MetaTrader 5
Experts
Indicators
Scripts
Libraries
Storage
Watch how to download trading robots for free
Find us on Facebook!
Join our fan page
Join our fan page
You liked the script? Try it in the MetaTrader 5 terminal
- Views:
- 7309
- Rating:
- Published:
- 2018.06.06 13:37
-
You are missing trading opportunities:- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration Log inYou agree to website policy and terms of use
If you do not have an account, please register
-
Need a robot or indicator based on this code? Order it on Freelance
Go to Freelance
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.
Translated from Russian by MetaQuotes Ltd.
Original code: https://www.mql5.com/ru/code/20380