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?

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luiskohnen • 03/27/2024 #
Parece un excelente indicador, lo voy a analizar. Muchas Gracias
- Iván • 03/27/2024 #
  De nada!

lkiklkik • 03/27/2024 #
merci ! which time frame would be the best .?
- Iván • 03/27/2024 #
  Depends on the asset you are trading, so you need to test it first.

Raspete01 • 03/27/2024 #
Iván, muchas gracias. Es una gran ayuda la combinación de ambos índices, por lo que he visto funciona muy bien.

Stenozar • 03/27/2024 #
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 • 03/27/2024 #
  Hi
  Yes I can. Please, create a new topic for that I will translate it.

Stenozar • 03/27/2024 #
Hi Ivan, I’ve created a new topic about the indicator: https://www.prorealcode.com/topic/ema-trend-meter-indicator/
Thanks!

Lean • 335 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 • 334 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.

Lean • 334 days ago #
Muchas gracias Iván, ya lo he podido crear.

bertoluce • 109 days ago #
Hello Ivan, thank you very much for the indicator. An observation: would it be possible (and wise) to build a displacement function in this indicator? Thanks!

finplus Thanks for the job. Which variables do you suggest for timeframe 1 hour?

Maz Depends massively on your market and the volatility. I suggest using the variable optimizer ...

1Randy This a great momentum filter! I would like to see volume momentum incorporated into the indi...

imokdesign Hi Everybody, when I look at the strategy I felt the need to implement a Moneymanagement-Sy...

Inertia newlevel then multiplier=multiplier+1 oldlevel=newlevel newlevel=strategyprofit+startequi...

Inertia Hi Bjoern, I was playing around with your code this morning (EUR/USD 5'). Thank you to the...

CavalierDeCesDames Bonjour Nicolas, Thanks for your use full job. I tried this indicator on a shorter timefram...

Nicolas You are welcome. I'm glad you like it.

Bolbo It does not appear over the price indicator on V11. Thanks in advance.

bearbull As per PhilipSchultz question above, has anybody managed to add code for when it turns blue,...

Ybr35 Bonjour Nicolas, lorsque je lance l'indicateur, il m'est indiqué que je dois définir les var...

Nicolas L'idéal est de télécharger le fichier itf joint sur cette page et de l'importer dans la plat...

Djo Not working on V11. The RSI doesn't appear on the chart.

Mika83 Bonjour, J'ai des soucis de lecture de syntaxe avec la variable "drawsegment" sur la versio...

seb234 Salut Mika, j'ai la version V11.1, la formule fonctionne. Mais il est préférable, dixit Nico...

Nicolas Merci dans ce cas d'ouvrir un sujet dans le forum ProScreener svp.

Andrea Hi Nicolas, thx for your code. Please i need your help to understand this part of your code:...

Nicolas the MA200 is ascending since 20 periods.

Regan2020 Hi, has anybody update the above code to enable on a 15m or 5m TF?

gigi64 ik heb de code op mijn pro realtime gezet , en bij indicator staat hij erbij maar komt niet ...

gigi64 I have put the code on my pro realtime, and it is on the indicator, but it does not appear o...

supertiti Thanks you so much Lucassen

dreif123 hi, copied the above code, not working on 10.3 the system says "return can only be used at ...

LUCASSEN Hallo , i have no problem , and i have the same versie 10.3, maybe you can ask Nicolas, tha...

owes29 Hi is there anyway to develop this for the pro scanner on daily or hourly scans. so it woul...

Nicolas Of course, please add a query in the proscreener forum.

Bruno Carnazzi C'est dommage, cette histoire d'énergie fractale bousille complètement la précision de l'ind...

Krallenmann Hallo Nicolas, kannst du mir die Regeln für den Halftrend Indikator sagen? Aus dem Code kann...

davefransman Dear Nicolas, i want set a alert on the "HalfTrend "custom moving average" met Heikin Ashi w...

Nicolas Please post the question in a new forum topic, that would need custom coding I believe.

Lyam Pareil ne marche pas dommage

ahmedbouaziz89 Bonjour, quand j'ajoute le code ou le fichier dans l'outils screeners de Prorealtime je ne v...

tyvix Bonjour le code marche bien c est juste qu'il n y a pas d opportunité au moment ou vous le...

verdi55 Is there such a thing as a free lunch ?

maceng Thanks Nicolas for this great work! I would like to understand the math behind it in order t...

Nicolas Sorry I have no time to provide assistance for python programmers. Have a good day.

Maz Hi all, firstly happy to know that this is helping you. I look into updating it for PRT11 wh...

Nicolas just use 3 times a linear regression channel code you will find in the library.

leederbyshire Here's the link to alternative linear regression channel indicator Nicolas is referring to t...

Wing Yes, investigate as much as you want. For more insight, you can view the linet1, linet2 etc....

CKW Hi Wing, Thanks for your sharing. I am still trying to breakdown & understand your code...

Wing Hello CKW. No, the parameter, 7 in this case, is used when calling the RSI indicator to ide...

Nicolas Thanks for this modification, I still do not have tested it, where did you get this idea to ...

rfsteve Trial and error from study of indicators call it coding mad science was trying to find an in...

Maxime Baudin Nice! Thanks :)

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

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