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Smart money index (SMI) or smart money flow index is a technical analysis indicator demonstrating investors' sentiment. The index was invented and popularized by money manager Don Hays. The indicator is based on intra-day price patterns.〔(Hertler Market Signal )〕 The main idea is that the majority of traders (emotional, news-driven) overreact at the beginning of the trading day because of the overnight news and economic data. There is also a lot of buying on market orders and short covering at the opening. Smart, experienced investors start trading closer to the end of the day having the opportunity to evaluate market performance. Therefore, the basic strategy is to bet against the morning price trend and bet with the evening price trend. The SMI may be calculated for many markets and market indices (S&P 500, DJIA, etc.) ==Basic formula== The basic formula for SMI is: Today's SMI reading = yesterday's SMI – opening gain or loss + last hour change For example, the SMI closed yesterday at 10000. During the first 30 minutes of today's trading, the DJIA has gained a total of 100 points. During the final hour, the DJIA has lost 80 points. So, today's SMI is 10000 – 100 + -80 = 9820. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Smart money index」の詳細全文を読む スポンサード リンク
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