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I have been using the Dow-mini (YM) and Nasdaq-mini (NQ) as correlates of the SP500 E-mini (ES) for intraday with NT8. The ES is the primary data series, and the YM and NQ are secondary series, which all use the Unirenko bars. In spite of using Unirenko, sometimes I have noticed that YM can lag behind quite a bit. Question is: should I not use YM as a correlate of ES, and use the Russel (RTY) instead? I did notice on 1,2,3 minute charts that RTY does not correlate with ES as well as YM.
Can you help answer these questions from other members on NexusFi?
I personally like the RTY better as a "leading indicator" but not sure I would use it as an overlay + I am not an NT user so not able to help with the specifics regarding the charts.
PM with any questions about Cannon Trading (800) 454-9572 (310) 859-9572. Trading commodity futures, forex and options involves substantial risk of loss. The recommendations contained in this post are of opinion only and do not guarantee any profits. These are risky markets and only risk capital should be used. Past performance is not necessarily indicative of future results.
I have watched RTY (Russell) and it does look like it leads all three (ES, YM, and NQ), but it doesn't correlate as strongly together as the trio ES-NQ-YM, which is what I need for confirmation to avoid random noise. It worked out that I needed market data for CBOT to get YM (ES and NQ are in CME). I am good to go now, since I now have access to CME, CBOT, and NYMEX.
