Is it possible - bar type based on a secondary dataseries
I was wondering if it is possible to develop a bar type that would be based on another dataseries. BY that i mean a bar type that would create a new bar (OHLC) based on the completion of a bar on another dataseries.
For example, let's pretend i consider the ES as the principal conductor of the day but prefer to trade the TF (RUSSELL). I'd like to get a new bar on a RUSSELL chart each time the ES forms a bar of say 800 ticks. Can this be done ?
Last edited by trendisyourfriend; September 13th, 2011 at 12:21 PM.
You probably already tried this but thought I'd mention it in case you haven't. if you use a 5 minute on Tf and the 800 tick on Es as you mention, then create your chart with the 2 data series. That will pretty ugly imo. but no reason why you can just have 2 charts set up the way you want them.
I have noticed that i often refer to the ES to gauge conviction or strength of the next setup i see say on the NASDAQ or RUSSELL. All markets are somewhat linked though they may not have a perfect correlation all the time, i may look at market profile for the ES only to evaluate what is the next potential move say on the RUSSELL. This works very well. Market Profile and the ES is a powerfull tandem. When the ES meets resistance or support, there is a high chance the TF, YM or NQ will react to that event. So using the ES as the main conductor and placing different symbols side-by-side while being locked to the ES as Zondor showed, may facilitate my analysis or give me another reason to pull the trigger.
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excellent article, thanks for posting it
what I find so reassuring, is the reality, not the notion, that substantial amounts of other traders and other sophisticated Finance guys are saying these same things, care of ZH, than just a few of us rabid traders here on futures.io (formerly BMT)
so many of us have fled the other boards, that weren't worth their salt, such as ..... well, why name them and give out ideas,
and, so many of us have left off the predatory threads from Paltalk and HotComm rooms and TradingRooms (that went belly flat), and have coagulated here on futures.io (formerly BMT)
so, its good to see an article like that published openly!