The Smith chart is a graphical tool used to analyze high frequency circuits. It represents all possible complex impedances in terms of the reflection coefficient. Circles of constant resistance and arcs of constant reactance intersect on the chart to indicate impedance values. The chart can be used to determine impedances, reflection coefficients, standing wave ratios, and more from various circuit parameters. It provides a clever way to visualize complex impedance functions that continues to be popular for high frequency applications.