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The Stochastic Momentum Index (SMI) was developed by William Blau and was introduced in the January 1993 issue of Technical Analysis of Stocks & Commodities magazine.
It incorporates an interesting twist on the popular Stochastic Oscillator. While the Stochastic Oscillator provides you with a value showing the distance the current close is relative to the recent x-period high/low range, the SMI shows you where the close is relative to the midpoint of the recent x-period high/low range.
The result is an oscillator that ranges between +/- 100 and is a bit less erratic than an equal period Stochastic Oscillator.
- When the close is greater than the midpoint of the range, the SMI is positive.
- When the close is less than the midpoint of the range, it is negative.
The interpretation of the SMI is virtually identical to the Stochastic Oscillator.
Three popular methods include:
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Buy when the SMI falls below a specific level (e.g., -40) and then rises above that level, and sell when the Oscillator rises above a specific level (e.g., +40) and then falls below that level.
However, before basing any trade off of strict overbought/oversold levels it is recommended that you first qualify the trendiness of the market using indicators such as r-squared or Chande Momentum Oscillator. If these indicators suggest a non-trending market, then trades based on strict overbought/oversold levels should produce the best results. If a trending market is suggested, then you can use the oscillator to enter trades in the direction of the trend.
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Buy when the SMI rises above its signal line (dotted) line and sell when the SMI falls below the signal line.
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Look for divergences. For example, where prices are making a series of new highs and the SMI is failing to surpass its previous highs.
Mr. Blau also notes that a 1-day SMI (with large smoothing periods such as 100) is very sensitive to the close relative to the high and low of the day.
![Directional Efficiency Ratio](https://c.mql5.com/i/code/indicator.png)
The Efficiency Ratio (ER) was first presented by Perry Kaufman in his 1995 book "Smarter Trading". It is calculated by dividing the price change over a period by the absolute sum of the price movements that occurred to achieve that change. The resulting ratio ranges between 0 and 1 with higher values representing a more efficient or trending market.
![TTM trend](https://c.mql5.com/i/code/indicator.png)
The TTM (Trade The Markets) Trend is basically an easier way to look at candlesticks. It is the The Heikin-Ashi method. Literally translated Heikin is "average" or "balance,", while Ashi means "foot" or "bar." The TTM trend is a visual technique that eliminates the irregularities from a normal candlestick chart and offers a better picture of trends and consolidations.
![T3 Stochastic Momentum Index](https://c.mql5.com/i/code/indicator.png)
This version is doing the calculation in the same way as the original Stochastic Momentum Index, except in one very important part: instead of using EMA (Exponential Moving Average) for calculation, it is using T3. That produces a smoother result without adding any lag.
![Stochastic Extended](https://c.mql5.com/i/code/indicator.png)
This version of Stochastic Oscillator allows you to use any of the 4 basic types of averages (default is SMA, but you can use EMA, SMMA or LWMA too) - some are "faster" then the default version (like EMA and LWMA versions) and SMMA is a bit "slower" but this way you can fine tune the "speed" to signals ratio.