2023 Volume 30 Issue 5

IN THIS ISSUE
1

President’s Report to Colleagues

2

Highlights from the 2023 Conference3

Congratulations New and Re-elected IFTA
Board Members

5

Member News

Education Lounge
6

The Option Greek Rho

15 Razor Forex System
23 Congratulations New CFTes!
23 MFTA and CFTe Exam Dates
24 Congratulations New MFTA!
25 Calendar-at-a-Glance
29 IFTA Member Societies
29 IFTA Update Schedule
29 Board of Directors
29 IFTA Staff

a newsletter for the colleagues of the International Federation of Technical Analysts

President’s Report to Colleagues

Submission Deadline: 15 February
Education Lounge articles: Send
submissions to newsletter@ifta.org.
All other content: Send submissions toadmin@ifta.org.
Advertise in the UPDATE and reach morethan 7,000+ IFTA colleagues worldwide.
For more information, go to www.ifta.org.

International Federation of Technical Analysts
1300 Piccard Drive, Suite LL 14
Rockville, MD 20850 USA
Email: admin@ifta.org • Phone: +1 (240) 404-6508

Dear Colleagues,
Although this year’s IFTA Conference in Jakarta,
Indonesia was a great get-together of old colleagues
and new friends, as well a top-notch conference—
therefore a considerable success, things havechanged. We couldn´t welcome as many Industry
colleagues from all over the world as we were used to. But why?
Yes, we grow older and therefore may not like to travel so much anymore.
And yes, budgets in the industry are tight. And also yes, our Industry isn´t
growing double-digits anymore. But what does this mean? Is technicalanalysis and everything related to it outdated—are we?
Not so fast! There is a rapidly growing audience in high numbers allover the world. Most of IFTA´s Member Societies already know—as theirmember bases consist of them—that we are drawing new private investors and retail traders.

Next Issue: March 2024

The IFTA UPDATE is a publication of the International
Federation of Technical Analysts, Inc. www.ifta.org, a notfor-profit professional organization incorporated in 1986.

People are looking for proper investment approaches by visiting expos,
conferences, and fairs to learn and discuss. This doesn´t happen on
another planet, but it might happen in a parallel universe.

So, my question is: Why not acknowledge the obvious and unite both
universes into one? Thereby also facing the reality our member societies exist in? Why not address seasoned Industry professionals as wellas “newby” retail investors?
Dear colleagues, the pandemic was a wake-up call for how we organize
conferences. Now, let´s talk about for whom we organize them.
What do you think?
Best regards,

Wieland Arlt
IFTA President

IFTAUPDATE 2023 Volume 30 Issue 5

page 2Highlights from the 2023 ConferenceWith markets turning more volatile and unpredictable in a changing global landscape, it’s well worth arming yourself with the skills and tools
to be able to maximize opportunities in this uncertain environment.
IFTA’s 36th Annual Conference took place in the Grand
Sahid Jaya in Jakarta, Indonesia, from 5-7 October, 2023.
The conference, themed, Unify the Diversity Towards
Alpha, was hosted and organized by the Asosiasi Analis
Teknikal Indonesia (AATI).

IFTAUPDATE 2023 Volume 30 Issue 5

page 3Congratulations New and Re-elected IFTA Board Members(Term October 2023–October 2026)
A complete list of board members can be viewed on the
IFTA website.

Wieland Arlt, CFTe

Nominated by: VTAD (Germany)
Wieland Arlt is a trader, trading coach, andtrainer who conveys trading approaches thatare easy to understand and implement. He
is the author of the bestselling books Risk
and Money Management—Simplified (German), Risk andMoney Management for Day and Swing Trading (English),and 55 Reasons to Become a Trader (German), as well as
numerous articles in leading financial magazines. He is asought-after speaker and expert at trader fairs.
Wieland is a board member of the Vereinigung
Technischer Analysten Deutschlands (VTAD) and is incharge of the chapter in Hamburg. He holds a degreein economics.

Gregor Bauer

Nominated by: VTAD (Germany)
Dr. Gregor Bauer works as an independent
asset manager for private clients and companies in Germany. He is also the presidentof the German Association of TechnicalAnalysts (VTAD). Gregor authored two books on technical analysis and covers a regular technical outlook onGerman TV. He also writes articles on a regular basis forleading financial newspapers. He is specialized in applying advanced candlestick techniques in combination withtraditional western techniques.

Gregor holds lectures on portfolio management andtechnical analysis at various elite universities in Germany
and Liechtenstein and runs seminars and workshops on
technical analysis for institutional investors.
Together with a partner, he runs a successful, computerbased, medium-term ETF trading system, which is now
also open for institutional investors.

Shinji Okada, MFTA, MS

Nominated by: NTAA (Japan)
Shinji received the 2020 John Brooks
Memorial Award for his MFTA thesis titled“Observation of Yield Points of Trends” andspoke at the 2021 Online Conference on”Regression Analysis to Determine Best Use of TechnicalAnalysis Tools.” He serves as the General Manager
of Research Dept. at the Nippon Technical Analysts
Association (NTAA) and introduces not only the classic
theories but also the latest ones to the members.
In addition, he is one of several regular lecturers at theextension course at Meiji University in Tokyo where NTAA
offers several lectures on technical analysis to the public.
He currently works for QUICK Corp., a financial information vendor, covering the clients, e.g., brokers, analysts,
and traders, at banks and securities firms.
His career began when he joined a brokerage firm called
Securities Japan Co., Ltd. after he had earned his master's
degree in political science from the graduate school of
Nihon University. Through his experience as a securities
broker, he had realized how he could help investors withthe various technical analysis tools. It is this experiencethat has driven him to his motivation towards the researchof technical analysis.

David Watts, BSc (Hons), CEng,
MICE, MIWEM, FSTA

Nominated by: STA (United Kingdom)David is a trading system consultant and professional engineer. He first became involved
with the LIFFE markets after being commissioned to provide IT support and write a trading model
for a number of LIFFE traders in 1992.
Since then, he has used his engineering expertise on
a number of innovative trading projects. Commissions
include the implementation of Dunnigan’s One Way
Formulae, a technical trading model, the production of
a number of swing timing models for traders within the
Butterworth Group (1997–2000), as well as providing timeseries analysis tools for clients in the banking and fundmanagement industry.

Ron William, CFTe, MSTA

Nominated by: SAMT (Switzerland)
Ron William, CMT, MSTA, is an accomplishedmarket strategist, educator, and trader with
20 years of financial industry experience
working for leading economic research andinstitutional firms and producing macro research and trading strategies. He specializes in macro, semi-discretionary
analysis, driven by cycles and proprietary timing models.

IFTAUPDATE 2023 Volume 30 Issue 5

page 4

Congratulations New and Re-elected IFTA Board Members ( Term October 2023–October 2026) Continued
Ron also serves as an active trading mentor specializingin trading psychology, using the NLP model, and Van
Tharp Peak Performance™. Previously, Ron was a seniortactical and market timing strategist at the ECU Group, a
global macro investment and advisory firm. He was partof the Multi-Asset Research and Advisory Team headedby Robin Griffiths, applying his signature “Roadmap” cycle
model.
Ron’s work, as part of his current institutional market advisory firm (RWA), acquired global industry recognition withthe 2014/2013 Finalist Award for “Best Independent

Research House for FX” and the 2012 Finalist Award for“Best Technical Analyst of the Year.” His market insights
are featured regularly across notable industry publications and financial media programs, most recently featuring U.S. presidential election cycle analysis, GBP/USD
Brexit impact, and EUR/USD parity risk.
Ron dedicated four years to working at Bloomberg L.P.
as a senior technical analyst specialist, responsible fortraining/consultation across the EMEA region, and contributed to the development of charting strategies and thetechnical analysis platform of the Bloomberg Professional
Service™.

IFTAUPDATE 2023 Volume 30 Issue 5

Member NewsSTA (United Kingdom)
The Society of Technical Analysts
On 14 September the STA and colleagues in the wider
financial sector gathered at London’s iconic National
Liberal Club to celebrate the STA’s 55th anniversary,
preceded by our annual Awards Ceremony for some of
the UK based MSTAs.
In November, we were treated to a live webinar by thelegendary Robert Prechter. Bob gave a talk on ‘Surfing
the Waves of Social Mood’. In December we will beholding our and Annual General Meeting and Christmas
Drinks Party at One Moorgate Place, London—ending
the year on a celebratory note.
We have a packed programme planned for 2024, including events in our newly reformed Scottish and Irish
Chapters—and a follow-on ‘Technicals to Trading Systems
conference on 16 April 2024. Building on the successof the 2023 event—the 2024 conference will offer new
insights into how best to integrate classic charting, including using AI to help in this process. Held both in-person
and online—IFTA colleagues are eligible to attend thisevent at the discounted member rate. Click here for fulldetails and to register at early bird discount rate.
If you are interested in sponsoring, click here for a copyof the Sponsorship brochure.
Keep in touch with us via our online blog and follow us
on X (formerly Twitter) @STA_ORG, LinkedIn , Instagram,or like our Facebook page.

page 5IFTAUPDATE 2023 Volume 30 Issue 5

page 6

Education Lounge

The Option Greek Rho
By Bruno Nappini, Mauro Perotti

Foreword

And in Europe? There is the EURIBOR

We are interrupting, temporarily, the series of articles on volatility for two reasons: We
have received requests for elucidation about the operational significance of this Greek
and, second reason, we have now (re)entered an era of no longer zero (or negative)
but rising rates: this makes the focus on the risk-free rate and how this can affect theprice of options topical again.

EURIBOR is the interest rate, applied to unsecured euro interbank loans, that a numberof European banks-with high creditworthiness-use to calculate the repayment of loansthat are made between the same lenders over a period of time that can range fromone week to 12 months.

The Risk-Free Rate
When we evaluate an option with the Black and Scholes (B&S) formula, among theparameters we must include in the model is the risk-free rate. But what do we mean bythat phrase? It is the interest rate associated with a financial asset that is consideredsafe whose return, therefore, is certain. Bonds from issuers that are considered almost
certainly solvent-a 99.9% certainty-are certainly a good benchmark. In rating agency
rankings, these assets are denoted AAA. As an example, staying in Europe, we cite
Bunds, bonds issued by the Federal Republic of Germany. In the Italian financial system,on the other hand, such an asset is the Treasury bond (BOT), less safe, however, thanthe Bund. In the United States, on the other hand, the T-Bill is used.
But why, such financial assets, are they considered risk-free? Now, I am convinced that
we all know that there are no financial assets that are risk-free. So what?
The reason is that we consider short-term government bonds to be risk-free financial
assets because, the relevant governments, have the power to print money (to tell thetruth, Italy, and all the countries in the Eurozone, by joining that currency, have lost thatpower; power that is delegated by these countries to the ECB, European Central Bank).
It is then extremely unlikely that a government will default on its obligations. Therefore,
the risk of default, especially if we are referring to short-term bonds, is practically zero.

It is calculated daily by the European Banking Federation. This is the site where we canfind the information we are interested in: www.euribor.it/euribor-oggi/.
And these, for example, are the periodic (daily) surveys of 1-, 3-, 6-, and 12-month rates.

IFTAUPDATE 2023 Volume 30 Issue 5

page 7

Education Lounge

The Option Greek Rho continued

The next figure shows the graph of the one-month Euribor, which, as can be seen, has
not gone above 5% over the past two decades. In the last decade, moreover, it has
moved around 0% while also touching negative quotations.

Definition of Rho
For options that have a different expiration, say forty days, we will have to make do.
This Greek letter, as many already know, measures the sensitivity of the price of an
option to changes in the interest rate. In formula, denoting V(1) the price of an option(call or put whatever it may be):Basically, the value of this Greek (2) tells us how much the value of the option
will change for each percentage point change in r. The unit of measure is
euro/percentage point (or dollar/percentage point; or other monetary unit).
As will now be shown, empirically, this Greek is positive for calls and negative for puts.
In essence, for a call, we will have:

What rate to employ when evaluating the price of an option?
It depends on the remaining lifetime of the option contract we intend to trade. For
options that expire in one month, we will use the one-month Euribor rate. For options
that expire in three months, we will use the three-month Euribor rate. And so on.

Whereas, for a put:

For options that have a different expiration, say forty days, we will have to make do.
Perhaps using some interpolation technique (linear for simplicity's sake; or, if we intend
to be more precise, higher order than first). Of course, we do not intend to address
such techniques in this article. They will be the subject of subsequent articles if there
is interest.

1

V: Value of the option
In literature, this Greek letter is referred to as Rho, or the corresponding Greek letter (ρ)

2IFTAUPDATE 2023 Volume 30 Issue 5

page 8

Education Lounge

The Option Greek Rho continued

Let's try some simulations with a calculator. Today is June 9, 2023, and with the Dax
spot at 16,000, let's consider a call and an atm put, with implied volatility of 20% andexpiration September 2023. Since we are about three months from the expiration date,
we set, as the risk-free rate, r=3.49%. The next figure shows what we get.:And now, let us try to see what
happens if we set a risk-free rate
to zero.

The value of the Greek under consideration is 21.8, for the call and -20.5, for the put.
Looking at the prices, moreover, despite the fact that these are two options with equalmoneyness, we have to see that there is a significant difference between them: thecall is worth about 25% more than what the put is worth! How come? We will figure itout in a moment.
Now, if we understand the meaning of this Greek correctly, we must say that if the riskfree rate goes up by one percentage point, the call will have to appreciate by about
21.8 points, while, for the put, we will have to see a decrease in its value by about 20.5
points. Let us check whether this is the case.
And in fact, the calculations show that this is so (apart from a few insignificant decimals).

As might be expected, theprices of the two options are
perfectly equal.

IFTAUPDATE 2023 Volume 30 Issue 5

page 9

Education Lounge

The Option Greek Rho continued

Thus, empirically, we are beginning to observe some peculiarities about the action of
the risk-free interest rate on the prices of the two options: as r increases, the price ofthe call increases and the price of the put decreases.
On the other hand, it can be shown by performing the calculation of the partial derivative given in the definition that the Rho of a call is strictly increasing with the interest
rate r. This means that as r increases, the price of the option also increases.
Likewise, it can be shown that the Rho of a put, on the other hand, is strictly decreasing with the interest rate r. And this means that as r increases, the price of the option
decreases.
If, in the B&S model, we run the partial derivative of the price of a call as the rate rchanges, we find:

It is not readily apparent from the formula why the rho of a call is positive. This is because
there are two effects that operate in opposition: (1) it decreases the discount factor and,this, moves the final result downward; (2) it increases the drift of the S process, which
pushes the final result upward. And it is precisely this second effect that prevails.
Whereas, for a put:

Here the two effects, discount factor and drift, both operate in the same direction,
downward. This returns us an rho that, for puts, is strictly decreasing with rate r.

But why does this happen? When we buy a call, we are buying the right to be able tobuy a certain financial asset, at a certain price and within a certain maturity. We all know,
however, that in order to purchase that right, we do not have to make the full outlay
for the purchase of the entire financial asset. Returning to the first figure, for example,
the purchase of the 16,000 call at 733.6 gives us the right to be able to purchase, if
we wish, the entire underlying asset by the maturity date of 9/15/2023. But our outlay,
in percentage terms, is only about 4.6%! We could put in a deposit account, for about
three months, the remaining 95.4% of the principal and enjoy the fruits of that deposit.
Here, then, to avoid such arbitrage, this interest is incorporated, by the B&S model,
into the option price.
For the put, it is necessary to reverse the reasoning. Warning. The person who sells
a put (and not the person who buys it) knows that, if it is exercised, he will be forced
to buy the financial asset, the subject of the contract, at the strike price. But the disbursement that will follow will occur only on the expiration date of the contract. So thatmoney, which the put seller, however, must possess, could once again be paid into a
deposit account from which to receive the relevant interest. For that reason, that put,the higher the risk-free rate, the less it will have to cost.
Of course, these argument s
apply only when the underlying
is a stock or index (even if cashsettled). They do not apply if,for example, the underlying is a
futures, since, upon exercise, one
does not receive all of the underlying but only a futures contract.
Also, still fiddling with the calculator, let's try to see what happens to
two options, again atm, with expiration, however, closer together.
Let's say a month or so. Consider,then, the July expiration.

IFTAUPDATE 2023 Volume 30 Issue 5
The Option Greek Rho continued

page 10

Education Lounge

We always notice a difference in value, in favor of the call. This time, however, lessmarked: the call is worth just under 15% more than what the put is worth!
And from this further observation we can infer that the longer the lifetime of the contracts we are going to trade, the greater the distance between the prices of the two
options; with the same strike, of course.
This phenomenon, too, can be explained in the same way: the longer the life of a contract, the more interest we would earn by putting the capital needed to purchase theunderlying asset (less the premium) into a deposit account.

The Variability of Rho
And now let us try to study more analytically the variability of this Greek as the underlying, time and implied volatility change.
To do so, we will resort, once again, to the methodology we have seen in the past: thatof parametric curves. It is a methodology of analysis that I believe, from a visual pointof view, is more effective than that based on three-dimensional graphs.

Rho as the Underlying and Time Vary
Short Deadline
Let's start by looking at how Rho varies as the underlying changes. Consider the valueof the Dax spot, about 16,070, as of today, June 12, 2023, as the central value of our
x-axis. Let the underlying vary from 15,000 to 17,000, about 6% above and below the
spot. We calculate the Rho value, for each of those strikes, one for the call and the otherfor the put, based on the prices actually displayed by the market maker. This work wethen replicate for three different maturities: about one month (July 2023), about threemonths (September 2023) and about six months (December 2023). And here is what
we get for the first of these maturities (with r set to the current value of the one-month
Euribor, 3.26%).

The curve with yellow dots represents the Rho of calls while, the one with red squares, isthe Rho of puts. The first observation we make is that the Rho of calls is positive and thatof puts is negative. This means that as the rate r increases, the price of calls increases
and the price of puts decreases. In addition, the more OTM an option becomes, thelower the dependence on Rho becomes. Conversely, the more the option becomes
ITM, the greater the dependence on Rho. This is the case for both calls and puts.
To fully explain this statement would require recourse to the B&S model and, in particular,
to the formulas expressing the partial derivatives of the price of the call with respect tothe rate r and the price of the put, again with respect to the rate r. In the first case wewould see two opposing effects: one, the discount factor, which plays negatively; theother, the so-called S-process drift, which plays positively. It is then observed that thetwo effects, combined, give an overall positive result.
In the second case, however, a negative Rho is determined because the two effects
act negatively.

IFTAUPDATE 2023 Volume 30 Issue 5

page 11

Education Lounge

The Option Greek Rho continued

In one of the next articles, if there is interest, we will address the study of such a model,
in a strictly mathematical sense, tracing the steps that led Black, Scholes and Merton
to the formulation of the same, which, a few years later (1996), opened the door forthem to receive the Nobel Prize (which Fisher Black did not collect because, in 1995,
his death had occurred).
For now, let us simply state that the more ITM the option, the greater the probability that
this option will be exercised, thus becoming concrete the outlay of money to purchasethe underlying asset.
Average Maturity
If we increase the contract duration to an (almost) quarterly amplitude, we see that the
profiles of the two curves remain similar. The Rho curve of calls, however, has shifted
upward. And that of puts downward: in essence, apart from the difference in algebraic
sign, both Rho increase in absolute value. This is due to the higher cost associatedwith the interest rate, which, as we know, is commensurate with the term of the loan.

Long Expiration
A further increase in the duration of the contract, reaching, in this case, an almost sixmonth amplitude, confirms what was already observed in the previous maturity: theprofiles of the two curves continue to be similar to those of the short maturity. The Rho
curve of calls shifts even more upward. And that of puts downward. The cost associatedwith the interest rate, in this case, is even more remarkable given the longer durationof the contract.
In conclusion, the closer the option gets to its expiration date, the lower will be the valueof that Greek (lower, relatively, for the call and lower, in absolute value, for the put). In
essence, looking at the last three graphs, we have to imagine that as the life time ofthe option contract decreases, closer and closer together will be the yellow dot andred square curves (just above zero, for calls; just below, zero, for puts).
To better understand this step, and because a picture is worth a thousand words, inthe next graph, I have plotted the Rho curve of the call and the put expiring June 2023:
these are basically contracts that are now only one day old!

IFTAUPDATE 2023 Volume 30 Issue 5

page 12

Education Lounge

The Option Greek Rho continued

Rho as Implied Volatility Changes

What happens, to this Greek, if implied volatility varies? The above graph, yellow dot
curve, shows the trend of Rho (call options), as the underlying changes, for the July(short) expiration, with the implied volatility at the time of writing (29/06/2023). If weincrease the implied volatility by a percentage equal to 5%, Rho decreases for ITM
options and increases for OTM options.
Whereas, if we reduce by 5%, the implied volatility, the trend of Rho reverses: it increases
for ITM options and decreases for OTM options. The three curves, as can be seen fromthe graph, intersect at the atm strike.
The next graph, on the other hand, refers to the performance of Rho for puts, withequal maturity and similar increases and decreases in implied volatility. It should be
remembered that, for puts, Rho is negative.

Conclusions
What can we conclude after a brief excursus on the characteristics of this Greek? Let’stry to summarize what is written.
For Rho calls is positive and for puts is negative, meaning that if rates rise, calls will
become more expensive and puts, on the contrary, will cost less.
These changes in option pricing, with current rate levels, are of little influence on shortmaturities; but, on long ones, they begin to be relevant. Therefore, if a strategy is set
for the long term, it must be considered.
Moreover, in a scenario of rates that, after rising, begin to fall, those who will have purchased long-dated calls will find themselves doubly penalized:(1)by the descent of the r rate, which will negatively impact the call price;(2)from the fact that, as time elapses, the r rate applied will be lower and, this effect,
too, will play negatively on the price of the call.

IFTAUPDATE 2023 Volume 30 Issue 5

page 13

Education Lounge

The Option Greek Rho continued

For puts, on the other hand, reversing the reasoning, there are only advantages.
Of course, the buyer of options, whether call or put, will always have against the time
decay of their price: but that is another story!
Until next time.

Bruno Nappini is the manager and co-founder of financial education websiteSunnymoney.it, Swindletrading.it, and TradingPro.it.
Following high school graduation, he pursued a degree in Political Science at the
University of Siena. Over the years, he has garnered extensive expertise in risk
management, specializing in the construction and oversight of portfolios involving
options and futures on major European and American assets.
Bruno also collaborates with esteemed financial portals such as FinanzaOnline, Borse.it, andFinanza.com under the Brown Editori Group, along with Investing.com from the Fusion MediaGroup.
He is a sought-after speaker at conferences and workshops organized by financial institutions
and industry publications, where he imparts wisdom as a mentor and as a Certified Coach recognized by the Italian University Centre and CSTA Professional SIAT (in accordance with Law
no. 4 of 13 January 2013).

Prof. Mauro Perotti graduated in Physics in 1984 and in Educational Sciences in
1998, he held the chair of electronics and telecommunications in industrial technical education. He also held training courses for teachers.
His research interests as shown by the publications to his credit, range from financeto mathematics and computer science, from teaching to abstract games.
He has been involved in finance since the early 1990s, trading linear and non-linear instruments
on his own.
He has been a guest speaker at various economics and finance conferences, presenting trading
models for derivative instruments based mainly on statistical observations.
foreights@libero.it

IFTAUPDATE 2023 Volume 30 Issue 5

page 14

Education Lounge

Razor Forex System: Backtesting and the Combination with
Tendency Forex System
By YueWang, Department of G10 FX Trading and Research, Lino Capital, TianJin, China

Abstract

Conclusion

Objective

1. Tendency Forex system Filtered by Razor Forex System: The trading signal can bedirectly used in real-time trading.

We back-tested and evaluated the Razor Forex System on G10 FX trading and the
combination with the Tendency Forex System.
MethodBacktesting was done in eSignal Charting System with intraday historical data from2010. VBA programming was used to merge or split the exported backtesting data,
which was divided into 4 groups: Tendency Forex system, Razor Forex system, Filtered
Tendency Forex system (Filtered by Razor Forex System), Filtered Razor Forex system(Filtered by Tendency Forex System). SPSS 24.0 was used for statistical analysis. Python
3.11.4 was used to calculate the smoothness and the deviation degree of the Equity
curve of different groups.
Results
Filtered Tendency Forex System has a higher return and lower Drawdown ( P<0.05 )when Compared with Tendency Forex System , but the difference was not statisticallysignificant when compared with the Filtered Razor Forex System (p>0.05). Python
Analysis showed that the deviation degree of the Filtered Tendency Forex System wasa little lower than that of the Filtered Razor Forex System.

2. Razor Forex system Filtered by Tendency Forex System: The trading signal can beused as a reliable back-testable indicator.

Key Words: Forex Trading

Statistical Analysis Python

VBA Programming

IFTAUPDATE 2023 Volume 30 Issue 5

page 15

Education Lounge

Razor Forex System continued

Introduction
The Razor Forex System was created with JavaScript in eSignal Charting System. It is
an automated, back-testable, trend-following system [1], working on EURUSD, USDCHF,
AUDUSD, USDJPY 120 and 240 timeframes. The entry and exit signals can be directly
flagged on the chart with audio and pop-up alerts.

• Contract Size: Fixed 0.1 standard Lot per trade

Figure 1: Razor Forex Systeme.

Figure 2: Razor Forex System: Merged Equity Curve of EURUSD, USDCHF, AUDUSD,
USDJPY (Close to Close & End of the day)

• VBA Programming in Microsoft Excel 2019[2-3] to merge or split the Exported Backtestingdata

Equity Curve of Razor FX
140000120000100000
80000
60000
40000
20000

Material and Methods
Backtesting Conditions of the Razor Forex System• Historical Data Feed: eSignal• Period: From Jan. 2010 to Dec. 2022
• Initial Virtual Balance: $10k

1/
4/
20
10
1/
4/
20
11
1/
4/
20
12
1/
4/
20
13
1/
4/
20
14
1/
4/
20
15
1/
4/
20
16
1/
4/
20
17
1/
4/
20
18
1/
4/
20
19
1/
4/
20
20
1/
4/
20
21
1/
4/
20
22

0

IFTAUPDATE 2023 Volume 30 Issue 5

page 16

Education Lounge

Razor Forex System continued

The Razor Forex System could be used independently for real-time trading. However,its original design was mainly to combine with the Tendency Forex System [4] to complement each other in mechanism, so as to reduce Drawdown [5-6] and enhance the stability.

Group 1: Tendency Forex system

For the Tendency Forex system, once a buy/sell arrow was flagged, if the Razor Forex
system also generated a buy/sell arrow on the next bar, then the trading signal of theTendency Forex system could be confirmed.

Group 3: Filtered Tendency Forex system (Filtered by Razor Forex System)

For the Razor Forex system, if we have no trading signal of Tendency Forex System on
the previous bar, then the trading signal of the Razor Forex system could be confirmed.
Figure 3: Razor and Tendency Forex system Filtered by each other

Statistical Analysis Part 1
SPSS 24.0 was used for statistical analysis. The studies’ parameters were displayed as
Mean ± SD (Standard Deviation) for continuous variables. The comparison between thetwo groups was performed by t test [7]. The comparison between multiple groups was
performed by Paired Samples t- test [8]. A P value <0.05 was considered statisticallysignificant for all analysis.

Group 2: Razor Forex system

Group 4: Filtered Razor Forex system (Filtered by Tendency Forex System)

IFTAUPDATE 2023 Volume 30 Issue 5
Razor Forex System continued

In the Paired Samples t-test, to increase the sample size, we used Quarterly Returnas the data source (n=4*13=52) for the statistical analysis. Due to the large amount of
raw data, they were not included in this paper. If needed, please contact the author for
further verification.
The results of group comparison showed that before filtering, the difference between
the two groups was statistically significant (p=0.039<0.05). After filtering, the difference
between the two groups was not statistically significant (p=0.575>0.05). The differencein the first group before and after filtering was statistically significant (p=0.000<0.05),
while the difference in the second group before and after filtering was also statisticallysignificant (p=0.005<0.05).

page 17

Education LoungeGroup 1= Filtered Tendency Forex System (Filtered By Razor Forex System)
Group 2= Filtered Razor Forex System (Filtered By Tendency Forex System)

The results showed that the Smoothness of both groups is very close, but the deviation
degree of Group 2 is a little higher than that of Group 1.
Figure4: The Equity Curve of Different Groups in Python

For the observation of Drawdown, it is recommended to analyze it over a relatively long
period. Using quarterly data may potentially divide some large Drawdowns into 2-3 smallvalues, so we still use the annual Drawdown data for statistical analysis.
The results of group comparison showed that before filtering, the difference between
the two groups was statistically significant (p=0.006<0.05). After filtering, the difference
between the two groups was not statistically significant (p=0.139>0.05). The differencein the first group before and after filtering was statistically significant (p=0.000<0.05),
while the difference in the second group before and after filtering was also statisticallysignificant (p=0.005<0.05).
Python Analysis
Python[9] 3.11.4 was used to calculate the smoothness and the deviation degree of theEquity curve of different groups.

IFTAUPDATE 2023 Volume 30 Issue 5

page 18

Education Lounge

Razor Forex System continued

Statistical Analysis Part 2
The method is the same as Part 1.
Group 1: Tendency Forex System
Group 2: Filtered Tendency Forex System (Filtered by Razor Forex System)
We compared the annualized return and drawdown of all the pairs in Group 1 andGroup 2.

Results
1. The results of Statistical Analysis Part 1 showed that:
1.1 Razor Forex System VS Tendency Forex System
Return was higher, but Drawdown was also higher, and the difference was statisticallysignificant.

IFTAUPDATE 2023 Volume 30 Issue 5

page 19

Education Lounge

Razor Forex System continued

1.2 Filtered Tendency Forex System VS Tendency Forex System

Average Annualized Return: 6967 USD

Return was higher, Drawdown was lower, and the difference was statistically significant.

Peak Close to Close Drawdown: 1244 USD ( From Jan 22, 2015 to March 04, 2015 )1.3 Filtered Razor Forex System VS Razor Forex System

Gross Win: 245272 USD

Return was slightly lower, Drawdown was lower, and the difference was statisticallysignificant.

Gross Loss: 154699 USD

1.4 Filtered Tendency Forex System VS Filtered Razor Forex System
Return and Drawdown were basically equivalent, and the difference was not statistically significant.
2. The Results of Python Analysis showed that the deviation degree of the Filtered
Tendency Forex System was a little lower than that of the Filtered Razor Forex System,
indicating potential higher stability.
3. The results of Statistical Analysis Part 2 showed that ：in the Filtered Tendency Forex System, the Return of each currency pair was higher
than that before filtering, and the Drawdown was lower than that before filtering, andthe difference was statistically significant.
4. Considering the trading logic, the Tendency Forex System could identify potential
trading opportunities earlier than the Razor Forex System. The system had been applied
to Real-time trading for a long time without any logical expression bugs. The resultsof both Real-time trading and Backtesting were completely consistent regardless of
profit or loss.
Therefore, the Filtered Tendency Forex System was selected as the preferred trading
system, with the Filtered Razor Forex System as a supplement when necessary
5. Filtered Tendency Forex system: Detailed Backtesting Parameters in 13 Years
Fixed 0.1 Standard Lot per trade on $10k Initial Balance.

Profit Factor: 1.58
Winning Rates: 45.34%
Total Trades: 10119 (2235 Trades were Filtered out)
Expected Payoff: 8.95 USD

IFTAUPDATE 2023 Volume 30 Issue 5

page 20

Education Lounge

Razor Forex System continued

Figure 5. Peak Close to Close Drawdown (USD)

Discussion
1. Drawdown Control

Figure 6. Equity Curve (Close to Close & End of the day) (USD)
Equity Curve of Filtered Tendency FX
120000100000In this article, VBA Programming in Microsoft Excel 2019 was used to calculate the Peak
Drawdown. As eSignal does not support Backtesting of multiple symbols and multiple
timeframes at the same time, we can only get the Peak close to close Drawdown.
However, according to the data of every symbol, the peak floating Drawdown was 1.21.4 times of peak close to close Drawdown, no higher than 1.5 times. The highest peakclose to close Drawdown of the Filtered Tendency Forex system was 1244 USD. We
assume the peak floating Drawdown is 1866 USD ( 1.5 * Peak DD ).
Compared with the Average annualized return (6967 USD), the Risk-Reward is nearly
1:3.7.
2. Multiple Timeframes
How to identify potential inflection points on different timeframes in an early stage isan eternal theme for traders.

80000

60000

40000

20000

1/
4/
20
10
1/
4/
20
11
1/
4/
20
12
1/
4/
20
13
1/
4/
20
14
1/
4/
20
15
1/
4/
20
16
1/
4/
20
17
1/
4/
20
18
1/
4/
20
19
1/
4/
20
20
1/
4/
20
21
1/
4/
20
22

0

The Tendency Forex System and Razor Forex System have highly quantified many
classic indicators. From the Logic perspective, if combining the chart patterns [10] on
the daily timeframe [11-12] , the effectiveness will be even better. For example, if a sellsignal was flagged after a bearish key day reversal or a rising wedge with downside
resolved, it should be a highly convincing trading opportunity. We could increase thevolume if necessary.
3. The Change of Return
Starting from 2016, the annualized return in backtesting has shown a pattern of “slightly
higher in one year, slightly lower in the following year”. This may be related to thechanging rhythm of the market (clear trend in one year, consolidation in the next year).
Therefore, starting from any time point, measuring the performance of the trading
system on a 2-year cycle is more appropriate.

IFTAUPDATE 2023 Volume 30 Issue 5

page 21

Education Lounge

Razor Forex System continued

4. Over-Optimization
No over-optimization in both Tendency Forex System and Razor Forex System. All theindicators are working with default settings.
In order to pursue the results of backtesting one-sidedly, some indicators of the trading
system are over-optimized, resulting in a “high degree of fit to historical data”, which
is one of the important reasons why many trading systems are eventually eliminated.
5. Futures and Other Symbols

support from fundamental analysis; otherwise, they could be false signals or the trend
could not develop well.

Acknowledgments
I am extremely grateful to my wife, Flora ZH. The process of learning trading has been
exceptionally challenging, and the path to making a living through trading has been
filled with obstacles. However, what has remained constant is her encouragement andtrust in me.

Conclusion

I am deeply thankful to my parents. Our family was very poor when I was young.
However, they not only taught me through their words and actions in order to shape
me into a person with a strong sense of justice and integrity, but also they financially
supported my education and life through pinching and scraping. Besides, they encouraged and developed various interests for me, enabling me to acquire not only a wealthof knowledge but also the ability to learn and absorb various types of knowledge.
Ultimately, I became a trader from a surgeon.

1. Tendency Forex system Filtered by Razor Forex System: The trading signal can bedirectly used in real-time trading.

Finally, I express my gratitude to all those who have supported and helped me all theseyears.

2. Razor Forex system Filtered by Tendency Forex System: The trading signal can beused as a reliable back-testable indicator.

References

The Filtered Tendency Forex System can also work well on Gold, Silver, Oil, USDCNH,
Euro Futures, Australian Dollar Futures, Swiss Franc Futures, Japanese Futures. However,they are not included in my Spot Forex trading portfolio. This topic is also not discussed
in this article.

Limitation
1. It is advisable to explore strategies for Cross-Pairs, such as AUDNZD, EURGBP, andfully hedge the risk of the US dollar when necessary.

[1] Hu Y, Feng B, Zhang X, et al. Stock trading rule discovery with an evolutionary trend
following model[J]. Expert Systems with Applications, 2015, 42(1): 212-222.
[2] Walkenbach J. Excel 2010 power programming with VBA[M]. John Wiley & Sons, 2010.

2. Both Tendency Forex System and Razor Forex System are created from the technicalperspective only.

[3] Blayney P J, Sun Z. Using excel and excel VBA for preliminary analysis in big data
research[M]//Managerial Perspectives on Intelligent Big Data Analytics. IGI Global,
2019: 110-136.

If combined effectively with fundamental analysis, we can gain a better and more comprehensive understanding of the market.

[4] YueWang. Tendency Forex System: A Backtestable Indicator. Market Technician,2021, Issue 90, 36-48.

The fundamental views require confirmation through technical analysis; otherwise, theresults of fundamental analysis are likely to be incorrect. The technical views require[5] Magdon-Ismail M, Atiya A F. Maximum drawdown[J]. Risk Magazine, 2004, 17(10):99-102.

IFTAUPDATE 2023 Volume 30 Issue 5
Razor Forex System continued[6] Chekhlov A, Uryasev S, Zabarankin M. Drawdown measure in portfolio optimization[J].
International Journal of Theoretical and Applied Finance, 2005, 8(01): 13-58.
[7] De Winter J C F. Using the Student's t-test with extremely small sample sizes[J].
Practical Assessment, Research, and Evaluation, 2019, 18(1): 10.
[8] Ross A, Willson V L. Paired samples T-test[M]//Basic and advanced statistical tests.
Brill, 2017: 17-19.
[9] McKinney W. Python for data analysis: Data wrangling with pandas, numpy, andjupyter. 2nd ed. O'Reilly Media; 2017.
[10] Donnelly B. The Art of Currency Trading: A Professional's Guide to the Foreign
Exchange Market[M]. John Wiley & Sons, 2019.
[11] Deng S, Sakurai A. Foreign exchange trading rules using a single technical indicator from multiple timeframes[C]//2013 27th International Conference on Advanced
Information Networking and Applications Workshops. IEEE, 2013: 207-212.
[12] Krishnan R, Menon S S. Impact of Currency Pairs, Time Frames and Technical
Indicators On Trading Profit in Forex Spot Market[J]. International journal of Businessinsights & Transformation, 2009, 2(2).

page 22

Education Lounge
Yue Wang, born in 1973, is the Founder of Tendency Forex and Lino Capital. He
holds a Master's Degree in Hepatobiliary Surgery, and became a full-time traderin 2010..

IFTAUPDATE 2023 Volume 30 Issue 5

page 23

Congratulations New CFTes!
Abzal Aitkenov
Wan Saiful Arif
David Bird
Liudas Boguzas
Christian Burkart (VTAD)
Manas Goel
Benny Lee Wan Yu
Gan Li Xing

Kin Chung Marcus Loh (TASS)
Abdulaziz Mohammad Madkhli (TSAASF)
Maciej Mlodzinski
Vivek Patel
Ayub Samad
Stefan Valentinov Sechkov (STA)
Edzard Wiener (VTAD)

Advanced
tools fortraders of
all levels

MFTA and CFTe Dates
Certified Financial Technician (CFTe)–Level I

2024-2025

Date

Offered Year-roundSee .our. website for further instructions ifta.org/cfte-i-application/
Syllabus and Study Guide ifta.org/wp-content/uploads/2023/08/2023_08_11_IFTA_Syllabus_V20.pdf

Certified Financial Technician (CFTe)–Level II

2024-2025

Exam dates

11 Apr 2024

24 Oct 2024

Registration deadline

7 Mar 2024

12 Sep 2024

Register at ifta.org/application-forms/cfte-ii-application/
Syllabus and Study Guide ifta.org/wp-content/uploads/2023/08/2023_08_11_IFTA_Syllabus_V20.pdf
For more information on the CFTe program, visit www.ifta.org/certifications.

Master of Financial Technical Analysis (MFTA)

Get a 1-month free trial at MetaStock.com/ifta

2024-2025

Alternative Path Pre-Application Deadline

28 Feb 2024

31 July 2025

Application/Outline Deadline

2 Oct 2024

2 May 2025

Paper Deadline

15 Mar 2024

15 Oct 2025

(Session 1) Register at ifta.org/application-forms/mfta-application-session1/(Session 2) Register at ifta.org/application-forms/mfta-application-session-2/

082322 IFTA Journal Ad 13x13.indd 1

8/23/2022 10:50:26 AM

IFTAUPDATE 2023 Volume 30 Issue 5

page 24

Congratulations New MFTA!
IFTA’s Master of Financial Technical Analysis (MFTA)
represents the highest achievement and recognition bypeers in the technical analysis community. The MFTA
requires an original body of research. It is intended to bea rigorous demonstration of professionalism in the global
arena of technical analysts.

Edzard Wiener, PhD, MFTA, CFTe

MFTA Research Paper Title: The Impact ofMachine Learning and Computer Vision to
Predict an Opening Range Breakout on
E-Mini S&P 500
Berlin, Germany
edzard.wiener@gmail.com
Member of the Vereinigung Technischer Analysten
Deutschlands e.V. (VTAD)
Dr. Edzard Wiener holds a master’s in physics and a
PhD in medicine, specializing as a Senior Physician in
Neuroradiology with a significant focus on artificial intelligence, computer vision, and neuroscience. Since 2018,

Dr. Wiener has established a specialized position for
himself in the field of technical analysis. He offers aunique mix of academic and practical expertise in physics, neuroscience, and trading. He has investigated various aspects of market behavior, data science, artificial
intelligence, and neural networks. His intense involvement in exploring the synergy between data science andtrading has not only expanded his professional horizon
but also contributed extensively to his success as a private trader over the past five years. He is recognized for
merging traditional trading methodologies with cuttingedge AI and data analysis, thereby fostering a blend of
human and artificial intelligence in understanding market
movements. His innovative indicators offer promisingavenues for understanding and predicting significant
price movements. In 2022, Dr. Wiener obtained theCertified Financial Technician (CFTe) designation andfurther strengthened his credentials in 2023 by acquiring the Master of Financial Technical Analysis (MFTA),
underscoring his profound expertise and commitment
in technical analysis.

IFTAUPDATE 2023 Volume 30 Issue 5

page 25

Calendar-at-a-Glance
Date

Topic

Host

Speaker

Location

Time

ContactMonthly Monthly Meetings are held monthly in nine cities across Australia. All monthly
meetings are free to members. Visitors are welcome to attend. Bookings are
not required. Visitors are welcome, first visit free.

ATAA

VariesVaries, or online

Variesataa.asn.au/

Monthly Meets monthly on second Tuesday and fourth Thursday

CATA

VariesVia Zoom

8:00 PM US canadianata.ca/
Eastern Time
Zone

Monthly Presentations from local and international speakers on a comprehensive range of
topics (e.g., sharemarket, CFDs, options, futures, FOREX trading, methodologies,
money management, psychology).

STANZ

VariesVaries, or online

Variesstanz.co.nz/

Monthly Monthly Meetings & Events: The STA holds monthly meetings in London, usuallyon the second Tuesday of every month, except for a summer break in August.

STA

STA Varies One Moorgate
Place, Chartered
Accountants Hall,
1 Moorgate Place,
LondonOnline or
One Moorgate Place,
Chartered Accountants Hall,
1 Moorgate Place
LondonVarieswww.technicalanalysts.com/
meetings/

2024
Jan
Feb

Mar

Apr

No events scheduled for January at this time
28

Registration deadline for CFTe II on 11 April 2024

15

IFTA Update submission deadline for all news content (mid-March
release)

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

28

Master of Financial Technical Analysis (MFTA), Alternative Path, Session IFTA
1 application deadline

NA

NA

NA

admin@ifta.org; www.ifta.org

4

STA (UK) Diploma, Part 1 Examination

15

Master of Financial Technical Analysis (MFTA), Session 2 paper deadline IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

20

IFTA Webinar: An Alternative to Candlestick Charts

IFTA

Kevin Bull

NA

2:00 PM US admin@ifta.org; www.ifta.org
Eastern Time
Zone

11

Certified Financial Technician (CFTe) Level II Examination

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

16

Technicals to Trading Systems Conference 2024–From Classic Charting STA
to AI Developments

Varies

1 Moorgate Place, London EC2R 6EA

09:00–17:30
BST

www.eventbrite.co.uk/e/technicals-to-trading-systemsconference-2024-tickets737017117037?aff=oddtdtcreator

25

STA (UK) Diploma, Part 2 Examination

IFTAUPDATE 2023 Volume 30 Issue 5

May

1

Certified Financial Technician (CFTe) Level II - registration opens for
October examination through IFTA website.

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

2

Master of Financial Technical Analysis (MFTA) Session 1 application,
outline and fees deadline

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

15

IFTA Update submission deadline for all news content (mid-June
release)

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

Jun
Jul

page 26

No events scheduled for June at this time1

STA (UK) Diploma, Part 1 Examination

31

Master of Financial Technical Analysis (MFTA) Alternative Path, Session
2 application deadline

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

Aug

15

IFTA Update submission deadline for all news content (mid-September
release)

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

Sep

5

STA (UK) Diploma, Part 2 Examination

STA

NA

Zoom

To be
announced

www.technicalanalysts.com/
education/sta-courses/#course2details

12

Registration deadline for CFTe II on 24 October 2024

IFTA

NA

2

Master of Financial Technical Analysis (MFTA), Alternative Path, Session IFTA
2 application deadline

NA

NA

NA

admin@ifta.org; www.ifta.org

15

Master of Financial Technical Analysis (MFTA), Session 1 paper deadline IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

19

Certified Financial Technician (CFTe) Level II Examination via Zoom

IFTA

NA

Zoom

To be
announced

admin@ifta.org; www.ifta.org

20

STA (UK) Diploma, Part 2 Examination

STA

NA

Zoom

To be
announced

www.technicalanalysts.com/
education/sta-courses/#course2details

15

IFTA Update submission deadline for all news content (mid-December
release)

IFTA

NA

NA

NA

admin@ifta.org; www.ifta.org

Oct

Nov
Dec

No events scheduled for December at this timeBalance professional development and yourpersonal life with the STA Home Study Course©
WHAT WILL IT COVER?

WHY PURCHASE THE HOME STUDY COURSE?
The world-class e-learning Home Study Course (HSC)© iswritten by leading industry practitioners, making it one of
the best online products available on the technical analysis
market. Whether this is your first introduction to technicalanalysis, you want to refresh your existing knowledge, or you
wish to become a qualified technical analyst, the STA offersa tailored Home Study Course as part of our portfolio of worldrespected courses preparing students for our internationallyaccredited STA Diploma qualification.
You can learn from the comfort of your home at times thatbest suit you. Although website based, it is fully downloadable
and may be used online or offline via PC, Mac, iPad or Android
machines.

•

The syllabi for both STA Diploma Part
1 & Part 2 examinations•

15 in-depth subject teaching units•

Exercises to self-test progress•
Exam preparation module & video
Since the HSC is International
Federation of Technical Analysts•
Adviceon report
writing.
out(IFTA) syllabus compliant
it canalso beused...find
to prepare
more
here
candidates for both the IFTA CFTe I and II examinations.
Since the HSC is International Federationof Technical Analysts (IFTA) syllabus
compliant
WHO IS THE COURSE
FOR? it can also be used to prepare
candidates for both the IFTA CFTe I and II
examinations.
The course is intended
for individuals who want to use

technical analysis in
a professional manner or who want
WHO IS THE COURSE FOR?
to become a qualified technical analyst and advance their
The course is intended for individuals
now!
career. Enroll and start
whostudying
want to use
technical analysis in

a professional manner or who want tobecomequalifiedthe
technical
analystFor more details click
here ora contact
STA officeonandadvancetheircareer.
Enroland+44 (0) 207 125 0038 or info@technicalanalysts.com start
studying now!

Balance professional development and yourFor more details click here or contact the©
personal life with the STA Home Study CourseWHEN
on +44 (0) 207 125 0038 or
WOULD YOU STA
LIKEoffice
TO START?
info@technicalanalysts.com

WHY PURCHASE
THE
HOME
STUDY
COURSE?
WHAT
WILL
IT
COVER?
WHY
PURCHASETHEHOMESTUDY COURSE?

Learn at your own pace rather than in a classroom - the HSC

Since the HSC is International Federation of Technical Analysts
WHEN
YOU
LIKE part-time
TO START?
designed for
thoseWOULD
who needa truly
study(IFTA) syllabus compliant it can also becourse
used to isprepare©
The world-class e-learning Home Study Course (HSC) is
The
world-classe-learning
Home
Study
Course(HSC)©
iswrittenbyleading
industry
practitioners,
Learn
at
your
own
pace
ratherthaninacandidates
for
both
the
IFTA
CFTe
I
and
II
examinations.
option with maximum flexibility!
Theindustry
syllabipractitioners,
for both STA
Diplomawritten by•leading
makingit one of Part 1 & Part 2
making
it
one
of
the
best
onlineproducts
availableonthetechnical
analysismarket.
WhetherthisclassroomtheHSC
courseisdesigned
the best onlineexaminations
products available on the technical analysis
Buy now: £1,195.00for those who need a truly part-time study
ismarket.
your Whether
first introduction
tointroduction
technical toanalysis,
this is your first
technical you want to refresh your existing knowledge, or you
WHO
IS
THE
COURSEFOR?
• want15 in-depth
subjectteaching
wish
toyou
becomea qualified
technical
analyst,option with maximum flexibility!
analysis,to refresh
yourexisting
knowledge,
orunits
you the STA offers a tailored Home Study Course as partwish
to becomea qualified
technical
analyst,the
STA offers
course is forintendedfor individuals whoaccredited
want to useofourportfolio
of world
respected
courses
preparingThe
students
our internationally• Exercises
to self-test
progress
Buy now: £1,395.00
a tailored
Home Study
Course as part of our portfolio of worldtechnical analysis in a professional manner or who want
STA
Diplomaqualification.
•
Exam
preparation
module&video
respected courses preparing students for our internationallyto become a qualified technical analyst and advance their
Advicewriting.
accredited
STA
Diplomaqualification.
start
studying
now! website based, itYou
can•learn
fromonthereport
comfortof your home at timescareer.
thatEnroll
bestandsuit
you.
Althoughis fully downloadable
and may
be used online or offline via PC, Mac, iPad or Android machines.
...find out morehere
You can learn from the comfort of your home at times thatbest suit you. Although website based, it is fully downloadable

For more details click here or contact the STA office on+44 (0) 207 125 0038 or info@technicalanalysts.com

Don’t Get Caught Inside
When You Can Be
Hanging Five
OK, so truth be told, we had a fairly heated discussion at Elliott
Wave International over the direction of this ad. Do we gostraight serious, like just about every other ad? Or do we show
our playful side, in the hope that you won’t just skip past it likeall those other ads?
Because on the one hand, the Certified Elliott Wave Analyst(CEWA) designation is dead serious. The CEWA program is
the standard for Elliott wave analysts. But at the same time, theWave Principle is gnarly, dude – why surf the chop with the
kooks when you could be rippin' the best waves with the locals.
And so, in an exclusive arrangement with our buds at IFTA,
EWI now offers the Certified Elliott Wave Analyst (CEWA)
designation for the coolest dudes: Elliott wave pros, analysts
and traders.
Your CEWA designation lets everyone know that you're alegend in the practical application of the Elliott Wave Principle,
one of the most recognized forms of technical analysis. With
CEWA you can finally paddle out away from the crowds andfind some open water where you can shoot the curl.
Show your CEWA designation to potential employers andprospective clients, so they know YOU know where the bombs-- and the grey fins -- lurk.

Get Started. Visit www.elliottwave.com/wave/GetCertified“Is it just me, or has Wilson gained someconfidence since he became a CEWA?”IFTAUPDATE 2023 Volume 30 Issue 5

page 29IFTA Member Societies

Board of Directors

CANADA—CATA* Canadian Association for Technical Analysis www.canadianata.ca

President Wieland Arlt, CFTe (VTAD)
wieland.arlt@ifta.org

AUSTRALIA—ATAA Australian Technical Analysts Association www.ataa.asn.au
CHINA–CIDTAA* China Information Development Technical Analysis Association
EGYPT—ESTA Egyptian Society of Technical Analysts www.estaegypt.org
FRANCE—AFATE Association Française des Analystes Techniques www.afate.com
GERMANY—VTAD Vereinigung der Technischer Analysten Deutschlands e.V. www.vtad.de
HONG KONG—FTAA Financial Technical Analysts Association www.ftaa.org.hk
INDIA—ATA Association of Technical Analysts www.tataindia.org
INDONESIA—AATI Asosiasi Analis Teknikal Indonesia www.aati.my.id
ITALY—SIAT Società Italiana di Analisi Tecnica www.siat.org
JAPAN—NTAA Nippon Technical Analysts Association www.ntaa.org.jp
LEBANON—LSTA Lebanese Society of Technical Analysts www.lstalebanon.com
MALAYSIA—MATA Malaysia Malaysian Association of Technical Analysts www.matamalaysia.org
NEW ZEALAND—STANZ Society of Technical Analysts of New Zealand www.stanz.co.nz
PHILIPPINES–STAP* Society of Technical Analysts Philippines www.staphilippines.org
SCANDINAVIA—STAF Skandinaviens Tekniska Analytikers Förening www.staf.nu
SINGAPORE—TASS Technical Analysts Society (Singapore) www.tass.org.sg
SOUTH AFRICA—TASSA Technical Analysts Society of Southern Africa www.tassa.org.za
SPAIN—IEATEC Instituto Español de Analistsas Técnicos y Cuantitativos www.ieatec.es
SWITZERLAND—SAMT Swiss Association of Market Technicians www.samt-org.ch
UNITED KINGDOM—STA Society of Technical Analysts Ltd. www.technicalanalysts.com
USA—TSAASF Technical Securities Analysts Association www.tsaasf.org
USA—AAPTA American Association of Professional Technical Analysts www.aapta.com*Developing Society

IFTA Update Schedule

The IFTA Update is the quarterly electronic newsletter of the International Federation of TechnicalAnalysts, reaching more than 7,000+ IFTA colleagues worldwide. The Update is an efficient and costeffective way to communicate with IFTA’s member societies and colleagues.

PUBLICATION SCHEDULE
March Issue

All content due February 15

June Issue

All content due May 15

September Issue

All content due August 15

December Issue

All content due November 15

Send Education Lounge article submissions to newsletter@ifta.org. Send all other content to admin@ifta.org.
For more information and to advertise, visit our website: www.ifta.org/publications/newsletter/.

Treasurer Karin Roller, CFTe (VTAD)
karin.roller@vtad.de
Secretary and Membership Director Warren Murnane, Dip TA, CFTe, ST & I (Wealth Within) (ATAA)
warren.murnane@ataa.asn.au
Vice President Middle East and Africa Tamer Gamal, CFTe (ESTA)
tgamal@gmail.com
Vice President Europe, Website Director David Watts, BSc (Hons) CEng MICE MIWEM, FSTA (STA)
Dwatts360@gmail.com
Vice President Asia-Pacific Hiwon Yoon, Ph.D., CMTA (NTAA)
yoon@cmdlab.co.jp
Vice President The Americas, Webinar Director Bruce Fraser (AAPTA)
rdwyckoff@me.com
Development Director Indrawijaya Rangkuti, MBA, CTA (AATI)
Indra.senna@gmail.com
Education Director Saleh Nasser, CMT, CFTe (ESTA)
snasser72@gmail.com
Examination Director Gregor Bauer, Ph.D., CFTe, (VTAD)
gregor.bauer@vtad.deMarketing Director Eddie Tofpik, MSTA (STA)
Eddie.Tofpik@admisi.com
Institutional Director Alessandro Greppi, Ph.D. (SIAT)
greppi.alessandro01@gmail.com
Quant Director Giovanni Trombetta, CFTA, Electronic Engineer (SIAT)
giovanni.trombetta@gandalfproject.com
NonInstitutional Director Shinji Okada, CMTA, CFTe, MFTA (NTAA)
shinjiokadaresearch@gmail.com
Digital Media Director Ron William, MSTA, CFTe, MSTA, CFTe (SAMT)
roniwilliam@gmail.com

Staff

Executive Director Linda Bernetich, CAE
Director of Marketing Melissa Graham, MBAManaging Editor Heather Rigby
Production Manager Jansen Vera
Director of Accounting Services Dawn Rosenfeld

IFTA HEADQUARTERS
International Federation of Technical Analysts
1300 Piccard Drive, Suite LL 14
Rockville, MD 20850 USA

Phone: +1 240-404-6508
Fax: +1 301-990-9771
Email: admin@ifta.org