI does by default). As the momentum periods are increased the RMI fluctuations become smoother.
Since the RMI is an oscillator it exhibits the same strengths and weaknesses of other overbought / oversold indicators. During strong trending markets it is likely that the RMI will remain at overbought or oversold levels for an extended period of time. However, during non-trending markets the RMI tends to oscillate more predictably between an overbought level of 70 to 90 and an oversold level of 10 to 30."
This is the formula in VT trader, it would have to be coded for Metatrader & I'm not a programmer:
Mom:= price - ref(price,-momper);
Rms:= Wilders(If(Mom>0,Mom,0),rmiper) / Wilders(If(Mom<0,Abs(Mom),0),rmiper);
_RMI:= 100-(100/(1+RMS));
"The RMI is a variation of the RSI indicator. The RMI counts up and down days from the close relative to the close x-days ago (where x is not limited to 1 as is required by the RSI) instead of counting up and down days from close to close as the RSI does.
Note that an RMI with parameters of C, 14, 1 is equivalent to a 14 period RSI of the Close price. This is because the momentum parameter is calculating only a 1-day price change (which the RSI does by default). As the momentum periods are increased the RMI fluctuations become smoother.
Since the RMI is an oscillator it exhibits the same strengths and weaknesses of other overbought / oversold indicators. During strong trending markets it is likely that the RMI will remain at overbought or oversold levels for an extended period of time. However, during non-trending markets the RMI tends to oscillate more predictably between an overbought level of 70 to 90 and an oversold level of 10 to 30."
This is the formula in VT trader, it would have to be coded for Metatrader & I'm not a programmer:
Mom:= price - ref(price,-momper);
Rms:= Wilders(If(Mom>0,Mom,0),rmiper) / Wilders(If(Mom<0,Abs(Mom),0),rmiper);
_RMI:= 100-(100/(1+RMS));
Understanding is a three-edged sword