SM I
This is a powerful addition to your MetaTrader 5 toolkit designed to optimize market analysis and performance. This technical indicator acts as a specialized analysis tool designed to visualize market data. It helps traders identify emerging trends, momentum shifts, and key support or resistance levels by plotting statistical calculations directly onto price charts.
How to Setup and Use SM I
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
Description & Settings
The Smart Money Index (SMI) shows investors' mood and is based on intraday price patterns.
Most traders (who are emotional and sensitive to news) overreact to the beginning of the trading day because of night news and economic data. Smart, experienced investors start trading after a while, while having the opportunity to evaluate the market.
The indicator allows you to assess the effectiveness of the market in a few hours from the beginning of the trading day.
It has two parameters:
Open hour
- the beginning of the trading day (after the opening of the day)
Session length
- the length of the measured trading session (after the beginning of the trading day)
The indicator is designed for intraday operation.
