SMI Ergodic Indicator Strategy AZT
Strategy Premise
The SMI Ergodic Indicator is the same as the True Strength Index.The true strength index (TSI) is a technical indicator used in the analysis of financial markets that attempts to show both trend direction and overbought/oversold conditions.
The Signal line, Which is an EMA of the SMI, is Plotted to help trigger Trading Signal. When SMI Cross Over Signal line Send Long Condition and SMI Cross Under Signal line Send Short Condition.
Strategy Logic
Long Entry: When SMI Cross Over Signal line, Send LE.
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit and SMI Cross under Signal line send LX and SE
Short Entry: When SMI Cross under Signal line, Send SE
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit and SMI Cross Over Signal line send SX and LE
SMI Ergodic indicator Strategy Parameters for TradingView Charts
Length: This is the number of bars used to calculated Ex: 14 à previous 14 candles are used.
Quantity: This is used to specify the trade quantity
Custom Stop Loss in Points: Movement in chart price against the momentum which will trigger exit
Custom Target in Points: Movement in chart price against the momentum which will trigger exit
Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, timeframe, strategy settings, API bridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in message box.
Important: do not change any settings during live trading.
The SMI Ergodic Indicator is the same as the True Strength Index.The true strength index (TSI) is a technical indicator used in the analysis of financial markets that attempts to show both trend direction and overbought/oversold conditions.
The Signal line, Which is an EMA of the SMI, is Plotted to help trigger Trading Signal. When SMI Cross Over Signal line Send Long Condition and SMI Cross Under Signal line Send Short Condition.
Strategy Logic
Long Entry: When SMI Cross Over Signal line, Send LE.
Long Exit: Either when SL or Target is hit. If SL/TGT is not hit and SMI Cross under Signal line send LX and SE
Short Entry: When SMI Cross under Signal line, Send SE
Short Exit: Either when SL or Target is hit. If SL/TGT is not hit and SMI Cross Over Signal line send SX and LE
SMI Ergodic indicator Strategy Parameters for TradingView Charts
Length: This is the number of bars used to calculated Ex: 14 à previous 14 candles are used.
Quantity: This is used to specify the trade quantity
Custom Stop Loss in Points: Movement in chart price against the momentum which will trigger exit
Custom Target in Points: Movement in chart price against the momentum which will trigger exit
Setting Up Alert
Before setting up an alert make sure that You have selected the desired script, timeframe, strategy settings, API bridge is configured and running. Click in settings add alert and paste {{strategy.order.comment}} in message box.
Important: do not change any settings during live trading.