Short Name: rmoExit
Definition: Proprietary formula similar to (but not identical) to the RMO Swing Exit indicator
Usage: rmoExit
Objective:
- Compute RMO Exit indicator
- Returns an array of values
Note:
- RMO for Rahul Mohindar Oscillator, introduced by Metastock in 2006, is in fact a derivative of the Rainbow Oscillator created by Mel Widner in 1997.
- RMO detects the primary trend. It needs to be used in conjunction with RMO Swing2/3, RMO Exit and the RMO trigger to get a full picture.
- RMO swing2 detects the “sentiment”, positive is swing2 is positive
- Swing3 crossing above or below Swing2 triggers buy and sell signals
- RMO Exit is to be used, when you have a profitable trade, to help decide when to get out. For a long position, consider exiting when signal goes below the blue 75 line. For a short position, same when the signal goes above the red 25 line. This is a very conservative indicator, exiting then is usually safe but likely implies exiting before top or bottom.
Examples:
- rmoExit
