Try the full study dashboard free, no signup: practice, flashcards and your Exam Readiness Score. Open it →
CMTQuizBank
Start free
Home / Practice tests / CMT Level I
CMT Program · Last updated October 2026

CMT Level I Exam (Chartered Market Technician): free practice test

The first of three exams for the Chartered Market Technician charter. Level I tests the foundations of technical analysis: theory and history (38%), classical techniques (33%), advanced techniques (26%) and ethics (3%). Exams run in June and December.

Start the free 15-question testRead the study guide

Premium: 3,000 practice questions, 6 full mock exams, 800 flashcards and 60 comprehensive key notes, topic by topic. See the study path ·

Or open the free CMT Level I study dashboard: flashcards, notes and your Readiness Score, no signup →

About the CMT Level I exam

The first of three exams for the Chartered Market Technician charter. Level I tests the foundations of technical analysis: theory and history (38%), classical techniques (33%), advanced techniques (26%) and ethics (3%). Exams run in June and December.

What's on the exam

CMT Level I
Theory and History of Technical Analysis
7 key facts
Charts, Trends and Patterns
7 key facts
Moving Averages and Indicators
7 key facts
Volume, Breadth and Sentiment
6 key facts
Cycles, Elliott Wave and Fibonacci
6 key facts
Statistics, Risk and Ethics
6 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the CMT Level I exam

  • 132 questions in 2 hours is about 55 seconds each. Formula and definition questions should take you 20 seconds so you bank time for the chart scenarios.
  • Theory and History is the biggest domain at 38%. Dow Theory, market efficiency and behavioral finance are easy points if you know the exact definitions.
  • Learn the classic indicator settings (RSI 14, MACD 12-26-9, Bollinger 20 and 2) and what each indicator measures, not just how it looks.
  • 12 questions are unscored trial items and you can't tell which. Treat every question as if it counts.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the Indicator Formula Sheet.

Take the test first

What's in the premium CMT Level I prep

Premium CMT Level I prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 132 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 6 topics

Your step-by-step study path

  1. 1
    Theory and History of Technical Analysis10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Notes free with an account
  2. 2
    Charts, Trends and Patterns10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  3. 3
    Moving Averages and Indicators10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  4. 4
    Volume, Breadth and Sentiment10 key notes, 135 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  5. 5
    Cycles, Elliott Wave and Fibonacci10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  6. 6
    Statistics, Risk and Ethics10 key notes, 130 flashcards, then 500 practice questions in 20 sets of 25
    Premium
  7. Final step: 6 full mock exams132 questions each, timed like test day. Pass them, then book your exam.
    Premium
Free with an account

Read the complete CMT Level I study notes for “Theory and History of Technical Analysis”

Our first full set of comprehensive notes, about 15 minutes of reading: Why technical analysis works at all · Dow Theory in six principles · Market efficiency and its critics · The biases that make trends · A short history worth knowing, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

Open the free dashboard

Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. According to Dow Theory, which of the following must confirm a primary trend signal given by the Industrial Average?
Answer: The Transportation (originally Rail) Average. Dow held that the Industrials and the Rails (today the Transportation Average) must confirm each other. A new high in one without the other is a non-confirmation.
2. In Dow Theory, the primary trend is compared to the tide. What are the shorter, counter-trend moves lasting weeks to months called?
Answer: Secondary reactions. Dow described three movements: the primary trend (the tide), secondary reactions (the waves) and minor trends (the ripples). Secondary reactions often retrace one-third to two-thirds of the prior move.
3. An investor holds a losing position far longer than a winning one because realising the loss feels painful. Which behavioral bias does this describe?
Answer: The disposition effect. The disposition effect is the tendency to sell winners too early and hold losers too long, linked to loss aversion in prospect theory.
4. In an uptrend, a trendline is drawn by connecting:
Answer: Successive higher reaction lows. An up trendline connects rising lows (support). A down trendline connects falling highs (resistance).
5. A head-and-shoulders top is usually confirmed when:
Answer: Price closes below the neckline. The pattern isn't complete until the neckline breaks. The measured target is the head-to-neckline distance projected down from the break.
6. A gap that appears in the middle of a strong trend, often near the halfway point of the move, is called a:
Answer: Runaway (measuring) gap. Runaway or measuring gaps occur mid-trend and are often used to estimate how far the move may extend.
7. What is the smoothing constant k for a 19-period exponential moving average?
Answer: 0.10. k = 2 / (n + 1) = 2 / 20 = 0.10. Each new close gets 10% weight.
8. Using Wilder's default settings, an RSI reading above which level is classically considered overbought?
Answer: 70. Wilder used a 14-period RSI with 70 as overbought and 30 as oversold. In strong trends RSI can stay overbought for a long time.
9. The MACD line is calculated as:
Answer: A 12-period EMA minus a 26-period EMA. Standard MACD = 12-period EMA − 26-period EMA. The signal line is a 9-period EMA of MACD, and the histogram is MACD minus the signal line.
10. On-balance volume (OBV) is calculated by:
Answer: Adding the day's volume on up closes and subtracting it on down closes. Granville's OBV is a running total that adds volume on up days and subtracts it on down days. Divergence between OBV and price is the signal.
11. The advance-decline line is a measure of market:
Answer: Breadth. The A-D line cumulates advancing minus declining issues. When the index rises but the A-D line falls, fewer stocks are taking part, a breadth divergence.
12. In Elliott Wave theory, a complete impulse wave in the direction of the main trend has how many waves?
Answer: Five. Impulse waves subdivide 5-3-5-3-5 and move in five waves. Corrections move in three. A full cycle is five up and three down: eight waves.
13. Which Elliott Wave rule is never violated in an impulse?
Answer: Wave 3 can never be the shortest of waves 1, 3 and 5. The three rules: wave 2 never retraces more than 100% of wave 1, wave 3 is never the shortest impulse wave, and wave 4 does not overlap wave 1 (except in diagonals).
14. In a normal distribution, about what percentage of observations fall within one standard deviation of the mean?
Answer: 68%. About 68% within ±1 standard deviation, 95% within ±2 and 99.7% within ±3 (the empirical rule).
15. A system wins 40% of its trades, with an average win of $600 and an average loss of $300. What is its expectancy per trade?
Answer: $60. Expectancy = (0.40 × 600) − (0.60 × 300) = 240 − 180 = $60 per trade. A low win rate can still be profitable if wins are much larger than losses.

Get the full CMT Level I prep

Most popular · cancel anytime

Premium Monthly

$147/month
per exam
About $4.83 a day · less than a chart subscription, for the charter that sets your analysis apart
  • One CMT level of your choice: Level I, II or III
  • 3,000 practice questions + 6 full mock exams per exam
  • 800 flashcards + 60 key notes per exam, by topic, plus mind maps
  • Spaced repetition + mistakes bank
  • Readiness Score & detailed reports
  • Video lessons as they release
  • Content updates during your access
  • 5 bonuses: indicator formula sheet, chart pattern atlas, study planner and more
  • Pass Guarantee: complete the prep, pass or 100% back

Renews monthly until you cancel. Cancel in two clicks from your account; you keep access until the end of the month you've paid for. No minimum term.

Best value · 3 months free

Premium Yearly

$1,323/year
per exam
Pay for 9 months, get 12. Save $441 against paying monthly.
  • One CMT level of your choice: Level I, II or III
  • 3,000 practice questions + 6 full mock exams per exam
  • 800 flashcards + 60 key notes per exam, by topic, plus mind maps
  • Spaced repetition + mistakes bank
  • Readiness Score & detailed reports
  • Video lessons as they release
  • Content updates during your access
  • 5 bonuses: indicator formula sheet, chart pattern atlas, study planner and more
  • Pass Guarantee: complete the prep, pass or 100% back

Renews once a year until you cancel. We email you before each renewal. Cancel any time from your account; you keep access until the end of the year you've paid for.

Pass Guarantee. Complete the full prep, sit your exam within 60 days, and if you don't pass we refund 100% of your subscription payments. See the requirements
Secure checkout by Stripe Card, Apple Pay, Google Pay Pass Guarantee

Certification guide

CMT Level I exam guide (2026): CMT Level I is the first of the three Chartered Market Technician exams. It tests the foundations of technical analysis in 132 multiple-choice questions over 2 hours. The 2026 Program Guide weights it 38% Theory and History, 33% Classical Techniques, 26% Advanced Techniques and 3% Ethics. Here's what that means for your study plan.

CMT Level I exam FAQ

How many questions are on the CMT Level I exam?

132 multiple-choice questions (120 scored, 12 unscored trial items), with a time limit of 2 hours. Format: closed book, computer-based.

What is the passing score for CMT Level I?

Not published. The CMT Association sets a scaled passing standard; practise to 70% or higher.

How much does the CMT Level I exam cost?

About US$875 to US$1,475 per level by registration window (2026), plus a one-time US$250 program enrollment fee. Fees change by registration window, so confirm on the CMT Association website before you register.

Which languages is the CMT Level I exam offered in?

English.

Where do I take the CMT Level I exam?

Prometric (test center or ProProctor remote proctoring).

Is this CMT Level I practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full CMT Level I prep is Premium at $147 a month for this exam.

What's in the premium CMT Level I prep?

3,000 practice questions organized topic by topic (Theory and History of Technical Analysis: 500; Charts, Trends and Patterns: 500; Moving Averages and Indicators: 500; Volume, Breadth and Sentiment: 500; Cycles, Elliott Wave and Fibonacci: 500; Statistics, Risk and Ethics: 500), 6 full-length timed mock exams of 132 questions, 800 flashcards and 60 comprehensive key notes split across all 6 topics, plus a mistakes bank and the Readiness Score.

Compare CMT Level I with the other CMT levels

Related practice tests

CMT Program

CMT Level II Exam (Chartered Market Technician)

The second CMT exam moves from knowing the tools to applying them: reading charts and indicators together, testing systems, measuring relative strength and managing risk.

15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
Start free test →
CMT Program

CMT Level III Exam (Chartered Market Technician)

The capstone CMT exam, "The Work of a Technical Analyst". Groups of linked items combine two or more knowledge domains: you build an analysis, justify it in writing and manage the position's risk.

15 free questions3,000 premium Qs · 6 mocks · 800 flashcards · 60 key notes
Start free test →

Exam details are summarized from the official candidate information available in October 2026. the CMT Association changes formats and fees, so confirm with CMT Association before you book. CMTQuizBank is not affiliated with the CMT Association or Prometric.

Start the free test