I’ve developed a way to use the $TICK data as a good short term indicator that I’d like to share.
Basically, I keep it open all the time and use it to get better low time frame entries and exits once I’ve decided to take or exit a position… You’ll see what I mean.
Sounds a bit strange, but the template is currently designed to only be applied to a $TICK Range 5 chart.
I’ve found that using the Range 5 was the key to making the $TICK data useful. It works as a “momentum” chart, fills in the data gaps inherent to the $TICK 6 second update (using eSignal feed), and supplies the critical “phantom” data to the 2 Parabolic SARs that are the key to the indications. The 2 SARs in the template are presented by using 2 MAs to color the chart and make what I feel is a productive visual presentation of what’s happening…
Apply this to a $TICK Range 5 chart.
Extremes +/- 900 show as Yellow.
The original chart (and any saved workspaces containing it to be opened later) should be limited to about 2000 max bars. . 2000 bars is only about an hour of data, but once its running I haven’t had many problems upping that to 16000 or so in the chart properties and then refreshing the data so that you can look back to see how it worked in the past. Just remember to change it back to 2000 before you save the workspace, or you may have trouble opening it next time.
Open a new $TICK Range 5 chart with 2000 max bars, apply this template (I use a grey background and bars instead of candles), then change the chart to 10,000+ bars and refresh it. That’ll give you a few hours to look at. (If it chokes Ensign with an Access violation, it’s my indication that I’m behind on defragging)
The time scale varies and is independent of the ES, so just drag the cursor over the $TICK chart while watching where it is on one of your favorite short term ES charts (I like a 532 or lower volume / tick, but whatever you like…)
I’ve tried to make it intuitive – red / green, 2 shades for different strengths (2SARs), yellow for overbought (+/- 900).
I hope you like how it “leads” a bit… nice for scalping and getting an extra tick or 2 on entries and exits.
Anyway, I’m working on a system using this and some other filters – and find it gives good entries when I’m wondering about those MOF’s…
I think it looks best as “condensed” as possible on the horizontal time scale – but no problem expanding for detail.
(Examples below to tickle your interest…)
Mark Holstius
