The Stochastic Momentum Index (SMI) is a useful Forex indicator available for the widely-used MetaTrader 4 (MT4) platform. As a popular and free indicator, many traders rely on the SMI to gauge momentum in the market. The SMI works by comparing the closing price of a currency pair to the midpoint of the high/low range over a certain period. This calculation results in a value that oscillates between -100 and +100, with levels above +40 indicating bullish momentum and levels below -40 indicating bearish momentum. Traders can use the SMI to identify potential trend reversals, overbought or oversold conditions, and divergence between price and momentum. By incorporating the SMI into their trading strategy, traders can make more informed decisions and improve their overall performance in the Forex market.
MT4
SMI Indicator
SMI Indicator MT4 is a useful Forex indicator that is popular among traders for its accuracy and reliability. This free indicator works by measuring the momentum of a currency pair to help traders identify potential trends and reversals in the market. It is easy to use and can be a valuable tool for traders of all levels in their trading strategies.
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How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
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