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.

ProRealtime Code

//PRC_RMI Trend Sniper
//version = 0
//26.03.24
//Iván González @ www.prorealcode.com
//Sharing ProRealTime knowledge
//-----Inputs----------------------------------------------//
Length=14//RMI Length
pmom=66//Positive above
nmom=30//Negative below
filleshow=1//Show Range MA
colorbar=1//Color candles
drawsignals=1//Show arrows
//-----RSI and MFI calculation-----------------------------//
alpha = 1/length
//-----Up
src1 = max(close-close[1],0)
if barindex = length then
up = average[length](src1)
else
up = alpha*src1 + (1-alpha)*up[1]
endif
//-----Down
src2 = - min(close-close[1],0)
if barindex = length then
down = average[length](src2)
else
down = alpha*src2 + (1-alpha)*down[1]
endif
//-----Rsi
if down = 0 then
myrsi = 100
elsif up = 0 then
myrsi = 0
else
myrsi = 100 - (100/(1+up/down))
endif
//-----MFI
mfi = MoneyFlowIndex[length]
//-----RsiMfi
rsimfi = (myrsi+mfi)/2
//----------------------------------------------------------//
//-----Long Short Conditions--------------------------------//
ema = average[5,1](close)

bpmom = rsimfi[1]<pmom and rsimfi>pmom and rsimfi>nmom and (ema-ema[1])>0
bnmom = rsimfi<nmom and (ema-ema[1])<0

if bpmom then
positive = 1
negative = 0
elsif bnmom then
positive = 0
negative = 1
endif
//----------------------------------------------------------//
//------Calculate RWMA--------------------------------------//
band = min(averagetruerange[30]*0.3,close*(0.3/100))[20]/2*8
barRange = high-low

weight = BarRange/summation[20](BarRange)
sum = summation[20](close*weight)
tw = summation[20](weight)
rwma = sum/tw

if positive then
rwma = rwma-band
r=0
g=188
b=212
elsif negative then
rwma = rwma+band
r=255
g=82
b=82
else
rwma = undefined
endif
//------------------------------------------------------------//
//-----Calculate MA bands-------------------------------------//
if filleshow then
mitop = rwma+band
mibot = rwma-band
colorbetween(mitop,rwma,r,g,b,50)
colorbetween(mibot,rwma,r,g,b,50)
else
mitop = rwma
mibot = rwma
endif
//-----------------------------------------------------------//
//-----Draw signals------------------------------------------//
if drawsignals then
if negative and not negative[1] then
drawarrowdown(barindex,mitop+(band/2))coloured("red")
elsif positive and not positive[1] then
drawarrowup(barindex,mibot-(band/2))coloured("green")
endif
endif
//-----------------------------------------------------------//
//-----Color Candles-----------------------------------------//
if colorbar then
drawcandle(open,high,low,close)coloured(r,g,b)
endif
//-----------------------------------------------------------//
return rwma as "Rwma"coloured(r,g,b)style(line,3), mitop as "Max"coloured(r,g,b,70)style(line,1),mibot as "Min" coloured(r,g,b,70)style(line,1)

100

101

102

103

104

//PRC_RMI Trend Sniper

//version = 0

//26.03.24

//Iván González @ www.prorealcode.com

//Sharing ProRealTime knowledge

//-----Inputs----------------------------------------------//

Length=14//RMI Length

pmom=66//Positive above

nmom=30//Negative below

filleshow=1//Show Range MA

colorbar=1//Color candles

drawsignals=1//Show arrows

//-----RSI and MFI calculation-----------------------------//

alpha = 1/length

//-----Up

src1 = max(close-close[1],0)

if barindex = length then

up = average[length](src1)

else

up = alpha*src1 + (1-alpha)*up[1]

endif

//-----Down

src2 = - min(close-close[1],0)

if barindex = length then

down = average[length](src2)

else

down = alpha*src2 + (1-alpha)*down[1]

endif

//-----Rsi

if down = 0 then

myrsi = 100

elsif up = 0 then

myrsi = 0

else

myrsi = 100 - (100/(1+up/down))

endif

//-----MFI

mfi = MoneyFlowIndex[length]

//-----RsiMfi

rsimfi = (myrsi+mfi)/2

//----------------------------------------------------------//

//-----Long Short Conditions--------------------------------//

ema = average[5,1](close)

bpmom = rsimfi[1]<pmom and rsimfi>pmom and rsimfi>nmom and (ema-ema[1])>0

bnmom = rsimfi<nmom and (ema-ema[1])<0

if bpmom then

positive = 1

negative = 0

elsif bnmom then

positive = 0

negative = 1

endif

//----------------------------------------------------------//

//------Calculate RWMA--------------------------------------//

band = min(averagetruerange[30]*0.3,close*(0.3/100))[20]/2*8

barRange = high-low

weight = BarRange/summation[20](BarRange)

sum = summation[20](close*weight)

tw = summation[20](weight)

rwma = sum/tw

if positive then

rwma = rwma-band

r=0

g=188

b=212

elsif negative then

rwma = rwma+band

r=255

g=82

b=82

else

rwma = undefined

endif

//------------------------------------------------------------//

//-----Calculate MA bands-------------------------------------//

if filleshow then

mitop = rwma+band

mibot = rwma-band

colorbetween(mitop,rwma,r,g,b,50)

colorbetween(mibot,rwma,r,g,b,50)

else

mitop = rwma

mibot = rwma

endif

//-----------------------------------------------------------//

//-----Draw signals------------------------------------------//

if drawsignals then

if negative and not negative[1] then

drawarrowdown(barindex,mitop+(band/2))coloured("red")

elsif positive and not positive[1] then

drawarrowup(barindex,mibot-(band/2))coloured("green")

endif

//-----------------------------------------------------------//

//-----Color Candles-----------------------------------------//

if colorbar then

drawcandle(open,high,low,close)coloured(r,g,b)

endif

//-----------------------------------------------------------//

return rwma as "Rwma"coloured(r,g,b)style(line,3), mitop as "Max"coloured(r,g,b,70)style(line,1),mibot as "Min" coloured(r,g,b,70)style(line,1)

MFI money flow index RSI trend

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 :

Filename : download the ITF files

How to import ITF files into ProRealTime platform?

Find other exclusive trading pro-tools on

PRC is also on YouTube, subscribe to our channel for exclusive content and tutorials


luiskohnen • 30 days ago #
Parece un excelente indicador, lo voy a analizar. Muchas Gracias
- Iván • 30 days ago #
  De nada!

lkiklkik • 29 days ago #
merci ! which time frame would be the best .?
- Iván • 29 days ago #
  Depends on the asset you are trading, so you need to test it first.

Raspete01 • 29 days ago #
Iván, muchas gracias. Es una gran ayuda la combinación de ambos índices, por lo que he visto funciona muy bien.

Stenozar • 25 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 • 25 days ago #
  Hi
  Yes I can. Please, create a new topic for that I will translate it.

Stenozar • 24 days ago #
Hi Ivan, I’ve created a new topic about the indicator: https://www.prorealcode.com/topic/ema-trend-meter-indicator/
Thanks!

kats Bonsoir, cet indicateur est vraiment très bien avec plusieurs possibilités en coloration . ...

roccafragius Thank you Ivan for your indicators, very very interesting!!!!

kats Bonsoir, Pensez vous pouvoir répondre à ma question posée ci dessus? Ce serait vraiment tr...

Iván Si lo descargas e importas en tu PRT verás que se han creado las variables para luego config...

WhyAskOZ Hi, Ivan As always you are doing great coding. The code works on my PRT, however the issu...

Iván You can delete in the last line (return) the configuration for color. Delete coloured(xx,xx,...

Doddge Hola Iván, ¿sería posible crear un screener que indique cuándo las velas coloreadas del indi...

RTR Ivan thank you for the pro-screener. I a trying to understand how to write the signals from ...

Iván Hi, Lines 62 and 63. These lines define buy and sell conditions.

Iván Hi You should delete from the indicator code all drawing functions and all variables not us...

Iván I've created a screener to show [longcondition or shortcondition]

Chrisinobi Hallo Ivan, Danke das ist Perfekt !! Kannst du bitte in der Screener-Bibliothek die itf. hoc...

MaoRai54 Thanks, now it's OK. in your first code at line 15-16 it's missing.

Madrosat Hello Ivan Did you try a strategy with this indicator

Iván Hi. No I didn't. This is a code translation requested by an user a few days ago.

cjr30 Simplemente modifica las lineas 19 y 21 por las siguientes: drawtext("▲",barindex,low-0.1*a...

groelandes Gracias!!

WhyAskOZ i copied the code into strategy and it gives error on line 21 and 23. it says " Line 1: ...

Madrosat Hello Ivan You have interesting topics on indicators , smart supertrend, optimised trend t...

Iván Hi! thanks. All of these codes are translations requested in the forum. I've on mind to back...

Raspete01 Buenos días Iván, estoy intentando llevar el código eliminando los colores y pasando un Back...

ARLEQUIN49 Hello Ivan, Would it be possible to convert the code of this QQE MOD indicator which accomp...

ARLEQUIN49 here is the code: //@version=4 //By Glaz, Modified // study("QQE MOD") RSI_Period = i...

Iván Hi, Yes I can translate it but please, create a new topic for it.

Fgats quelques explications en Français ici : Some explanations in French here : https://www.p...

Nicolas Merci pour cette contribution, j'apprécie ! :)

Fgats Merci Nicolas pour ces encouragements et merci aussi pour le commentaire en Anglais accompa...

Matriciel Very nice job ! Is it possible to do the opposite because what interests me is to have the ...

YvesRobert Hi Matriciel, how can we do this, because stochastic is limited between 0 and 100 but price ...

Traderfox06 Dear zeiiermantrading, I really like your approach combining adaptive averages with MACD in...

jacquesgermain Hello IASD it's normal , when this occurs, uncheck RSI and MFI line and click then the MAC...

emiliobercial Thank you very much for sharing!

Carlose estoy de acuerdo con IASD Esta muy bien el MAD y el indicador en el precio no se ven bien...

616248 Bonjour Nicolas, Peux tu nous expliquer le principe de fonctionnement ? Ou nous mettre un...

Nicolas Le lien vers l'article IFTA de l'auteur est dans le post déjà :)

P. Marlowe Very poweful indeed. It deserves close attention. I really appreciate very much IFTA backgro...

RMI Trend Sniper Indicator

RMI Trend Sniper: An Innovative Trading Indicator

Configuration and Indicator Parameters

How the Indicator Works

Interpretation of Signals

Trading Strategies and Applications

ProRealtime Code

Share this

Likes