Some of this stuff is over my head, but I know enough about stats that I agree with throwing out the extremes. I am following what you guys come up with and believe that it can improve what I am doing.
As for myself, I just keep it simple. Blow out outside the Weekly $VIX with MACD and TRIX 4,2 indicators. Also, weekly $NDX with ADX 5 crossover. I am not a trader, just looking for significant moves.