IMax Indicator - page 9
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My decision about an MTF version of the "Instantaneous Trendline"
I have talked to kang_gun and he doesn't have time for coding an MTF version of the "Instantaneous Trendline."
And then I thought about doing it, but wrestled with this thought.... which I shared with kang_gun... "My only reservation... is that I know the 'Instantaneous Trendline' is not as stable in all market conditions as the iMAX fast trends are. So, it will get whipsawed in ranging markets... it really is only good in trending markets... and I don't like people using it to the exclustion of the fast trend signals... they will lose money if they do. It should only be an option when a trending market is confirmed, then it becomes a good signal, for exiting at higher profit.
Maybe I should not do it... I will think about this... just because something can be done... is not necessarily a good reason for doing it."
And after I thought about it... I have decided that the visual display of the "Instantaneous Trendline" in a single timeframe is better, because you can see what it is doing... especially in a ranging market where it's performance is degraded seriously. In an MTF version... it might be misleading or appear confused as it truly is in a ranging market... so I personally have decided not to do it... someone else might... but I think the most stable and important variants of iMAX are already available. Such a variant can be useful if used properly... but even then I just don't think it is truly necessary... and I am personally using kang_gun's original iMAX Detector, and I think it gives me the most important, stable information I need... about what is happening in other time frames. If anything... I might want it to have a faster response time... not a slower response, but I also want it to be very stable which iMAX and it's MTF version is, as is.
Bells and Whistles if you want them in an iMAX tradepackage
Since people are actually using the iMAX indicator and it's variants in trading... even live trading I have been told... here are some ideas as to how to add more useful information and capabilities to your trading package.
In the attached photo, iMAX has been displayed with Lime and Orange colors for lines and arrows... the arrow codes in the indicator I changed a little bit to make the arrows stand out better, and you can do the same.
I added a Swiss Army EA for helping me protect my account while trading.
I added my personally modified candle clock.... and similar types are commonly available, and the info bar at the bottom of the chart that I previously mentioned... and I did erase my account number and balance... and any personal details from the photo.
One of the most useful things for a more sophisticated display I think would be to add some line metrics, and in this case I like the "ZigZag_Channels" developed by Coders Guru. When you look at the Support and Resistance lines and the Zig Zag channels... to me it is fairly easy to make a good guess at which way prices will break out, and that can also help you decided when to jump into the market with a trade.
The iMAX MTF (Trend) Detector by kang_gun is in a very good location in the upper right hand corner of the chart, and I have found it stable, reliable and extremely useful in observing fast trend movements through the timeframes...
There is also the "Instantaneous Trendline" indicator (not shown in this photo) in the package that also has arrows and alerts that can be used in trending markets to help boost profits in your trading...
These are just some ideas about what you can do in manual trading with the iMAX indicators submitted. And, if anyone else has some other good ideas... you can post them, and maybe it can help someone else.
So, best of luck to all!
Looking at the above photo...
Since I posted the above photo... I noticed how well the Damiani indicator and it's settings I gave are working together. (With the settings I suggested in the trading package... except you can lower the Damiani threshold to 1.5)
If you look at the lower left hand corner of the photo you will see Damiani give a trade signal about the same time, iMAX is crossing up and displaying an up arrow... if you entered a trade there, and exited on the reverse iMAX crossing... you would have made a few pips, and then if you had placed an order immediately after that following the Damiani trade signal and the direction given by iMAX you would have made a few more pips.
If you notice the "Instant Trendline" (single gold line) as being relatively horizontal, then we are in a ranging market... so you want to get in and out on fast trend changes... and because we are in nearly flat market trading conditions, the Damiani indicator signals "No Trade" at the right hand side of the photo, keeping us out of especially hazardous trading conditions in a flat market...
But, you can see here that in a ranging market the indicators are working together, and you can trade fairly safely... and certainly in a trending market, conditions are even better for profit taking. In fact, I remember one old trader saying to me "Any damn fool can make money in a strong uptrend or downtrend." And, we all know how true that is... so I will never try to use those conditions to make any claims as to the profitability of any trading system, and especially this one...
Last Friday afternoon, there was a very sharp spike in prices up, and then an immediate fast trend reversal, and this kind of price action can cause havoc with many indicators... but, I noticed that iMAX filtered out the spike, thanks to John Ehler's detrending techniques... which is the basis for how iMAX works, and the iMAX indicator held a true trend despite the price spike... and these are the kind of market conditions where iMAX truly shines for me. Now, there are people who will correctly point out that there are faster and more profitable methods of trend detection, but I would add that iMAX is a very stable, and relatively safe trend detection system... and, that pays off in the long run too.
In fact, yesterday on the 6th of April, for that 24 hours of trading... if you followed the iMAXalert indicator and Damiani signals on the M15 chart... and I only just grabbed that chart at random... you would have made about a net (after a spread of three) and giving a little bit more, about 233 pips. Not bad! Set the indicators up for yourself look at the charts, and add it up... then see if you can actually execute those trades... try it out on a demo of course first, but some people are doing it live already... and I am too... I have the account I just took a photo of, with a very small amount of money in it, to unleash a new EA I want to observe... but, I have an iMAX trading template set up, and I am doing the live manual trading too for the fun of it...
Thank you for the answer.
Although he/she is right, I have been using the imax, and truly he/she gives me security to the moment to maintain an open trade. I am always attentive at the 1. 5 and 15 minutes imax, to continue in the trade or to enter in the one.
I have an idea, of being able to control several couples in a single window, with the iMAX use. We will be able to this way to see in a single window the couples but favorable for the trade. The bad thing is that I am not a programmer, but you could use or to modify some indicator so that it uses iMAX, enclosed a couple of them to see if it is possible or nr. of being possible serious a powerful tool, inclusive to work with trade basket.
Thank you
Although I am not a programmer, I have modified the indicator of TRO
thank you, ecuaforex, X,- dashboards looks good
Thanks ecuaforex,
I too have modified your code a bit, could be great for identifying possible market turns
Xard777Thank you Xard777, for this version, is very well. Could he/she stop the option to be able to add but you give birth to?. Try to add AUDCAD, but the couple is not shown, alone the values, try to modify the new version, but I am not a programmer and I didn't find the way to make it.
He/she could leave the option like it was in the main indicator of being able to modify or to increase but you give birth to.
Thanks
Thank you Xard777, for this version, is very well. Could he/she stop the option to be able to add but you give birth to?. Try to add AUDCAD, but the couple is not shown, alone the values, try to modify the new version, but I am not a programmer and I didn't find the way to make it.
He/she could leave the option like it was in the main indicator of being able to modify or to increase but you give birth to.
Thankslike to ask why the 2 indi dosent open on my chart??? its realy look great on your chart!!
like to ask why the 2 indi dosent open on my chart??? its realy look great on your chart!!
I have
MT4
Version: 4.00
Build: 220
It could be the cause.
Trouble loading iMAX
I have now, only two reports of iMAX indicators not loading on the chart... I used MT4 build 220 when it was originally compiled... it ran with no problems on that, or any but one after public distribution till now. Since then I have tested it on MT4 build 223, again no problems.
I asked for more specific information from the original report of a failure to load... from the complaintant, and received no response... so, so far, I have no apparent causes for any problems, but I still keep checking and would be the first to make any changes necessary, if there are any. And if anyone resolves such a problem for themselves, be sure to post what you did... But, so far, I have yet to see any indicator posted where someone didn't say they had problem loading it on their chart. Seems to always happen to someone. So share helpful information if you will, and we will resolve any problems regardless of the cause.
I saw the new dashboard popping up at this site, and my first thought was that iMAX would be a good foundation indicator for fast trends in any dashboard arraingement. So good luck, and have fun with the adaptations! If it works well, maybe I can put it on the first post in the zip files there.
Since I have a different personal trading system, I am not using iMAX per se, but I am using kang_guns original iMAX Detector, because it is small and fits nicely in the upper corner of the chart, and is very simple reference for price action across the timeframes. And, I usually only trade one or two currencies primarily. But, for multiple currencies, the dashboard would be great.
Just checked out the modified version of the dashboard... looks good, I'll put it up on the first post...