First of all, I'm no MIDAS specialist, I just like to draw a buch of colorful lines that seem right to me. So maybe a MIDAS expert here can give a tutorial on how to properly use MIDAS.
You're right in that the MIDAS line on the daily chart seems to fit a little too perfect and that it's easy in hindsight to put it there. But it is not a random day I started from, that is the day the market had a gap up and started a mayor uptrend. Now, no one in their right mind would just blindly buy IWM because it touches that line. But it is usefull to look at those points as potential area's where support for a stock/ETF could be found.
Usually I draw a bunch of MIDAS lines starting at the recent low before a base or consolidation break out and then on each pullback. Like here with VMW, I bought it on 104 after it bounced on VWAP support after it filled the earnings gap up. If it can't hold those support lines and breaks the 100 level then I'm out.