IMax Indicator - page 8
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Alert Version
Thanks beppi! Wow...
Yours was such an inspiring reply, that I decided to code up an alert version of the iMAX. I have had it running during the night on the M1 chart and it appears to behave itself very well.
Just a couple of notes about it's use... (there are brief notes in the code, so you can refer to those too).
I also marked in the code where to place a sound file if you wish to add one to the alert, or even to replace the existing alert.
I don't trade manually myself, but last night watching the iMAX alert running, I was almost tempted to start trading.... manually.... I can't believe it... well anyway good luck to everyone, and just have fun, don't get too serious!
Some comments I made changed here... because I am uploaded the most recent version of iMAXalert... and some features have changed since this original posting. The current iMAXalert is little more automatic, and more flexible too thanks to users suggestions here... you can enable alerts, arrow displays, change color schemes etc. and the new version is posted here and elsewhere in this thread.
iMAXalert bug...
There is clearly a bug in the iMAX alert version... this was fresh code rushed by me... so I regret any inconvenience.
If you want to correct the code for the original file, simply change the line
extern dateTime AlertStopTime = 20;
to...
extern int AlertStopTime = 20;
or you can download the corrected modified file here...
I did receive a complaint about alerts going off more frequently than desired, and if the code is corrected as above, then simply change the frequency of alerts to a higher number... the number you are changing is the number of seconds that the alert will sound if the alert condition persists.
At a setting of 20 seconds on the 5 minute chart, I might get two or three alerts on a persistent trend change, but normally only one, but if I increase the setting to 60 seconds I almost never hear anything but a single alert on that chart.
On charts at the Daily period and above expect that a threshold will probably persist for minutes, hours.... whatever, but a long time, and the alert will continue at the frequency you set until the alert condition no longer exists... but, rarely does anyone actually trade on charts at those periods, but if you do you can set the frequency for a large number of seconds, and get only one alert if you want... so it is at the users discretion as to how you wish to be alerted, and how often...
The iMAXalert2 file is reverting back to a newer iMAXalert file... the new version includes optional arrow displays on the chart by request, and automatic alert period control, user selectable colors for the signal phases, and arrows, and even the size of the arrows is also user adjustable... so lots of little improvements for helping folks customize their iMAX installations.
Arrows on iMAX...
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.
And here it is!!!
This alert version will revert back from iMAXalert2 to iMAXalert as a filename.
Since you have been using iMAXalert2, this new version does not have any adjustments on the alert period... it is automatic. You can enable or disable alerts, and the same for arrows displayed on the chart. You can select your own arrow colors and sizes, and the colors of the trendlines. Now everything is easily color coordinated with anything else on your charts.
iMAX Trading Package
This seems like a good time to say that I have another couple of pieces to put together... More JOHN EHLERS! and another favorite of mine Damiani, into a template to show how iMAX is a very good foundation for a trading system.
Since others have contributed so much, I can't help but think they will enjoy seeing how everything can fit together into a relatively simple trading system.
So I will be packaging that up now, and will post it as soon I can...
And now here it is...
The Gold line on the chart is John Ehlers "Instant Trend Line." It works like iMAX does... or John's MOEF... very well on all timeframes. The Orange and White lines are John Ehlers "Intantaneous Trend Line." You can switch back and forth wherever there is opportunity to trade with great ease of operation, and I have had fun with this setup... and maybe others will too. All indicators and template file is in the attached zip file along with a text Read Me file with more explaination about how to use this setup.
And this has changed too...
The "Instantaneous Trendline" has been modified to work like iMAXalert... displaying arrows, and rendering alerts. So, the charts will be a lot cleaner if you use the arrows generated by the "Instantaneous Trendline" and not the fast trendline arrows generated by iMAXalert. However, iMAXalert signals are a good time to check your order status, and an "Instantaneous Trendline" alert is is good time to close an order when the trade goes well... so the package is now updated here and at the first post.
Another great additional trend detection system for longer trends...
I have also mentioned in the past the "Instantaneous Trend Line" and I didn't include it in the iMAX trading package (but have since), but I highly recommend it as another slow period trend line, that cuts off much faster than John Ehlers' "Instant Trend Line" and I think you can use both. I think the "Instantaneous Trend Line" indicator is available here, but just in case I will add it now. It also has no period adjustments, and you just drop it on the chart and that is all there is to it. So, it works right into exactly the way everything else is working with this setup... but check it out too, and trade with it the same way you would with John Ehler's "Instant Trend Line." There really are advantages and disadvantages to both, but learning when to apply each is the trick I guess.
And what I thought I remembered as an indicator Damiani had authored, is actually one of John Ehlers' own as well. So I am correcting my error here, and John Ehler's is the originator of the "Instantaneous Trend Line" which proves to work so well with other indicators I am using here based on his work. Is it any wonder???
Indeed there is a correction....
The "Instantaneous Trend Line" I have recently been crediting to Damiani from memory was coded by Witold Wozniak who gives the credit for the calculations too.... who else???? John Ehlers!!! No wonder I loved this indicator so much, and it works so well with the other Ehlers stuff here... Well Damiani I love you too, but Ehler's has again taken the day... and homage is paid accordingly...
The coder Witold Wozniak references...
Algorithm taken from book
"Cybernetics Analysis for Stock and Futures"
by John F. Ehlers
So there you have it... and I will make corrections now accordingly.
I believe everything is now updated... and the trading package includes updated comments, and the new Ehlers' "Instantaneous Trend Line" indicator. Honestly, I think this is about it for iMAX for now, other than any corrections that may need to be made to fix any errors for this effort to introduce this new indicator, and explore it's potential usefulness... So, I would like to thank all the contributors to that end so far, and will watch for anything I can do to simply correct and maintain what has been accomplished here. And, I wish everyone who explores iMAX for their own edification, or profit... the greatest success.
Please KG
I sit down it I don't speak English so use a translator, not you that so good it is.
Thanks to all for this valuable information.
A petition or application to KG, or to some programmer.
Can one make a MTF of InstantaneousTrendline.mq4?
The presentation should be similar to iMAXMTFDETECTORV1.1.mq4
but with the option of changing the values of Alpha, I have noticed that the value 0.03, it can be a good configuration.
thanks to all, and a hug
Atte. Ecuaforex
Stand by for corrected credits here....
Seems I have had it stuck in my mind that Damiani was the author the "Instantaneous Trend Line" and that might not be the case as I am starting to package that indicator up... it might be a different author... and if so... I will make corrections... and have, or at least have tried...
More experience with iMAX tradepackage in actual trading...
I have actually been using the tradepackage in trading on a demo account and have found it very helpful.
I discovered that I do prefer both iMAX and the Instant Trend Line arrows and alerts enabled on those indicators. Being something of a minimalist, I thought the fast trend arrows would clutter up the charts, but they seem to be generated at good times to alert me to check the status of my trades give me some useful feedback at just that time.
I personally added the Support Resistance Barry indicator, and that also provides more useful feedback to me.
I am not getting too many alerts, the automated settings seem to be working just fine for me.
Since I have put this together primarily for educational purposes, I don't think I have a lot more to say about the trading package, except that it has profitable trading potential... and I think the key is to observe the places on the charts where you get the big moves up and down in prices, and then to see if there is a better entry signal than the Damiani indicator provides... Personally, I know there is, and when combined with the trade package it is easy for me to trade manually and hit my marks so to speak. So, that would be like the homework assignment... ha ha... but, really... traders do need to earn their profits, and this how it is done in my opinion. So, do the homework, and profit accordingly...
Best of luck to all.
PS Also, I added a spread/swap indicator that I modified just to blend in with the package... now days it is probably good to keep an eye on spreads too.... so if anyone is setting up a template... you might want to add your favorite spread indicator as well... mine unfortunately is highly customized, and is not good for general purpose use... I do other calculations and have all those on an information bar... one of those calculations is based on the type of account... standard, mini, micro... and leverage... so I just don't contribute this indicator because I don't want to get into managing everyone elses account types and features and handling different brokers... and so on... I am just saying you can add a spread indicator of your own and that might be helpful to you.
Reply to ecuaforex
HI ecuaforex!
I did respond to your private request privately, and hopefully there will be a modified iMAX Detector version of the "Instantaneous Trendline" produced in the near future.
I had the same idea when demo testing the trade package of iMAX indicators... to have both the fast trends and longer trend MTF displays up... so I agree with you... this could be a useful improvement.
But, be careful about relying on the "Instantaneous Trendline" as an exit signal... it is a good signal in a highly volatile market, when the long term price movement is in your favor. However, if volatility falls off early, you need to be prepared to exit at the end of a fast trend... as indicated by an iMAX fast trend crossing or alert. The iMAX alert to a fast trend crossing is an excellent time to assess your current position and decide to close it, or to shoot for a longer trend crossing at higher profit. Using the arrows and alerts generated by the iMAX indicator and the currently modified "Instantaneous Trendline" already give you the alerts that make this kind of trading convenient.
The MTF Instantaneous display is a nice extra touch but not absolutely necessary.
Thanks and good luck!