So let's say I put tick charts all over my workstation. ES tick charts using 5 tick, 20 tick, 40 tick, all of it. Then I put indicators all over the charts. Averages, VWAP, bands, and more. Is there some kind of edge in it? Could it work in the overnight session?
I don't use tick charts. I use volume charts (eg 700v, 2000v, 8000v) Years ago, I used to have hundreds of indicators till I could hardly see candlesticks. I have deleted all indicators. Now my chart is left with just candlesticks. ES is rather tradable during Asian and European sessions especially when there are major news / events during those sessions
Not really sure what you're asking. Are you asking if there's an edge compared with time based charts? Regardless, you'll find your answers through testing this for yourself. I've seen some claims that both volume/tick/range charts are superior over time based charts, but having tested them a lot, I have not myself found a strong advantage over time based charts. I like the consistency I have with time based charts. I know that every trading session will print 390 1-minute bars and they cover the exact same amount of space on my screen every day. That said - I do use a faster volume based chart for my ES trading to help with entries and at times where price is moving fast. If you're waiting for a 5-minute bar to close before entering you risk getting in/out very late and here a volume based chart can help. Of course - you could achieve the same result using a sub-minute time based chart. It all really boils down to what it is you want to achieve. At the end of the day charts is just a way of visualizing/displaying tabular data.
Try 20000 tick for bigger frame, and 4000 tick for smaller frame. I've traded these 2 charts for years.
Basically, I think of tick charts as a way to graph the action in the order book. It is showing you visually what is happening in the price ladder as each level gets traded. That and it is the only real option for fast charting I know of in ThinkorSwim (the charts in tos aggregate to minute bars). It can be useful, especially if you are busy watching other things, e.g. other monitors, tickers, charts, order entry screens and such. Just wondering if other people are using them or like them for stuff, e.g. trading the Asian session.
But isn't that really true for any kind of price chart...? I'd love it if you took the time to do a comparison between say a 100 tick chart and a 15 or 30 second time based chart. What I've found personally is that I get buy/sell signals on the 1-minute chart which are different and harder to read on a slightly faster volume chart. Equally, a volume chart can at times offer good buy/sell signals that are harder to spot on the 1-minute chart.
Damn i went through same phase in trading Tons of indicators A-Z then back to simple and basic none or just 1
Just as important may simply be sticking with something, i.e., related to Orbit's comment above. If you want consistency, you need to be consistent with what you do, IMO.