Why does JMA have a PHASE parameter ?
There are two ways to decrease noise in a time series using JMA. Increasing the LENGTH parameter will make JMA move slower and thereby reduce noise at the expense of added lag. Alternatively, you can change the amount of “inertia” contained within JMA. Inertia is like physical mass, the more you have, the more difficult it is to turn direction. So a filter with lots of inertia will require more time to reverse direction and thereby reduce noise at the expense of overshooting during reversals in the time series. All strong noise filters have lag and overshoot, and JMA is no exception. However, the JMA’s adjustable parameters PHASE and LENGTH offer you a way to select the optimal tradeoff between lag and overshoot. This gives you the opportunity to fine-tune various technical indicators. For example, the chart (at right) shows a fast JMA line crossing over a slower JMA line. To make the fast JMA line turn “on a dime” whenever the market reverses, it was set to have no inertia. In contras
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