Dilihat 2662 kali
It came to my attention that one very common implementation of SMI was incorrect; rather than subtracting the first hour delta and adding the last hour delta it subtracts the whole day delta and adds the last 30m delta. While this indicator might have had some use, it is not what I understand to be the actual Smart Money Index and so I post this as a correction for use in other scripts.
Komen
If I check with - for example - Tesla on the 12th of February 2021 using the daily chart, your script (adapted for plotting morningClose and afternoonOpen) returns 815.99 (morningClose) and 810.40 (afternoonOpen), whereas the 10:00 close and 14:30 close of Tesla on a 30 minute chart for the same day are 789.32 (10:00 close) and 803.50 (14:30 close), same for other stocks.
Is this an error or have I understood the meaning of the script incorrectly?