Studies · Momentum
Intraday Momentum Index (IMI)
intradayMomentumIndex · Chande's IMI — RSI's question asked of the candle body
Drawn in its own panelReads open, closeGuide lines at 30, 70
Hover the chart to read values · practice data: a seeded random walk with no overnight gaps
What it measures
RSI’s question asked of the candle bodies: of all the open-to-close movement in the window, what share went up? 0 to 100. It ignores gaps between bars and looks only at what happened within each one.
How traders use it
- Overbought above 70 and oversold below 30, as with RSI.
- A market that gaps up every morning then sells off all day looks strong on RSI but weak on IMI. That disagreement is what it was built to show.
- Popular for timing short-term option trades.
Parameters
| Name | Value | Default | Allowed | What it does |
|---|---|---|---|---|
| period | 14 | ≥ 1 usual 5–30 | Window length, in bars. |
Good to know
The practice data on this page has no overnight gaps, so IMI and RSI tell a similar story here. The difference shows on real data, where gaps matter.