Intraday Momentum Index (IMI)
The Intraday Momentum Index is similar to the RSI, but uses the movement between the open and close whereas the RSI uses the movement between the close and the previous close. IMI values over 70 indicate an overbought condition, and values under 30 indicate oversold.
The Intraday Momentum Index was developed by Tushar S. Chande and Stanley Kroll and is described in their 1994 book The New Technical Trader.
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