Portfolio Boss Documentation

SMI Filter



This filter allows you to enter or exit positions based on the Smart Money activities, as these activities give a clue whether the market is uptrending or downtrending. The Smart Money activities are based on the weekly Commitment of Traders reports that track “Commercial Positions” (from large institutions) and “Non-reportable Positions” (from small traders). The activities are then processed using the proprietary Smart Money Indicator that you find in this filter.

For technical details on how to use this filter, refer to the SMI training module on your PortfolioBoss.com account. As to the philosophy behind the Smart Money Indicator, you may want to read “The Ultimate Crash Detector” report by Dan Murphy. The report is provided as a PDF here, or an audiobook here.


Note that with restricted licenses, you may not have access to this filter (or its parameters would be limited). To upgrade your license, please contact our Customer Support at support@portfolioboss.com.





  • Once this filter is applied, two indicators called “SPX Bear Markets” are overlaid on the instrument's Price Chart. As well, below the Price Chart there's an SMI Chart that shows you the Smart Money activities. There are two indicators on this chart:
    • “Net non-reportable positions” which shows the position amount from small speculators (dumb money, which generally you want to make a contrary move from), and
    • “Net commercial positions” which shows the amount of positions from the large market players and hedgers (smart money, which generally you want to follow).


  • Smart Money activities are derived from the COT reports, and Portfolio Boss has a dedicated service to download these data. If you have trouble with this filter not allowing you to backtest your strategy, it could be that this download service is experiencing problems. You can check the status of that download service with the Portfolio Boss Status Page: