T3 Stochastic Momentum Index - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources
The Stochastic Momentum Index (SMI) was developed by William Blau and introduced in the January 1993 issue of Technical Analysis of Stocks and Commodities magazine.
It combines an interesting variation on the popular stochastic oscillator. The Stochastic Oscillator gives you a value that shows you the distance of the current close relative to the most recent x-period high/low range, while the SMI shows you the distance of the close relative to the midpoint of the most recent x-period high/low range.
This version is calculated in the same way as the original Stochastic Momentum Index , except for one very important part: instead of using EMA (Exponential Moving Average) for calculation, it uses T3. This produces smoother results without adding any latency.
Attachment download
📎 t3_stochastic_momentum_index.mq5 (14.61 KB)
Source: MQL5 #19988
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