Stochastic Momentum Index Blau_SMI - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Author: Andrei N. Bolkonsky

William Blau's Stochastic Momentum Index (SMI) is based on the Stochastic Momentum indicator (see Momentum, Direction and Divergence: Applying the Latest Momentum Indicators to Technical Analysis ).

The Stochastic Momentum Index is normalized (to half of the q-period price range) and mapped to the [–100,+100] interval. The values ​​of SMI are interpreted as overbought (positive) and oversold (negative) conditions of the market.

The formula for calculating the Stochastic Momentum Index is:

100*EMA(EMA(EMA(price-1/2*[LL(q)+HH(q)],r),s),u) 100 * SM(price,q,r,s,u)
SMI(price,q,r,s,u) = -------------------------------------------------------------------------------- = ----------------------------------------------------------------
EMA(EMA(EMA( 1/2*[HH(q)-LL(q)] ,r),s),u) EMA(EMA(EMA( 1/2*[HH(q)-LL(q)] ,r),s),u)

Input parameters:

Attachment download

📎 blau_smi.mq5 (10.9 KB)

📎 williamblau.mqh (4.52 KB)

Source: MQL5 #371