Smart money index (SMI) or smart money flow index is an indicator demonstrating investors sentiment. The index was invented and popularized by money manager Don Hays. The indicator is based on intra‐day price patterns. The main idea is that the majority of traders (emotional, news‐driven) overreact at the beginning of the trading day because of the overnight news and economic data.
Here is the formula used to calculate values:
Today's SMI reading = yesterday's SMI ‐ Opening net change + last hour change
Note* this indicator was designed to be used on daily charts only.
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