OPEN-SOURCE SCRIPT
SMI Color Red/Green
📌 TradingView Description – SMI Red/Green Momentum Line
🔥 Stochastics Momentum Index (SMI) – Dynamic Red/Green Version
This indicator is an enhanced and modernized version of the Stochastic Momentum Index (SMI), designed to deliver a more visual, intuitive, and responsive view of trend momentum.
It includes:
✔️ Smoothed SMI
✔️ Dynamic Red/Green momentum coloring
✔️ Signal EMA line
✔️ Overbought/Oversold zones with shading
🎨 Dynamic Red/Green SMI Line
The main SMI line automatically changes color based on momentum direction:
Green → Bullish momentum (SMI rising)
Red → Bearish momentum (SMI falling)
This provides instant visual feedback and highlights early momentum changes even before traditional signal-line crossovers.
📉 Indicator Structure
1️⃣ Smoothed SMI
The SMI is calculated using the price’s position inside its range and then smoothed with an SMA to reduce noise.
2️⃣ EMA Signal Line
A customizable EMA acts as a signal line, providing:
Clear bullish/bearish crossovers
Trend confirmation
Cleaner entry/exit signals
3️⃣ Overbought / Oversold Zones
Extreme levels are highlighted using color-filled zones:
Red Zone (Overbought) → potential bearish reversal
Green Zone (Oversold) → potential bullish reversal
Levels are fully adjustable.
💡 How to Use It
The indicator works exceptionally well across all timeframes.
The most powerful signals are:
✔️ SMI crossing above/below the EMA
SMI crosses above EMA → bullish signal
SMI crosses below EMA → bearish signal
✔️ Leaving Overbought/Oversold zones
SMI exits the oversold zone → potential long setup
SMI exits the overbought zone → potential short setup
✔️ Color shifts (momentum direction)
Red → Green : early bullish momentum
Green → Red : early bearish momentum
Perfect for scalping, day trading, and swing trading.
🚀 Why This Version Is Better
Extremely visual momentum reading
Noise reduction through smoothing
Instantly readable color-coded trend
Strong OB/OS zone visualization
Works on any market and timeframe
Great in combination with RSI, MACD, HMA, ALMA, and trend filters
If you'd like, I can also write:
🔹 a SEO-optimized title,
🔹 recommended TradingView tags,
🔹 or a shorter promotional description.
🔥 Stochastics Momentum Index (SMI) – Dynamic Red/Green Version
This indicator is an enhanced and modernized version of the Stochastic Momentum Index (SMI), designed to deliver a more visual, intuitive, and responsive view of trend momentum.
It includes:
✔️ Smoothed SMI
✔️ Dynamic Red/Green momentum coloring
✔️ Signal EMA line
✔️ Overbought/Oversold zones with shading
🎨 Dynamic Red/Green SMI Line
The main SMI line automatically changes color based on momentum direction:
Green → Bullish momentum (SMI rising)
Red → Bearish momentum (SMI falling)
This provides instant visual feedback and highlights early momentum changes even before traditional signal-line crossovers.
📉 Indicator Structure
1️⃣ Smoothed SMI
The SMI is calculated using the price’s position inside its range and then smoothed with an SMA to reduce noise.
2️⃣ EMA Signal Line
A customizable EMA acts as a signal line, providing:
Clear bullish/bearish crossovers
Trend confirmation
Cleaner entry/exit signals
3️⃣ Overbought / Oversold Zones
Extreme levels are highlighted using color-filled zones:
Red Zone (Overbought) → potential bearish reversal
Green Zone (Oversold) → potential bullish reversal
Levels are fully adjustable.
💡 How to Use It
The indicator works exceptionally well across all timeframes.
The most powerful signals are:
✔️ SMI crossing above/below the EMA
SMI crosses above EMA → bullish signal
SMI crosses below EMA → bearish signal
✔️ Leaving Overbought/Oversold zones
SMI exits the oversold zone → potential long setup
SMI exits the overbought zone → potential short setup
✔️ Color shifts (momentum direction)
Red → Green : early bullish momentum
Green → Red : early bearish momentum
Perfect for scalping, day trading, and swing trading.
🚀 Why This Version Is Better
Extremely visual momentum reading
Noise reduction through smoothing
Instantly readable color-coded trend
Strong OB/OS zone visualization
Works on any market and timeframe
Great in combination with RSI, MACD, HMA, ALMA, and trend filters
If you'd like, I can also write:
🔹 a SEO-optimized title,
🔹 recommended TradingView tags,
🔹 or a shorter promotional description.
Script de código abierto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Script de código abierto
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Exención de responsabilidad
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.