Intraday Momentum (IMI)
A combination of the Relative Strength Index and Candlestick Analysis gives the Intraday Momentum Index, which was developed by Tushar Chande.
The IMI calculation is similar to RSI, but intraday opening and closing prices relationships are used here in order to find out if it is an up or down day. An up day means that the close is higher than the open. White candlesticks signify it. A down day means that the close is lower than the open and black candlesticks signify it.
Like RSI, the index rising over 70 indicates overbought conditions, which means lower prices in future. Index values lower than 30 mean a possibility of oversold situation that is followed by higher prices. You should estimate the forex market trendiness using all overbought/oversold indicators before taking any actions on a signal.