The SMI Ergodic Oscillator Indicator is a MT4 popular and free Forex indicator used by many traders. The indicator is based on the Stochastic Momentum Index (SMI) and uses two lines to indicate the current trend in the market. The SMI Ergodic Oscillator Indicator is used to identify potential entry and exit points in the market. The SMI Ergodic Oscillator Indicator is a useful tool for traders looking to gain an edge in the Forex market.