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SMI_TRADE Indicator (Stochastic Momentum Index Trade)

Formula for: TradeStation

Views: 1487

Added: August 01, 2008

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Tags: TradeStation, indicator

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Type : Function, Name : SMI

input:
length1(NumericSimple),
length2(NumericSimple),
length3(NumericSimple);
var:
HH(0),
LL(0);

HH = Highest(H,length1);
LL = Lowest (L,length1);

SMI = 100 * (XAverage(XAverage(C-(0.5*(HH+LL)),length2),length3) /
(0.5 * XAverage(XAverage(HH-LL,length2),length3)));

Type : Indicator, Name : SMI_TRADE Indicator

Inputs:
length1(64),
length2(34),
length3(7);

Value1=SMI(length1,length2,length3);

If Value1 - Value1[1] > 0 and Value1 > 0 then
Value2=Value1 {Vaulue2 is portion of SMI that positive and rising}
else
Value2=0;

If Value1-Value1[1] < 0 and Value1 < 0 then
Value3=Value1 {value3 is portion of SMI that is negative and falling}
else
Value3=0;

Value4=Value2+Value3;

Plot1(Value4,"SMI_Trade");

Code:

Here's SMI_TRADE indicator (Stochastic Momentum Index Trade) developed by William Blau, this works as a filter and as such takes only clear trends into consideration. One needs EKams SMI function for this indicator.

Source: https://www.tradestation.com

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