I don't see an input in the indicator to change those levels. We need a word from Sharky to let us know if that is a user changeable variable. I just went in with the line draw tool and put a line at +/- 5. That works great for me.
It look me a long time before I started understanding volume and how to use it.
I'm currently working on a swing trading system for ES. I'm attaching the equity curve. The test period is from 2000-2009. And the system uses volume only.
I will try again! Thanks for sharing this video on the sling shot indicator. I had never seen how you are "supposed" to use this indicator. I just knew that Roonius had made it available and I just played around with it to see what it would do.
A few thoughts -
They showed how to initiate trades from within the shaded areas. In the recent past I have heard a lot of discussion about initiating a trade when price shows enough momentum and exits some sort of channel. Mike talked about this with the VMA Zones and Channel This indicators. Damon from LBR talked about this with his 30 MA Hi/Lo channel.
There is something to be said for getting into a position at the peaks and troughs of the price cycle. Barry Burns - referenced in a previous post - has this as one of his basic elements to a high probability trade setup.
My problem was - how do you know which of these peaks is going to follow through to become a successful trade? If you noticed on that video, their first entry point probably got stopped out. So I was looking for price to move above/below both a ~50MA and a 3-5 X 50MA (representing higher time frames). As I shared earlier - this came alive to me when I applied my averages to the sling shot with the shaded region.
I have looked a bit at the 20/50 EMA. If it works for you great. I will probably stick with the 60/180 HMA for now.
As I shared earlier about ECO, I do not necesarily use sling shot to enter a trade. It just gives me a clear visualization and perspective of what price is doing. I actually enter based on the ECO histogram position.
My main ES trading is about getting in on the turning points. I think this is the lowest risk trade setup. if you wait until you think the market has turned, then you can put your stop a few ticks above the swing high/low. If you're stopped out it's usually for a small loss.
Another way to increase your likelyhood of catching a turning point is to use volume (see my previous posts).
I use volume on daytrading on tick charts, and also swing trading with daily charts. So it works on any timeframe. However, I've never used range charts before a few weeks ago.. so I have no idea how volume works with range charts. I plan to find out.
i told you guys this is my scalping eco version just go into the script and change it in 3 different places i think,im not going to keep changing it for every seperate person just go into the script yourselves and change it to your own needs...sharky
Interesting chart on CL. I looks like you put a slingshot over the 50 EMA. Can you confirm exactly what we're looking at.
Hey Cunparis.... no... I don't think I'm ready to take everything off my chart just yet. Just want to stay focused on price. Just like the admonition they give to baseball players..."keep your eye on the ball." Of course for traders that would be the price. Anything that distracts me from that has to go!
I put the volume graph on a chart yesterday..... also watched the "skyscrapers" video. I think it has some merit. I'm looking forward to your volume thread !