Stochastic Momentum Index (SMI) by William Blau
Info
The Stochastic Momentum Index (SMI) by William Blau is a Indicator for MetaTrader 5 that stochastic momentum index (smi) by william blau is based on the indicator. The Stochastic Momentum Index is normalized to half of a Q-period price range and mapped into the [–100,+100] interval.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Stochastic Momentum Index (SMI) by William Blau
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.
What this tool does
Stochastic Momentum Index (SMI) by William Blau is based on the indicator.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Quantora Multi-Timeframe RSI Dashboard MT5 - Professional RSI Momentum Analysis - another powerful indicator for MetaTrader 5 traders.
Stochastic Momentum Index (SMI) by William Blau is based on the indicator. The Stochastic Momentum Index is normalized to half of a Q-period price range and mapped into the [–100,+100] interval. The values of SMI are interpreted as overbought (positive) and oversold (negative) states of the market.Also recommended: Quantora Multi-Timeframe MACD Dashboard MT5 - Professional MACD Momentum Analysis - similar indicator with strong performance on MetaTrader 5.
To use this indicator, place the williamblau.mqh file in your terminal's MQL5 include folder (terminal_data_folder\mql5\include\).
Place the blau_smi.mq5 file in your terminal's MQL5 indicators folder (terminal_data_folder\mql5\indicators\).
Calculation:
The Stochastic Momentum Index is calculated using the following formula:
SMI = SM(price, q, r, s, u) / (0.5 * (HH(q) - LL(q))) * 100
Where:
price - Close price.
LL(q) - Lowest low price over the last q bars.
HH(q) - Highest high price over the last q bars.
SM(price, q) = price - 0.5 * (LL(q) + HH(q)) - This is the q-period stochastic momentum.
SM(price, q, r, s, u) - This is the triple smoothed q-period stochastic momentum.
HH(q) - LL(q) - This is the q-period price range.
0.5 * (LL(q) + HH(q)) - This is the midpoint of the q-period price range.
0.5 * (HH(q) - LL(q)) - This is half of the q-period price range.
EMA(..., r) - The first smoothing, with period r, applied to:
- The stochastic momentum.
- Half of the q-period price range.
EMA(EMA(..., r), s) - The second smoothing, with period s, applied to the result of the first smoothing.
EMA(EMA(EMA(..., r), s), u) - The third smoothing, with period u, applied to the result of the second smoothing.
Input Parameters:
q - The period used for the calculation of the stochastic momentum (default is 5).
r - The period of the first EMA, applied to the stochastic (default is 20).
s - The period of the second EMA, applied to the result of the first smoothing (default is 5).
u - The period of the third EMA, applied to the result of the second smoothing (default is 3).
appliedprice - The price to be used for calculations (default is PRICE_CLOSE).
Note:
q must be greater than 0.
r, s, and u must be greater than 0. If r, s, or u equals 1, smoothing is not applied.
The minimum required bars for calculation are (q - 1 + r + s + u - 3 + 1).
You may also like: stochastic multi-timeframe indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property description "this code is educational. feel free to use, modify and upgrade as you wish. visit robotfx.org for professional trading tools"
#include <williamblau.mqh> // include file (terminal_data_folder\mql5\include)
#property indicator_separate_window // indicator in a separate window
#property indicator_buffers 12 // number of buffers used
#property indicator_plots 1 // number of plots
#property indicator_level1 -40 // level #0 (vertical axis)
#property indicator_level2 40 // level #1 (vertical axis)
#property indicator_levelcolor silver // level line color.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.