We need two operation modes to obtain the complex hologram without bias and the conjugate image in the modified triangular interferometer (MTI). To solve the problem, we proposed the optimized MTI with one wave plate, which can obtain cosine and sine functions by the combination of one wave plate and one linear polarizer. In the extraction of phase term using the combination of polarization components, the phase error occurs, and we analyzed such potential phase errors in the optimized MTI.