CMYK VRMI RAYS ◊ Introduction
Introducing VRMI in this script, an RMI based on price movement and volume, to indicate bullish and bearish trends.
This script marks the background depending on RMI <> VRMI , VRMI polarity and large buy/sell sprees.
◊ Origin
Based on 'The Relative Momentum Index' by Roger Altman : February, 1993 issue of Technical Analysis of Stocks & Commodities magazine.
While RSI counts up and down days from close to close, the Relative Momentum Index counts up and down days from the close relative to a close x number of days ago.
This results in an RSI that is smoother.
In addition VRMI reacts quick, it is used to cut off latency from RMI, and it's polarity indicates the beginning and end of a trend.
Large buy sell sprees and detected in their proportion with an sma on the volume
◊ Adjustments
CMYK color theme applied.
◊ Usage
This indicator can be used to detect trends and mark reversals.
◊ Prospects
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