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The Intraday Momentum Index MT5 Forex Indicator is an oscillator that calculates the difference between the directed change in price and the overall change in price over a certain time period.
Below the main trade chart, a separate window with the indication is shown.
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It works with all mt5 currency pairs and periods.
Direct changes to the indicator default settings can be made from the indicator input tab. Play around with the settings and parameters to get them just right for you. Let’s examine these inputs in more detail below.
Period – specifies the time frame used for the calculation:
Overbought – denotes an overbought condition;
Oversold: This symbol denotes an oversold position.
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 | No Minimum Deposit ECN Acount No Commission | |
 | Min Deposit of 20$ |
IMI = 100*U /(U+D)
Where:
U = SMA(Up, Period),
D = SMA(Down, Period)
If Close > Open:
Up = Close – Open
Otherwise:
Up = 0
If Close < Open:
Down = Open – Close
Otherwise:
Down = 0
How to use
The area above the 70.00 level is marked as an overbought level, while the area below the 30.00 level is marked as an oversold level, according to that forex indicator.
When the indicator line breaks and stays above the 70.00 mark, the price is bullish yet overbought. The price is viewed as bearish but also oversold when the line breaks and stays below the 30.00 mark.
Installation Guide
IMI.mq5 or IMI.ex5 indicator files should be copied and pasted into the MQL5 folder of the MetaTrader 5 trading platform.
The top menu options, which are as follows, can be used to reach this folder:
Insert here by selecting File > Open Data Folder > MQL5 > Indicators.
Visit the left side of your MT5 terminal right now. Locate the gauge name in the Navigator and choose Attach to Chart from the context menu that appears.
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