RMI Trend Sniper Indicator

RMI Trend Sniper Indicator

RMI Trend Sniper: An Innovative Trading Indicator

The RMI Trend Sniper indicator is designed to identify market trends and trading signals with remarkable precision.

This tool combines the analysis of the Relative Strength Index (RSI) with the Money Flow Index (MFI) and a unique approach to range-weighted moving average to offer a comprehensive perspective on market dynamics.

Configuration and Indicator Parameters

The RMI Trend Sniper allows users to adjust various parameters according to their trading needs, including:

  • RMI Length: Defines the calculation period for the RMI.
  • Positive and Negative Momentum (Positive above / Negative below): Sets thresholds to determine the strength of bullish and bearish trends.
  • Range MA Visualization (Show Range MA): Enables users to visualize the range-weighted moving average, along with color indications to quickly identify the current market trend.

How the Indicator Works

The RMI Trend Sniper is based on the modified RSI and MFI calculation logic to assess buying or selling pressure in the market.

Through a weighted average, the indicator adjusts sensitivity to price changes, providing more accurate signals.

The inclusion of an analysis based on the range of bars (Bar Range) allows for a detailed visual representation of price fluctuations, highlighting areas of potential trend reversal or continuation.

Interpretation of Signals

The signals generated by the RMI Trend Sniper are displayed on the chart as changes in the color of the bars and moving averages, along with labels marking the suggested entry points:

  • Bullish Trend: Indicated by shades of blue and the appearance of green labels, suggesting an opportune moment to consider long positions.
  • Bearish Trend: Signaled by shades of red and red labels, indicating potential opportunities to enter short positions.

Trading Strategies and Applications

The RMI Trend Sniper is suitable for a wide range of trading strategies, from scalping to swing trading, thanks to its ability to adapt to different time frames and markets. Traders can use this indicator to:

  • Identify entry and exit points based on the strength and direction of the trend.
  • Complement other technical analysis tools to confirm trading signals.
  • Implement risk management strategies by identifying changes in market trend.

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Risk disclosure:

No information on this site is investment advice or a solicitation to buy or sell any financial instrument. Past performance is not indicative of future results. Trading may expose you to risk of loss greater than your deposits and is only suitable for experienced investors who have sufficient financial means to bear such risk.

ProRealTime ITF files and other attachments : How to import ITF files into ProRealTime platform?

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  1. luiskohnen • 80 days ago #

    Parece un excelente indicador, lo voy a analizar. Muchas Gracias

  2. lkiklkik • 79 days ago #

    merci ! which time frame would be the best .?

    • Iván • 78 days ago #

      Depends on the asset you are trading, so you need to test it first.

  3. Raspete01 • 78 days ago #

    Iván, muchas gracias. Es una gran ayuda la combinación de ambos índices, por lo que he visto funciona muy bien.

  4. Stenozar • 75 days ago #

    Hi Ivan, can you translate from tradingviwe the EMA TREND METER INDICATOR? It couid be interesting to add it under the chart in addiction with this indicator.
    Thanks!

    • Iván • 74 days ago #

      Hi
      Yes I can. Please, create a new topic for that I will translate it.

  5. Stenozar • 73 days ago #

    Hi Ivan, I’ve created a new topic about the indicator: https://www.prorealcode.com/topic/ema-trend-meter-indicator/
    Thanks!

  6. Lean • 27 days ago #

    Me parece muy buen indicador, y se complementa muy bien en mi sistema, ¿podrías crear un screener de este indicador? Muchas gracias por todo el material. Eres un crack!

    • Iván • 26 days ago #

      Gracias! Para el screener sólo tienes que copiar el indicador y poner como condición de búsqueda lo que genera las flechas hacia arriba y hacia abajo. Por ejemplo, para localizar largos setup[positive and not positive[1]].
      al crear el screener te dirá que hay variables que no se usan. Sólo tienes que eliminarlas y listo.

  7. Lean • 26 days ago #

    Muchas gracias Iván, ya lo he podido crear.

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