# Intraday Momentum Index Intraday Momentum Index is an indicator on [Vela](https://vela.luxalgo.com/chart), our next-generation charting platform, written in Pine Script®. Chande's RSI-style oscillator computed on candle bodies: up-bar bodies as gains, down-bar bodies as losses over a 14-bar window, scaled 0-100. Dashed 70/30 overbought and oversold bands, a dotted 50 midline with directional gradient fill, and alerts on every band and midline event. Gaps never enter the arithmetic, so it isolates in-session sentiment on any timeframe. - Indicator in the LuxAlgo Library, by LuxAlgo, published May 14, 2026. - Access: free. - Concepts: [Intraday Momentum Index](https://www.luxalgo.com/library/concept/intraday-momentum-index/) (primary) - Open on Vela: https://vela.luxalgo.com/chart?pineScriptCodeId=sykbbebyjcjxd4dj05rujbhq - Page: https://www.luxalgo.com/library/indicator/intraday-momentum-index/ **Intraday Momentum Index** runs RSI arithmetic on candle bodies: bullish bodies stand in for gains, bearish bodies for losses, and the up-body total prints as a percentage of all body movement over the window. The result is the [Intraday Momentum Index](https://www.luxalgo.com/library/concept/intraday-momentum-index/) on a 0–100 scale (candlestick sentiment in oscillator form) drawn with dashed overbought and oversold levels, a dotted 50 midline, and a gradient fill that flips color with whichever side of the midline is in control. ## How to Trade the Intraday Momentum Index? - **Above the Overbought level**: sessions have persistently closed above their opens; many traders act only on the curl back through the band, not the touch itself. - **Below the Oversold level**: the mirrored read: persistent selling into the close, with the cross back above the band as the classic exit trigger. - **Midline crosses**: crossing 50 marks the balance of bodies shifting between buyers and sellers, and both directions carry alerts. - **Distance from 50**: how lopsided recent sessions have been, a persistence read, not an automatic reversal call. Because only open-to-close movement enters the sums, gaps contribute nothing: a market that gaps higher but keeps closing under its opens reads bearish here while a close-to-close oscillator reads bullish. ## Intraday Momentum Index Settings - **Length** (default 14): lookback for the body sums, borrowed from RSI convention; shorter windows react faster but whipsaw more. - **Overbought** (default 70): the upper band; some traders widen it to 80 on volatile symbols. - **Oversold** (default 30): the lower band, widened to 20 by the same logic. - **Gradient Fill** (default enabled) plus the bullish, bearish, and level colors make up the style group. ## Frequently Asked Questions ### How does the IMI differ from RSI? The [Relative Strength Index](https://www.luxalgo.com/library/indicator/relative-strength-index/) measures close-to-close change, so overnight gaps count as part of each day's move; the IMI measures open-to-close bodies only. On gap-prone symbols the two can disagree sharply, exactly when the comparison is informative. ### Does it only work on intraday charts? No. The name describes movement within each bar, open to close, rather than a required chart timeframe. The calculation is identical on daily or weekly bars, and the 14-bar default carries across timeframes. ### Are band touches automatic signals? Band entries are conditions rather than triggers: a bounded oscillator can pin near an extreme through a strong trend. Separate entry and exit alerts exist for each band, so the curl back through 70 or 30 (the more conservative trigger) can be watched directly. ## Related indicators - [Internal Candle Strength](https://www.luxalgo.com/library/indicator/internal-candle-strength/) (Balance of Power): markdown at https://www.luxalgo.com/library/indicator/internal-candle-strength.md - [Pretty Good Oscillator](https://www.luxalgo.com/library/indicator/pretty-good-oscillator/) (Momentum & Oscillators): markdown at https://www.luxalgo.com/library/indicator/pretty-good-oscillator.md - [Gator Oscillator](https://www.luxalgo.com/library/indicator/gator-oscillator/) (Momentum & Oscillators): markdown at https://www.luxalgo.com/library/indicator/gator-oscillator.md - [Wave Trend Oscillator](https://www.luxalgo.com/library/indicator/wave-trend-oscillator/) (Momentum & Oscillators): markdown at https://www.luxalgo.com/library/indicator/wave-trend-oscillator.md - [Traders Dynamic Index](https://www.luxalgo.com/library/indicator/traders-dynamic-index/) (Momentum & Oscillators): markdown at https://www.luxalgo.com/library/indicator/traders-dynamic-index.md - [Center of Gravity](https://www.luxalgo.com/library/indicator/center-of-gravity/) (Momentum & Oscillators): markdown at https://www.luxalgo.com/library/indicator/center-of-gravity.md - [QQE Weighted Oscillator](https://www.luxalgo.com/library/indicator/qqe-weighted-oscillator/) (QQE): markdown at https://www.luxalgo.com/library/indicator/qqe-weighted-oscillator.md - [5/35 Oscillator](https://www.luxalgo.com/library/indicator/5-35-oscillator/) (Momentum & Oscillators): markdown at https://www.luxalgo.com/library/indicator/5-35-oscillator.md --- Source: https://www.luxalgo.com/library/indicator/intraday-momentum-index/ (LuxAlgo Library). Free to use with attribution: https://www.luxalgo.com/library/license/