The intraday momentum index (IMI) by Tushar Chande expresses upward open-to-close movement in the past N days as percentage of total open-to-close movement (up and down).
Sum[N] of max(close-open, 0) IMI = ---------------------------- Sum[N] of abs(close-open)
This is like an RSI (see Relative Strength Index) but on open-to-close movement and with a simple moving average.
The use of open-to-close is also similar to the way QStick (see QStick) shows proportions of black and white candlesticks, with IMI scaling according to the total real-body height in the past N days.
Copyright 2002, 2003, 2004, 2005, 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2014, 2015, 2016, 2017 Kevin Ryde
Chart is free software; you can redistribute it and/or modify it under the terms of the GNU General Public License as published by the Free Software Foundation; either version 3, or (at your option) any later version.