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Please can someone refer me to how to use SMI5? We have over bought / very over bought and over sold and very over sold. Probably a novice questions then is when to trade?
Thank you
Can you help answer these questions from other members on NexusFi?
As with all oscillators, they tend to be useful during ranging markets, and not useful during trending markets.
So assuming you have identified only ranging periods of the market, then you are probably looking for times when the oscillator crosses up above 20 or or perhaps 50 for longs, and crosses down below 80 or perhaps 50 for shorts.
For trending days, oscillators will not work well or at the very least cannot be used in the same fashion.
This thread has a number of setups dating all the way back to 2010 (NinjaTrader 6.5). I was in my experimental / learning phase (and in some respects, still am!)
Many things have changed since then. Best to scroll down to the last page in the thread …
As TheWizard and many others specifically use SMI in their trading.
Hey everyone! Is there a place where I can download the SMI5 indicator? I've found SMI helpful, but I'd like the background to change with the histogram, not the crossover. Also, any thoughts on the best way to use the SMI in general? Thanks a bunch!
