PMax Explorer STRATEGY & SCREENER

The PMax Explorer STRATEGY & SCREENER indicator provides a multi-asset trend-following system that monitors trend reversals for up to 20 user-defined tickers simultaneously.

Usage

The Usage section describes how the script can be used, focusing on trend identification and multi-ticker monitoring. Users can input up to 20 different symbols in the settings to track their real-time trend status directly on the current chart.

The indicator identifies four primary states for each screened ticker:

• Confirmed Reversal: A trend change that occurred on the previous bar, ensuring the signal is fixed and will not repaint.
• Potential Reversal: A trend change that may occur on the current bar depending on the closing price.
• Uptrend: Tickers where the Moving Average is currently above the PMax line.
• Downtrend: Tickers where the Moving Average is currently below the PMax line.

The script also includes a built-in strategy version, allowing users to backtest PMax parameters by defining a specific date range. Trading signals are generated when the Moving Average crosses the PMax line or when the price itself crosses the PMax line, depending on user preference.

Details

The Profit Maximizer (PMax) is a hybrid technical indicator that combines the strengths of the Moving Stop Loss (MOST) and the Average True Range (ATR) based SuperTrend. By integrating the Moving Average Trend Changer concept with ATR price detection, PMax aims to filter out false signals during sideways market conditions.

The core logic relies on a trailing stop mechanism. It calculates a PMax line based on an ATR multiplier offset from a chosen moving average. Trend direction is determined by the relationship between this moving average and the trailing stop line. The tool supports eight different moving average types to cater to different market volatilities:

• Standard averages: SMA, EMA, WMA, TMA.
• Advanced types: VAR (Variable Index Dynamic Moving Average), WWMA (Welles Wilder), ZLEMA (Zero Lag EMA), and TSF (True Strength Force).

Settings

PMax Parameters

• Source: Determines the price data used for calculations (default is hl2).
• ATR Length: Sets the lookback period for the Average True Range calculation.
• ATR Multiplier: Adjusts the distance of the PMax line from the moving average.
• Moving Average Type: Selects from 8 different MA types (e.g., EMA, VAR, TSF).
• Moving Average Length: Sets the period for the chosen moving average; smaller values increase sensitivity.
• Change ATR Calculation Method: Toggles between regular ATR and a Simple Moving Average of the True Range.

Visuals & Screener

• Show Moving Average: Toggles the visibility of the underlying MA on the chart.
• Show Crossing Signals: Displays "Buy/Sell" labels when the MA and PMax line cross.
• Show Price/Pmax Crossing Signals: Displays labels when the price crosses the PMax line.
• Show Screener Label: Enables or disables the multi-ticker dashboard.
• Symbol 01 - 20: User-defined ticker slots for the screener.

Backtest Inputs

• From/To Day/Month/Year: Defines the specific time window for the strategy backtest execution.

FAQ

How do I interpret the screener colors? The screener uses color-coded labels to indicate trend status: green for uptrends and red for downtrends. Specific status text will indicate if a reversal is "Confirmed" or "Potential."

Which Moving Average type is best for sideways markets? The VAR (Variable Index Dynamic Moving Average) is generally recommended for sideways or range-bound markets as it adjusts its sensitivity based on volatility.

How do I access this tool? You can get access on the LuxAlgo Library for charting platforms like TradingView, MetaTrader (MT4/MT5), and NinjaTrader for free.