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This is a tongue in cheek jab at the "Emini Viiper".... and let it be known that I have nothing against the "Emini Viper" folks..... but I don't think I would cough up $100.00/month to rent the indicator.
The basic idea is.... a trading chart should be accompanied by an anchor chart that is 1.5X the trading chart. In my case I prefer a 10 range bar chart... that makes my anchor a 15 range bar chart. I simply put a paint bar study on the anchor chart and scrunch it up until it looks like a....... viper.... no.....a WORM. A big fat night crawler at the bottom of my screen.... this keeps me on the "right" side of the market. It works great!
I prefer range bars as they are not tainted by time or transactions.... only price.
Yea.... that's all it is. It's very powerful. You can experiment with different paint bar studies and see which ones work best for your style of trading. This has been a very simple way to stay on the right side of the market.(before you pull the trigger just glance down and make sure the worm is on your side) I guess I would have to qualify that statement..... not that there are not times when you might choose to fade an extreme or some other countertrend/reversal type trade. But this tool is great for continuation trades and gives you a heads up( yellow bars) on low momo... possible reversal time.
The trick is finding the right combination of trading chart/anchor chart..... this takes time. But it's well worth it !!
I have briefly spoken about this concept elsewhere on this thread. So... check out those posts if you are interested.
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