TZack88

RMI Trend Sniper

TZack88 Updated   
The "RMI Trend Sniper" is a powerful trend-following indicator designed to help traders identify potential buy and sell signals in the market.

It combines elements of the Relative Strength Index (RSI) and the Money Flow Index (MFI) to provide a comprehensive view of market momentum and strength.

๐Ÿ”ทKey Features:

๐Ÿ”นCustomizable Settings: Tailor the indicator to your trading preferences with customizable input parameters, including RSI and MFI lengths, threshold levels, and visual settings.

๐Ÿ”นMomentum Signals: The indicator generates clear bullish and bearish momentum signals, allowing you to spot potential trend reversals or continuations.

๐Ÿ”นThe positive condition considers the previous RMI value, current RMI value, and positive change in the 5-period exponential moving average (EMA) of the closing price.

๐Ÿ”นThe negative condition looks at the current RMI value and negative change in the 5-period EMA.

๐Ÿ”นVisual Bands: Visualize market volatility with dynamically plotted bands around the Range Weighted Moving Average (RWMA), providing insights into potential price fluctuations.

๐Ÿ”นCandlestick Coloring: Easily identify bullish and bearish conditions with color-coded candlesticks, helping you make informed trading decisions.

The "RMI Trend Sniper" is a versatile tool suitable for traders of all experience levels. Whether you are a novice or an experienced trader, this indicator can help you enhance your technical analysis and improve your trading strategies.
Release Notes:
Minor code change
Release Notes:
Alerts Added .

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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