Does the Intraday Momentum Index Work?

[igg_investments]

Does the Intraday Momentum Index Work?

Short answer: no, unreliable and inconsistent...

Long Answer:  I couldn't generate good day trades and didn't find it to be helpful enough for my entries or exits. I saw intraday in the name and thought it would be more helpful.

What is the Intraday Momentum Index Indicator?

The Intraday Momentum Index (also called the IMI), is a trading indicator that combines aspects of up and down candles with the relative strength index (RSI) in order to generate overbought or oversold signals.

[adamalpha]

-- How to Use IMI Indicator --

I tried the IMI trading SPY and couldn't get any advantage from it. The IMI may work better with an individual equity. Anybody try using it on an individual stock?

How to use the IMI indicator on an individual stock versus ETF... Anybody back test this indicator?

[bigmarket]

I have also tried the IMI for day trades, did not find it helpful.