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The Stochastic Momentum Index is a smoother version of the Stochastics Oscillator. It is constructed by comparing the price to the average of the high-low price range over a given period. The raw price differences are smoothed by a double ema (an ema of an ema of the raw price differences). Buy signals are issued when the SMI crosses above its signal line and sell signals are issued when the SMI crosses below its signal line. The price is expected to follow the SMI if a divergence occurs.
The Stochastic Momentum Index requires three parameters: the number of periods for the high-low price computation, the number of periods for the smoothing averages and the number of periods for the signal line (which is an ema of the SMI).
Price divergence example:
Buy/sell signal example:
