IMax Indicator - page 7

[HAFIZ]

Wiley:
Hi HAFIZ!

There is no problem adding arrows to iMAX as you have shown would be useful to you... in fact I have it basically coded now.

I want to combine it with the alert version, and make sure the alerts are in sync with arrows as well as possible... so as soon as I am pretty sure that is the case, I will release the new iMAX alert version... with arrows. I will make sure and send you message when that happens... probably later today.

Thank you very much...very appreciate it...

[Wiley]

Just a couple more screenshots of the iMAX trading package.

[Wiley]

I believe the first screen shot is of M5, the second M30, and the third is H4, all taken very recently, within the hour.

[HAFIZ]

Wohoo...thanks a lot wiley...

[Wiley]

Second Screenshot

And the second screenshot... Definitely going to add the Instantaeous trend indicator to the trade package...

[Wiley]

iMAX Trade package with Damiani Instantaneous Trendline

I have had some time to play with the new configuration on a demo account now, and I like the combination of both Ehlers' "Instantaneous Trendline" and Ehlers' "Instant Trendline" in combination with iMAX.

Ehlers' "Instantaneous Trendline" gives you a real nice tight shorter period longer trend than iMAX for a very nice exit signal, and if you really want to hang in there for a longer period then use Ehlers' Instant Trendline...

I guess I should say one thing... I did modify the code on Ehler's "Instant Trendline" to suppress a second line from appearing... I just wanted the long period that I displayed in a "Gold" color... so if it makes any difference to anyone... be aware I did modify the number of lines displayed by Ehlers' Instant Trendline in that indicator, and the color of the line... otherwise there were no other modifications by me to any other code... other than maybe coloration of the lines themselves... and I am sure I did... so things were easy for me to identify.

Here are a couple of impressive screen shots of the combination at work... and when trading on the demo account the indicator signals to me almost allowed me to trade intuitively on their feedback.

The Aqua and Red trendlines are naturally iMAX... the Orange and White are the Ehlers' "Instantaneous Trendline", and the "Gold" line is Ehlers' "Instant Trendline."

I

[Wiley]

A quick reply to initial questions about iMAX

I am in uncertain territory when it comes to republishing other peoples work... so I would refer questions about the Modified Optimum Elliptic Filter itself to John Ehlers own published works... I listed the source I originally used in the header of the indicator code.

The formula is:

Modified Optimum Elliptic Filter and Detrender

{Ehlers TASC Jul 00, p. 29}

P1:=(H+L)/2;

V1:=P1 + 0.088*Ref(PREV,-5);

V2:=ROC(V1,6,$) + 1.2*Ref(PREV,-5) - 0.7*Ref(PREV,-11);

D1:=Ref(V2,-12) - (2*Ref(V2,-6))+V2;

S1:=0.13785*(2*D1-Ref(D1,-1))+0.0007*(2*Ref(D1,-1)-

Ref(D1,-2))+0.13785*(2*Ref(D1,-2)-

Ref(D1,-3))+(1.2103*PREV)-(0.4867*Ref(PREV,-1));

S2:=0.13785*(2*S1-Ref(S1,-1))+0.0007*(2*Ref(S1,-1)-

Ref(S1,-2))+0.13785*(2*Ref(S1,-2)-

Ref(S1,-3))+1.2103*PREV-0.4867*Ref(PREV,-1);

S1;

S2

An article particularly directed to explaining the formulas used in the Eliptical filter would be "THE JOY OF DETRENDING III" By John Ehlers which is available on the internet... just google it, and you can instantly have a personal copy in MS Word format which includes formulas, chart photos... everything you could possibly need to understand John's fine work.

As to the question about EMA or SMA... moving averages per se, are not used... it is more of a mathematical smoothing technique, and fully explained by John himself... I just try to code things.

Yes, this is a short period that this indicator produces... I am only phase shifting to obtain a crossing, useful for an EA, or as source for an alert.

I have found this indicator to be useful, much like Ehler's Instantaneous Trendline... it is something very fast, reliable, and holds a trend better than a moving average... less whipsawing. This indicator does not hold the trend as long as Ehler's Instantaneous trendline does... and there can be differing reasons for either holding or not holding on to a potential trend... the longer you try to, the more likely prices can reverse. That is why I like this indicator... it holds a minimal trend, has the direction right, and is very stable. To the extent the market flatten's out on it, it provides good trend till it goes flat, and the flat price action is easily filtered out. That is why I think it is probably most useful as an input for an EA, but could also on longer timeframes be coupled with an alert for manual trading input.

Anyway, it is a pleasure to contribute anything helpful. Thanks for kind replies.

[Wiley]

Bookkeeper

I have looked at beppi's Bookkeeper system... awesome... overwhelming... and I am... still trying to figure it out. I understand some of it... but not all, and it would take awhile to get used to all the input the trader has with that system.

Now I have used the AIS indicator at metaquotes for line metrics display... to explore it's usefulness, but Bookkeeper probably tops that... so if anyone is interested in sophisticated tradestation displays... beppi definitely has one, if you can figure out how to use it... don't ask me...

By comparison, the new iMAX trade package is just so simple and I feel comfortable with it... not experiencing information overload at all, and feel like I can concentrate on the bigger picture as it unfolds in live trading. Yet, beppi's Bookkeeper is really worth looking at too, and so I would encourage anyone to learn about both, and decide what you can handle...

[Wiley]

xard777's version of iMAX horizontal...

Good going... don't assume I know as much as some might think... I am having to learn somethings real fast in public, and I am really uncomfortable about that situation... but your operating advice worked for me, and your indicator works perfectly functionally... again I am not combing through other people's code but it worked when I had the window correctly specified, and matched iMAX on all timeframes, so I will be sure to put it up on the first page, first post... it will be the last file I can add individually to that post... after that... I guess I will have to bundle all the iMAX indicator variants in a zip file... and I will do that when needed.

[Wiley]

Damiani settings on the iMAX trade system

In case the settings on the Damiani indicator are too conservative... my recommendation is don't change the periods on the indicator! But, you can change the Threshold_level setting, and a good first point to move it to, and still play it relatively safe, would be to change the initial setting of 1.65 to 1.5 ... I admit I have it set pretty high to start. A threshold of 1.5 will let you trade faster, and I don't see any serious negative consequences of this lower threshold... Beyond that, I will not advise anyone... Clearly the lower you set it the more often the Damiani indicator is going to grant a Trade signal. Adjusting the periods definitely has consequences that should checked out by testing. The current periods will signal volitility fairly quickly, and sustain it for a reasonable time... but, messing with periods should be tested... otherwise, stick with the suggested settings, which are good as general settings.