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Relative Momentum Index (RMI)
Roger Altman introduced the Relative Momentum Index as a sort of the Relative Strength Index (RSI) in Technical Analysis of Stocks & Commodities magazine of the February 1993. The Relative Momentum Index doesn't count up and down days from close to close as the RSI does, but it counts up and down days from the close relative to a close n-days ago (where n is not limited to 1 as required by the RSI).
Like in case of all overbought/oversold indicators, the RMI shows similar positive and negative sides. When the markets are in strong trend, the RMI will stay at overbought or oversold levels for a long period. Otherwise, the RMI conduces so that it predictably fluctuates between an overbought level of 70 to 90 and an oversold level of 10 to 30. While the RSI differs from the price, the price will ultimately improve in the course of the index.