New Chebyshev Trend Pro: YahooFinance ed. aka YTrend for Android is available for free 30 days test drive on Google Play now!
After the app has been started, it enters into Groups selection screen:
User can add new group there by pressing button or delete group by pressing button or enter into existing group by pressing one of Groups buttons.
Bottom toolbar icons mean:
- - feedback by e-mail;
- - Market Scanner web app link (beta version);
- - groups/symbols lists export to email;
- - help page with app description and that manual access.
Inside group user gets acces to symbols (i.e. indicies, currency pairs, other financial instruments):
He can add new symbols ( button) by search in Yahoo finance listed symbols. Yahoo driven suggest system (Google driven for Google Edition users) allows to search not only by symbol's name but by it's description substring also.
There are some new icons on the bottom toolbar:
- - Daily/Weekly/Monthly/Intraday (15 minutes bars currently) time frames selection. Attention to Google Edition users: as soon as it fully oriented on intraday bars the selector looks like Abbreviations mean 1, 5, 15, 30 minutes
- - By pressing zap user starts data retrieving & recent signals' counting against the current group. After process completion big blue buttons on the right of symbols' buttons should change color to red or green depending on signal's direction and show signal's time for intraday or date for other and value on what signal was occured:
Switch signal date/bar by tap on red/green button. Supersignal users: if last signal is supersignal there exclamation mark should be shown on according button.
- - indicators settings. By pressing it user will enter into first Settings screen. It allows to tune common app settings & both ChebyshevTrend & supersignal (if purchased) settings. Pressing 3 points (Next) button user can enter into the second Settings screen. It allows to tune settings for Chebyshev Trend, MA, Bollinger Bands, Parabolic SAR, MACD, Chaikin ndicators & oscillators:
Chebyshev Trend indicator parameters description:
Chebyshev trend line is polynom of some order (2 for stright line and more), it's created using a modified Gaussian least squares fit on
certain amount of data (60-200 in the app). The higher polynom order lead to more accurate polynom line.
Lower polynom order lead to more common trend line, 2 for simple line trend for ex.
Amount of data = time frame taken in account in calculation. The longer it, the more past datas used for polynom calculation.
Pressing to some symbol in Symbols panel leads to charts:
Date on the top panel shows the last user selected date. Under it effective date i.e. last date available for chart and it's ohlc data are shown.
"Set date" button on the top panel leads to calendar where user can select some old date. It's suitable for backtesting or some period of interest exploration.
Two more buttons are added to top panel:
- - shows standard line edit dialog to add/edit symbol comment;
- - allows to add custom lines to chart & keep in memory:
Radio group under chart allows to add to chart one of classic indicators: MA - upto 6 various MA lines; BB - Bollinger bands; SAR; FBB - Fibonacci Bollinger Bands
There are some new buttons on the bottom toolbar:
- - to turn charts to candles view from ohlc view and it's changed to if so.
- - allows to turn charts into 2-charts mode:
In that mode indicators radiogroup is changed to oscillators radiogroup and 2-charts bottom panel button is changed to 1-chart mode selection button.
The last bottom panel eye button is appeared when user moves chart crosshair by finger. Pressing it allows to select current crosshaired date as a chart end date.
There are some changes in chart interface in intraday mode:
- "Set date" button s replaced with two buttons for scrolling along the chart;
- in the left bottom corner of main chart text "Yahoo" or "Google" is shown. It indicates from what source data are. For NASDAQ & NYSE executed symbols and for Bombay Stock Exchange, National Stock Exchange of India, Shanghai Stock Exchange, Shenzhen Stock Exchange listed symbols Google provides realtime data feeds against Yahoo 15-20 minutes delayed.
- horisontal scale is changed to days (d), hours (h), minutes based.
In landscape iPhone mode both top & bottom toolbars are hidden to provide more screen space for charts. Plus two more puttons appear at the right corner of indicator toolbar. They allows to switch between charts quickly:
Some trading ideas
As I said earlier Chebyshev trend line is polynom of some order, it's created using a modified Gaussian least squares fit on certain amount
of data. It's counted & redrawn when new data is available to fit best. So trend line data can be changed in the past &
signals are re-counted too.
I think, it's not fully correct to generate signals based on the trend line, it's mostly for trend visualisation. But many people asked me
about signals & I made it.
I think, there are 2 methods of trade could be:
- Signal was in the past & trend line shows almost constant direction. You can open trade & set stop near opposite s/r line.
- Signal is now. You can try to open trade & set initial stop-loss as close as possible to signal and ajust it if trend really moves
according to signal.
SuperSignal is developed at last!
A lot of us searched how to improve the app signals quality but most succesfull inventor is Alon Hadar!
And there is a method description as he explains it:
the key is to use only the signals that are paralleled to price touching lower order channels
in the direction of the channels trend only
long = channels are up + price near channel's bottom + chebyshev signal buy
short = channels are heading down + price near channel's upper line + chebychev signal sell
Put attantion that there are 2 variables for the channel that can change ther results - the most important is the polynom order - default is 4
but in some cases the 3/5/6 show better results. The trader should "play" with the channel order to find the channel
that is most reliable meaning that price touch the bands and reverse as much as possible.
The second variable is the standard deviation which default is 2 like bollinger
but in some cases when the security is very volatile you can increase the s.d. to get better results.
The last tip is:
Traders should trade only the signals that are in the direction of the last signal in the higher frame meaning -
if in weekly frame last signal is long they should take all long signals on daily frame and avoid all short signals;
if in weekly frame last signal is short they should take all short signals on daily frame and avoid all long signals.
Also Marcello Djunaidy offers to use Supersignal as an envelope for overbought/oversold indication: buy when below envelope, sell when above envelope
About BB%B oscillator:
Thanks TayJT who offered to implement it. He provided the formula as it was developed by Tradestation members:
BB%B = 100 * ( Price - LowerBand ) / ( UpperBand - LowerBand ) ;
Ken Burkhalter modified it to scale chart from 100/0/-100:
BB%B = 100 * ((Price-LowBand) - (HighBand - LowBand)/2) / ((HighBand-LowBand)/2);
This would more clearly show the deviation of a price from mean value.
More info about Fibonacci Bollinger Bands there:
Fibonacci Bollinger Bands