Intraday Momentum Index (IMI)

IMI is an RSI-style momentum indicator that uses open and close prices instead of period-to-period price changes. IMI = 100 × (Sum of gains where close > open) / (Sum of all absolute |close - open|) over the specified period (default 14). This focuses specifically on intraday momentum - whether closes are consistently above opens (bullish intraday behavior) or below opens (bearish intraday behavior). IMI ranges from 0-100 like RSI but measures session strength rather than period-to-period momentum.

Cryptocurrency traders use IMI to measure intraday buying/selling pressure in 24/7 crypto markets. Values above 70 suggest strong intraday buying (closes consistently above opens - overbought potential), below 30 suggest strong intraday selling (closes below opens - oversold potential). IMI works particularly well in crypto's continuous markets for identifying accumulation (rising IMI) versus distribution (falling IMI) across sessions. Divergences between IMI and price can signal weakening intraday momentum. Combine with volume indicators for confirmation, with standard RSI for multi-dimensional momentum analysis, or with candlestick patterns that emphasize open-close relationships. Popular among intraday and swing traders.