Smart Money Concepts Indicator for MT4 and MT5

Written by Dominic Walsh · Published 9 Jul 2026 · Last updated 21 Sep 2026

Four ideas from the same method, drawn together. The smart money concepts indicator finds swings with a narrow fractal rule, calls a change of character when price closes past one, boxes the order block behind that move, and joins highs that finished within a few pips of each other.

This build ships as a compiled .ex4 for MT4 and .ex5 for MT5.

Platforms	MT4 (.ex4) + MT5 (.ex5)
Chart window	Main price chart
Plots	4: SMC Bullish CHoCH, SMC Bearish CHoCH, Swing High, Swing Low
Alerts	popup, push notification, email, sound
Inputs	13

What gets drawn, and where

Four arrow plots plus boxes and lines.

`SMC Bullish CHoCH` prints lime at width 2.

`SMC Bearish CHoCH` prints red beside it.

`Swing High` dots aqua and `Swing Low` dots gold.

`ShowOrderBlocks` boxes the candle behind a break.

`ShowLiquidity` joins highs that finished level.

• SMC Bullish CHoCH: arrow, lime, width 2, arrow code 233
• SMC Bearish CHoCH: arrow, red, width 2, arrow code 234
• Swing High: arrow, aqua, arrow code 159
• Swing Low: arrow, gold, arrow code 159

What the file computes

A narrow swing rule

`Fractal` `2` bars either side is all a swing needs. That finds plenty of them, which suits a method built on many small structural points rather than a few large ones.

Calling the change

A close beyond the last swing does it. The lime or red arrow lands on that bar, and `Cooldown` `5` keeps the next same-side call at least five bars away.

Finding the block

`StructureLB` `200` bounds a backward search from the break. The candle it settles on becomes the rectangle, which is the zone the move is read as having come from.

Reading day to day

Aqua and gold dots are the raw swing points.

Lime and red arrows are the structural calls.

A rectangle marks where a move originated.

`EqTolerancePips` `3.0` decides what counts as level.

Joined highs mark orders resting together.

`ArrowOffsetPips` `2.0` keeps marks off the candles.

Alert channels in this build: popup, push notification, email and sound, one message per closed bar.

Structure calls are what speak here, and `EnableAlerts` governs the lot. `EnablePopup` and `EnableSound` both arrive on, so a change of character pops up and plays aloud out of the box. The handset and mail routes stay closed.

Every Smart Money Concepts Indicator input

Core settings

Setting	What it does	Default
Fractal	Swing strength (bars each side). Bars either side defining a swing, `2`.	2
StructureLB	Max bars back to search order block. How far back the block search reaches, `200`.	200
Cooldown	Min bars between same-side signals. Bars held between same-side calls, `5`.	5
EqTolerancePips	Equal high/low tolerance (pips). How close two extremes count as level, `3.0`.	3.0

Display settings

Setting	What it does	Default
ShowOrderBlocks	Draw demand/supply order blocks. Draw the origin rectangles, `true`.	on
ShowLiquidity	Draw equal-high/low liquidity lines. Join equal highs and lows, `true`.	on
ArrowOffsetPips	Arrow offset (pips). Gap between a mark and its candle, `2.0`.	2.0

Alert settings

Setting	What it does	Default
EnableAlerts	Master alert switch. Governs every structure message, `true`.	on
EnablePopup	Popup alert. Pops it up in the terminal, `true`.	on
EnablePushNotify	Push notification.	off
EnableEmail	Email alert.	off
EnableSound	Sound alert. Plays it aloud on the desktop, `true`.	on
SoundFile	(see inputs panel)	alert.wav

Setting it up somewhere useful

Two-bar swings on a fast chart produce noise, so give this room. EURUSD H1 is the reference chart, where structure holds for a session at a time. M5 fills the screen with rectangles. H4 leaves you a handful of clean calls a week.

Its blind spots

Two bars either side is a very small swing.

Rectangles and lines pile up as objects quickly.

A three-pip tolerance means different things per symbol.

Two bars of confirmation still arrive after the fact.

Copy the compiled Smart Money Concepts Indicator file into your MQL4/Indicators folder, and the MT5 build into MQL5/Indicators, then restart the terminal and drag it onto a chart. The step-by-step guide with screenshots is at how to install MT4 and MT5 indicators.

Related on forexmt4systems.com: Smart Money Concepts Strategy.

Download the Smart Money Concepts Indicator for MT4 and MT5

The zip holds the compiled Smart Money Concepts Indicator build for MT4 and MT5, plus a short README. Compiled files only, no source. Enter your email below and the download link arrives in your inbox.

FAQ

What does a SMC Bullish CHoCH arrow require?

A close above the most recent swing high that the fractal rule confirmed. The arrow lands on the closing bar, and `Cooldown` `5` then blocks another bullish call for five bars whatever price does.

How far back does StructureLB 200 search?

Two hundred bars from the break, looking for the candle the move originated from. That candle becomes the order block rectangle, so a wider setting finds older zones and a narrower one keeps it recent.

What makes two highs equal at EqTolerancePips 3.0?

Finishing within three pips of each other. The code joins them with a line, which is how the method marks a cluster of resting orders rather than two unrelated turns.

Why is Fractal set as low as 2?

Because the method depends on many structural points, not a few. Two bars either side finds swings quickly and often, at the cost of marking turns that a wider rule would ignore entirely.

Are results guaranteed?

No. Trading involves risk. Results are not guaranteed; past performance is not indicative of future results. Use the Smart Money Concepts Indicator as one input. Always backtest before trading live.