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MetaQuotes Software Corp.
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MetaQuotes Software Corp. 2009.04.24 08:23 

iMAX3alert Fast trend alert indicator.:

A useful well behaved stand alone chart tool for traders, and a practical demonstration and application of principles used in the iMAX3 indicator previously submitted.

Author: Wiley

Wiley
232
Wiley 2009.04.24 10:07  

I promised to make some useful comments when this indicator was published, and here they are.

Some tricks revealed for how to use this indicator to advantage as a trading tool... and I promise when I code up the next indicator version iMAX3mtf, that more useful information about how to trade with all the tools that will be included then as a separate attachment, (about how these indicators and signals can work together very successfully in manual trading).

For now, here are a few thoughts from me as the author about using iMAXalert:

This is a cool trick for using iMAX3alert... There is nothing that says you can't drop two iMAX3alert indicators on a chart at the same time... and that is what I am going to suggest.

The first iMAXalert indicator, use the default settings... but, change the size of the arrows to 2 to make them bigger. This first indicator will be operating in iMAX mode 0, with alerts and arrows enabled.  

The second indicator, disable mode 0, enable hpx mode 3 (the fastest mode), disable alerts, but leave arrows enabled, and change the size of the arrows to 0. Change the color of the arrows displayed to something different from the first indicator, maybe lime and magenta to match the default phase line colors for the hpx mode.

So, now you are all set.

What I do with this set up is watch or wait for an alert from the first indicator... and when it comes, I am going to be looking at the phase signals on the chart for the two indicators. In a ranging market the signals are tangled up... so I am looking for them to untangle themselves, all moving in the same direction, and this is most likely to occur about the time you would get an alert from the first indicator (big arrows), if it is going to happen... If it does, this is a good sign to open a trade in the direction the phase lines are pointing... as the hpx signal pair is crossing the iMAX mode 0 signal pair, in the direction of the arrows displayed.

The fastest indicator signals the hpx phases are the lime and magenta colored lines (default indicator colors for mode hpx), and these two phase lines you want to watch... as the hpx signals cross the iMAX mode 0 signals, and as long they remain uncrossed, you should be making profit... as soon as hpx phase lines start to cross, you will see an arrow from the second indicator appear, and this is your first opportunity to close the order. The arrow may appear and disappear, and the signals may cross and uncross... but, you can watch the arrow and the phase signals from the second indicator, because they are giving you great feedback on a good moment to cash out... Or, you can optionally wait, and see if the trend is sustained and let profits run, by waiting longer for the phase lines of the second indicator to cross over the first... no further than both lines of the first indicator crossing the second... you should be out by then, if you didn't close at the first opportunity, or after that, unless you are working some other longer trend system. But, working the fast trends, these two indicators can give you useful signals to help you decide when to open and close orders. The prices can drift across the mode 0 signal, and you might choose to exit if that happens, but if they do not go much below, then the trend may still be sustained, if the hpx signal has not crossed the mode 0 signal, and you could still see an increase in your position... I will be submitting better documentation of these suggestions, in an attachment I will submit with the next indicator I will code iMAXmtf... because, that indicator will also help to clear the trading picture for you.

The Damiani volatmeter is a good indicator to use in combination with iMAX3 to provide for some confidence about when to open an order... and I suggest using Damiani volatameter v 3.2 with approximate settings of Vis_atr 24, Vis_std 5, Sed_atr 24, Sed_std 42, Threshold_level of 1.5 (relatively safe threshold setting, and can be lowered at your own discretion to a lower value). This works well on EURUSD.

These suggestions should work on all timeframes, but remember the lower timeframes... have far less value per fast trend, and might not be worthwhile... a trend has to travel a certain distance in pips to carry you past your spread, and farther to clear a profit... so, M5 is probably the lowest timeframe to work the fast trends... and probably better, higher than that... I know it depends on how much time you have to invest in supervising a trade too... so it is up the trader of course to decide what is best as far as the timeframe to trade in. And, I am also sure there are going to be a few very brave people with fast reflexes which which will say... they trade M1 just fine... so be it... if you are really fast on the trigger!

Also, this alert version can be used on other charts simultaneously, so you can work multiple currencies... and the alerts carry the symbol information with them, so you can tell which symbol is alerting you if you use the indicator for this. It is probably best to work higher timeframes when working multiple currencies, otherwise... too many alerts... but, this is an indicator that is a tool that can applied creatively... so be creative! Explore that interaction between the hpx signal and the mode 0 signal...

Now, if any of this has been interesting to you... more is yet to come. Within a few days, or a week or two... depends on my time available... I will release iMAX3mtf which will display all trends, in all modes, in all timeframes, for the current symbol, on the open chart. This will give even better signals... when combined with iMAX3alert... so just be patient, and check back looking for the new release of iMAX3mtf. I already did an MTF version for the previous releases of the original iMAX and iMAXhp indicators, but this will be a more informative and versatile version... worth waiting for the new release rather than using the older stuff.

Good luck to everyone... I hope each of you has fun working out a great trading system for yourselves!

Wiley
232
Wiley 2009.05.01 17:44  


I tried to post more advanced applications for this type of indicator here, but they are only available in .ex4 format.

They would be the iMAX3ea interface version for the indicator, and iMAX3mtf a compact MTF display showing trends in all three modes in all timeframes in a single display.

Since .ex4 files are not available here... if anyone wants a copy of these indicators, PM me including your email address, and I will send a free copy of the these indictors, and related documentation.

MQL4 Comments
16319
MQL4 Comments 2009.05.03 20:05  

A great job. It is discussed at www.forex-tsd.com.

MQL4 Comments
16319
MQL4 Comments 2009.05.19 01:46  
Wiley:

I promised to make some useful comments when this indicator was published, and here they are.

Some tricks revealed for how to use this indicator to advantage as a trading tool... and I promise when I code up the next indicator version iMAX3mtf, that more useful information about how to trade with all the tools that will be included then as a separate attachment, (about how these indicators and signals can work together very successfully in manual trading).

For now, here are a few thoughts from me as the author about using iMAXalert:

This is a cool trick for using iMAX3alert... There is nothing that says you can't drop two iMAX3alert indicators on a chart at the same time... and that is what I am going to suggest.

The first iMAXalert indicator, use the default settings... but, change the size of the arrows to 2 to make them bigger. This first indicator will be operating in iMAX mode 0, with alerts and arrows enabled.

The second indicator, disable mode 0, enable hpx mode 3 (the fastest mode), disable alerts, but leave arrows enabled, and change the size of the arrows to 0. Change the color of the arrows displayed to something different from the first indicator, maybe lime and magenta to match the default phase line colors for the hpx mode.

So, now you are all set.

What I do with this set up is watch or wait for an alert from the first indicator... and when it comes, I am going to be looking at the phase signals on the chart for the two indicators. In a ranging market the signals are tangled up... so I am looking for them to untangle themselves, all moving in the same direction, and this is most likely to occur about the time you would get an alert from the first indicator (big arrows), if it is going to happen... If it does, this is a good sign to open a trade in the direction the phase lines are pointing... as the hpx signal pair is crossing the iMAX mode 0 signal pair, in the direction of the arrows displayed.

The fastest indicator signals the hpx phases are the lime and magenta colored lines (default indicator colors for mode hpx), and these two phase lines you want to watch... as the hpx signals cross the iMAX mode 0 signals, and as long they remain uncrossed, you should be making profit... as soon as hpx phase lines start to cross, you will see an arrow from the second indicator appear, and this is your first opportunity to close the order. The arrow may appear and disappear, and the signals may cross and uncross... but, you can watch the arrow and the phase signals from the second indicator, because they are giving you great feedback on a good moment to cash out... Or, you can optionally wait, and see if the trend is sustained and let profits run, by waiting longer for the phase lines of the second indicator to cross over the first... no further than both lines of the first indicator crossing the second... you should be out by then, if you didn't close at the first opportunity, or after that, unless you are working some other longer trend system. But, working the fast trends, these two indicators can give you useful signals to help you decide when to open and close orders. The prices can drift across the mode 0 signal, and you might choose to exit if that happens, but if they do not go much below, then the trend may still be sustained, if the hpx signal has not crossed the mode 0 signal, and you could still see an increase in your position... I will be submitting better documentation of these suggestions, in an attachment I will submit with the next indicator I will code iMAXmtf... because, that indicator will also help to clear the trading picture for you.

The Damiani volatmeter is a good indicator to use in combination with iMAX3 to provide for some confidence about when to open an order... and I suggest using Damiani volatameter v 3.2 with approximate settings of Vis_atr 24, Vis_std 5, Sed_atr 24, Sed_std 42, Threshold_level of 1.5 (relatively safe threshold setting, and can be lowered at your own discretion to a lower value). This works well on EURUSD.

These suggestions should work on all timeframes, but remember the lower timeframes... have far less value per fast trend, and might not be worthwhile... a trend has to travel a certain distance in pips to carry you past your spread, and farther to clear a profit... so, M5 is probably the lowest timeframe to work the fast trends... and probably better, higher than that... I know it depends on how much time you have to invest in supervising a trade too... so it is up the trader of course to decide what is best as far as the timeframe to trade in. And, I am also sure there are going to be a few very brave people with fast reflexes which which will say... they trade M1 just fine... so be it... if you are really fast on the trigger!

Also, this alert version can be used on other charts simultaneously, so you can work multiple currencies... and the alerts carry the symbol information with them, so you can tell which symbol is alerting you if you use the indicator for this. It is probably best to work higher timeframes when working multiple currencies, otherwise... too many alerts... but, this is an indicator that is a tool that can applied creatively... so be creative! Explore that interaction between the hpx signal and the mode 0 signal...

Now, if any of this has been interesting to you... more is yet to come. Within a few days, or a week or two... depends on my time available... I will release iMAX3mtf which will display all trends, in all modes, in all timeframes, for the current symbol, on the open chart. This will give even better signals... when combined with iMAX3alert... so just be patient, and check back looking for the new release of iMAX3mtf. I already did an MTF version for the previous releases of the original iMAX and iMAXhp indicators, but this will be a more informative and versatile version... worth waiting for the new release rather than using the older stuff.

Good luck to everyone... I hope each of you has fun working out a great trading system for yourselves!

MQL4 Comments
16319
MQL4 Comments 2009.05.19 01:48  

Hi,

Very useful, thank you very much for sharing.

Can this indicator be used to trade wti oil?

Also please guide if there is a Expert advisor based on this iMax3 indicator.

Thank you for your efforts

MQL4 Comments
16319
MQL4 Comments 2009.07.20 20:25  
Wiley:

I promised to make some useful comments when this indicator was published, and here they are.

Some tricks revealed for how to use this indicator to advantage as a trading tool... and I promise when I code up the next indicator version iMAX3mtf, that more useful information about how to trade with all the tools that will be included then as a separate attachment, (about how these indicators and signals can work together very successfully in manual trading).

For now, here are a few thoughts from me as the author about using iMAXalert:

This is a cool trick for using iMAX3alert... There is nothing that says you can't drop two iMAX3alert indicators on a chart at the same time... and that is what I am going to suggest.

The first iMAXalert indicator, use the default settings... but, change the size of the arrows to 2 to make them bigger. This first indicator will be operating in iMAX mode 0, with alerts and arrows enabled.

The second indicator, disable mode 0, enable hpx mode 3 (the fastest mode), disable alerts, but leave arrows enabled, and change the size of the arrows to 0. Change the color of the arrows displayed to something different from the first indicator, maybe lime and magenta to match the default phase line colors for the hpx mode.

So, now you are all set.

What I do with this set up is watch or wait for an alert from the first indicator... and when it comes, I am going to be looking at the phase signals on the chart for the two indicators. In a ranging market the signals are tangled up... so I am looking for them to untangle themselves, all moving in the same direction, and this is most likely to occur about the time you would get an alert from the first indicator (big arrows), if it is going to happen... If it does, this is a good sign to open a trade in the direction the phase lines are pointing... as the hpx signal pair is crossing the iMAX mode 0 signal pair, in the direction of the arrows displayed.

The fastest indicator signals the hpx phases are the lime and magenta colored lines (default indicator colors for mode hpx), and these two phase lines you want to watch... as the hpx signals cross the iMAX mode 0 signals, and as long they remain uncrossed, you should be making profit... as soon as hpx phase lines start to cross, you will see an arrow from the second indicator appear, and this is your first opportunity to close the order. The arrow may appear and disappear, and the signals may cross and uncross... but, you can watch the arrow and the phase signals from the second indicator, because they are giving you great feedback on a good moment to cash out... Or, you can optionally wait, and see if the trend is sustained and let profits run, by waiting longer for the phase lines of the second indicator to cross over the first... no further than both lines of the first indicator crossing the second... you should be out by then, if you didn't close at the first opportunity, or after that, unless you are working some other longer trend system. But, working the fast trends, these two indicators can give you useful signals to help you decide when to open and close orders. The prices can drift across the mode 0 signal, and you might choose to exit if that happens, but if they do not go much below, then the trend may still be sustained, if the hpx signal has not crossed the mode 0 signal, and you could still see an increase in your position... I will be submitting better documentation of these suggestions, in an attachment I will submit with the next indicator I will code iMAXmtf... because, that indicator will also help to clear the trading picture for you.

The Damiani volatmeter is a good indicator to use in combination with iMAX3 to provide for some confidence about when to open an order... and I suggest using Damiani volatameter v 3.2 with approximate settings of Vis_atr 24, Vis_std 5, Sed_atr 24, Sed_std 42, Threshold_level of 1.5 (relatively safe threshold setting, and can be lowered at your own discretion to a lower value). This works well on EURUSD.

These suggestions should work on all timeframes, but remember the lower timeframes... have far less value per fast trend, and might not be worthwhile... a trend has to travel a certain distance in pips to carry you past your spread, and farther to clear a profit... so, M5 is probably the lowest timeframe to work the fast trends... and probably better, higher than that... I know it depends on how much time you have to invest in supervising a trade too... so it is up the trader of course to decide what is best as far as the timeframe to trade in. And, I am also sure there are going to be a few very brave people with fast reflexes which which will say... they trade M1 just fine... so be it... if you are really fast on the trigger!

Also, this alert version can be used on other charts simultaneously, so you can work multiple currencies... and the alerts carry the symbol information with them, so you can tell which symbol is alerting you if you use the indicator for this. It is probably best to work higher timeframes when working multiple currencies, otherwise... too many alerts... but, this is an indicator that is a tool that can applied creatively... so be creative! Explore that interaction between the hpx signal and the mode 0 signal...

Now, if any of this has been interesting to you... more is yet to come. Within a few days, or a week or two... depends on my time available... I will release iMAX3mtf which will display all trends, in all modes, in all timeframes, for the current symbol, on the open chart. This will give even better signals... when combined with iMAX3alert... so just be patient, and check back looking for the new release of iMAX3mtf. I already did an MTF version for the previous releases of the original iMAX and iMAXhp indicators, but this will be a more informative and versatile version... worth waiting for the new release rather than using the older stuff.

Good luck to everyone... I hope each of you has fun working out a great trading system for yourselves!

Thank you; can't wait to see more of your work. Steve

Sameer
804
Sameer 2010.01.11 07:30  

Great work. how can i make it a slower trend detection indicator,

I feel it very fast, even on iMax mode. How can I make it count for more than three candles ?

Shijo Thekkel
15
Shijo Thekkel 2010.03.27 13:10  
Wiley:


I tried to post more advanced applications for this type of indicator here, but they are only available in .ex4 format.

They would be the iMAX3ea interface version for the indicator, and iMAX3mtf a compact MTF display showing trends in all three modes in all timeframes in a single display.

Since .ex4 files are not available here... if anyone wants a copy of these indicators, PM me including your email address, and I will send a free copy of the these indictors, and related documentation.


Wiely,
could you please send me the iMAX3ea interface version and iMAX3mtfa version. Great work, thanks in advance. My mail address shijo234@gmail.com

shijo
MQL4 Comments
16319
MQL4 Comments 2014.01.15 21:15  

Wiley

could you please send me the iMAX3ea interface version and iMAX3mtfa version. Great work, thanks in advance. My mail address : drmfaria@gmail.com

Thanks, best regards

levitleo
12
levitleo 2016.03.13 01:21  

Great work Wiley.

Could you please send me the iMAX3ea interface version and iMAX3mtfa version.

My mail address : levitleo@gmail.com

Thank you, best regards

12
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