Intraday Momentum Index (IMI)

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The Intraday Momentum Index (IMI) generates trading signals using relative strength (RSI) in combination with a candlestick chart.

IMI looks at the relationship between the opening and closing price of a security over the course of a day, not how the opening/closing price changes between days.
Technical analysts can use IMI to predict whether a security is overbought or oversold.