Dynamic Momentum Index Stock Screener

The DMI provides traders with signals indicating the momentum of an asset’s strength and direction, enabling them to identify potential trend reversals and adjust their positions accordingly

9 minutes

This post focuses on customizable Dynamic Momentum Index (DyMI) factory scans, which can be edited, modified, or rewritten and then scanned using ChartAlert’s native stock screener or technical analysis scanner, namely the Basic Scanner and Advanced Scanner.

Display Dynamic Momentum Index (DyMI) Values

Tags: dynamic momentum index formula, dynamic momentum index stock screener, dynamic momentum index strategy

List symbols
Add Column Dynamic Momentum Index as DyMI
Apply to NSE

This scan calculates and displays the Dynamic Momentum Index for all symbols in the NSE. By default, the Dynamic Momentum Index is calculated based on the closing prices.

OPTION 1

The scan below also shows the same values. Please note that instead of using the full name “Dynamic Momentum Index,” we have used the shorter name “DyMI.” Additionally, the Dynamic Momentum Index of the 10-period EMA is also calculated.

List symbols
Add Column DyMI
Add Column DyMI(EMA(10)) as DyMI_of_EMA
Apply to NSE

Overbought with a Declining Dynamic Momentum Index (DyMI)

Tags: dynamic momentum index crossover below 70, dynamic momentum index overbought and declining screener, dynamic momentum index overbought and decreasing screener, dynamic momentum index overbought screener, dynamic momentum index overbought stock screener, stock screener dynamic momentum index below 70

List symbols where DyMI has crossed below +70 after remaining above for 3 bars
Add Column DyMI
Apply to NSE

This scan aims to identify symbols where the DyMI (Dynamic Momentum Index) has recently crossed below the +70 level, following a period of having been above the +70 level for 3 consecutive bars. The DyMI values are also included in the output scan report.

OPTION 1

For a more stringent criterion, consider the following variant. In addition to the above conditions, this scan verifies that the DyMI values have exhibited a downward trend over the past 4 bars.

List symbols where DyMI has crossed below +70 and DyMI has been decreasing over the last 4 bars
Add Column DyMI
Apply to NSE

Oversold with an Improving Dynamic Momentum Index (DyMI)

Tags: dynamic momentum index crossover above 30, dynamic momentum index overold screener, dynamic momentum index oversold and improving screener, dynamic momentum index oversold and increasing screener, dynamic momentum index oversold stock screener, stock screener dynamic momentum index above 30

List symbols where DyMI has crossed above +30 after remaining below for 3 bars
Add Column DyMI
Apply to NSE

The purpose of this scan is to identify symbols that meet specific criteria related to the DyMI indicator. The scan focuses on symbols where the DyMI has recently crossed above the +30 level, following a period of having stayed below this level for 3 consecutive bars. The DyMI values are also provided in the output scan report for further analysis.

OPTION 1

A more stringent variation of the scan is presented below. In addition to the conditions mentioned earlier, this scan also verifies that the DyMI values have shown a consistent improvement over the past 4 bars.

List symbols where DyMI has crossed above 30
And DyMI has been increasing over the last 4 bars

Add Column DyMI

Apply to NSE

Dynamic Momentum Index (DyMI) in Overbought Zone

Tags: dynamic momentum index crossover below 70, dynamic momentum index overbought and declining screener, dynamic momentum index overbought and decreasing screener, dynamic momentum index overbought screener, dynamic momentum index overbought stock screener, stock screener dynamic momentum index below 70

List symbols where DyMI has been above 70 for the last 3 bars
Add Column DyMI
Add Column DyMI 1 bar ago as DyMI_1
Add Column DyMI 2 bars ago as DyMI_2
Apply to Nifty

The following scan examines Nifty symbols to identify instances where the DyMI (Dynamic Momentum Index) has consistently stayed above +70 for the past 3 bars. The scan report also includes the DyMI values for these 3 bars.

OPTION 1

For enhanced flexibility, the scan enables you to customize the comparison operator for the condition “has remained above” to suit your preference. You can use symbols like “>” or phrases like “greater than” or “more than” as per your convenience. This functionality can be applied to a single Index component such as Nifty or multiple sectors simultaneously.

List symbols where DyMI > 70 for the last 3 bars
Add Column DyMI
Add Column DyMI 1 bar ago as DyMI_1
Add Column DyMI 2 bars ago as DyMI_2
Apply to Nifty
Apply to Junior
Apply to NSE Sector Technology

OPTION 2

To identify symbols in which the DyMI (Dynamic Momentum Index) is exclusively situated in the Overbought Zone, please modify the original scan as follows:

List symbols where DyMI > 70
Add Column DyMI
Add Column DyMI 1 bar ago as DyMI_1
Add Column DyMI 2 bars ago as DyMI_2
Apply to Nifty

Dynamic Momentum Index (DyMI) in Oversold Zone

Tags: dynamic momentum index crossover above 30, dynamic momentum index overold screener, dynamic momentum index oversold and improving screener, dynamic momentum index oversold and increasing screener, dynamic momentum index oversold stock screener, stock screener dynamic momentum index above 30

List symbols where DyMI has been below 30 for the last 3 bars
Add Column DyMI
Add Column DyMI 1 bar ago as DyMI_1
Add Column DyMI 2 bars ago as DyMI_2
Apply to Nifty

This scan identifies Nifty symbols that have maintained a DyMI value below +30 for the past 3 bars. The scan report also includes the DyMI values for the last 3 bars.

OPTION 1

In the ChartAlert scripting language, you have the flexibility to substitute “has been below” with “<” or “less than” based on your preference. This functionality can be applied to individual Index components like Nifty or multiple sectors simultaneously.

List symbols where DyMI < 30 for the last 3 bars
Add Column DyMI
Add Column DyMI 1 bar ago as DyMI_1
Add Column DyMI 2 bars ago as DyMI_2
Apply to Nifty 
Apply to Junior
Apply to NSE Sector Technology

OPTION 2

To identify symbols that exhibit an instance of DyMI residing solely within the Overbought Zone, modify the initial scan as follows:

List symbols where DyMI < 30
Add Column DyMI
Add Column DyMI 1 bar ago as DyMI_1
Add Column DyMI 2 bars ago as DyMI_2
Apply to Nifty

Dynamic Momentum Index Moving Average Bullish Crossover

Tags: dynamic momentum index moving average crossover bullish

List symbols where DyMI has crossed above EMA(3,DyMI) after remaining below for 3 bars
Add Column DyMI
Add Column EMA(3,DyMI) as EMA3
Apply to NSE

This scan examines symbols for instances where the DyMI indicator has recently crossed above the 3-period Exponential Moving Average (EMA) after having been below it for 3 bars. The output scan report includes both the values of the DyMI and the Moving Average.

OPTION 1

To enhance the scan, an additional filter can be incorporated to verify if the DyMI remains below 50. When the DyMI crosses above 50, it confirms a bullish signal.

List symbols where DyMI has crossed above EMA(3,DyMI) after remaining below for 3 bars
And DyMI < 50

Add Column DyMI
Add Column EMA(3,DyMI) as EMA3

Apply to NSE

OPTION 2

To change the type of Moving Average, you can easily switch from EMA (Exponential Moving Average) to SMA (Simple Moving Average) or any other desired type. In the example provided below, we have replaced EMA with TMA (Triangular Moving Average) as the chosen type. Additionally, it’s worth noting that this scan specifically searches for a crossover event, regardless of the state prior to the crossover.

List symbols where DyMI has crossed above TMA(3,DyMI)
Add Column DyMI
Add Column TMA(3,DyMI) as TMA3
Apply to NSE

Dynamic Momentum Index Moving Average Bearish Crossover

Tags: dynamic momentum index moving average crossover bearish

List symbols where DyMI has crossed below EMA(3,DyMI) after remaining above for 3 bars
Add Column DyMI
Add Column EMA(3,DyMI) as EMA3
Apply to NSE

This scan is designed to identify symbols in which the DyMI (Dynamic Momentum Index) has recently crossed below the 3-period Exponential Moving Average (EMA) of the indicator after having stayed above it for 3 bars. The scan report includes the values of both the DyMI and the Moving Average.

OPTION 1

Additionally, we can enhance the scan by incorporating an additional filter. This filter checks if the DyMI is still above 50. When the DyMI crosses below 50, it confirms a bearish signal. Therefore, by including this filter, we can further refine the identification of symbols exhibiting bearish indications.

List symbols where DyMI has crossed below EMA(3,DyMI) after remaining above for 3 bars
And DyMI > 50

Add Column DyMI
Add Column EMA(3,DyMI) as EMA3

Apply to NSE

OPTION 2

To change the type of Moving Average, you can easily switch from EMA (Exponential Moving Average) to SMA (Simple Moving Average), and vice versa. In the provided example below, we specifically utilize the Triangular Moving Average (TMA) instead of EMA. It’s important to note that the following scan focuses solely on identifying a crossover event, regardless of its state prior to the crossover.

List symbols where DyMI has crossed below TMA(3,DyMI)
Add Column DyMI
Add Column TMA(3,DyMI) as TMA3
Apply to NSE

Dynamic Momentum Index above Moving Average

Tags: dynamic momentum index above moving average

List symbols where DyMI > EMA(3,DyMI)
Add Column DyMI
Add Column EMA(3,DyMI) as EMA3
Apply to NSE

The purpose of this scan is to identify symbols where the DyMI (Dynamic Momentum Index) is higher than the 3-period Exponential Moving Average (EMA) of the indicator. The scan report provides both the DyMI and Moving Average values for each symbol.

OPTION 1

Modify the scan criteria to ensure that the DyMI has remained above its EMA for a minimum of 3 consecutive bars:

List symbols where DyMI > EMA(3,DyMI) for the past 3 bars
Add Column DyMI
Add Column EMA(3,DyMI) as EMA3
Apply to NSE

Dynamic Momentum Index below Moving Average

Tags: dynamic momentum index below moving average

List symbols where DyMI < EMA(3,DyMI)
Add Column DyMI
Add Column EMA(3,DyMI) as EMA3
Apply to NSE

The purpose of this scan is to identify symbols where the DyMI (Dynamic Momentum Index) crossed below the 3-period Exponential Moving Average (EMA) of the indicator. The scan report includes the values of DyMI and its corresponding Moving Average.

OPTION 1

Modify the scan to include a condition that checks whether the DyMI has remained below its EMA for a minimum of 3 consecutive bars:

List symbols where DyMI < EMA(3,DyMI) for the past 3 bars
Add Column DyMI
Add Column EMA(3,DyMI) as EMA3
Apply to NSE

For comprehensive insights into the Dynamic Momentum Index (DyMI), including its calculation methodology, effective utilization in trading, applicability to both trading and investing purposes, as well as an exploration of its advantages and limitations as an indicator, click here.

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