Master Forex Trading with MT5 Stochastic Momentum Index
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The MT5 Stochastic Momentum Index (SMI) is an oscillator-type technical indicator designed for Forex trading. It is based on the comparison between the closing price of a currency pair with its high and low range over a certain period of time, as well as the security’s closing price velocity and momentum. The Stochastic Momentum Index helps traders identify buying or selling conditions in the market and can be used to develop entry and exit signals for a currency pair. Traders often use the SMI in combination with price action and other indicators to help them identify the right time for entering a position.