Why do people use Volume, Range and Tic charts?

eMini Dow Intraday Chart

 

Dan,

For the candlesticks to be consistent the bars need to be consistent. Ensign, eSignal, QCharts & MultiCharts are the only software charting programs I am aware of that builds the bars correctly and consistently.

 

Thanks Prof. I was afraid you were going to say that! Thanks much.

 

Thanks for the offer. If you can tell me whether or how TSI differs from the Ergodic, I can try to figure out how to create it as a custom indicator. But since:

". . Sierra Chart uses the same formula for both TSI and Ergodic." --dandxq

and

"I agree. "True Strength Index" would be clearer. I don't know why he named it that. " --ProfLogic

I am wondering whether I can't just substitute the TSI for the Ergodic.

However, one source says:
". . .the Ergodic Oscillator (EO) is a double smoothed True Strength Index (TSI) with a signal line."

Another source says the formula is:

"Ergodic = TSI
Ergodic Signal Line = EMA(TSI)
Ergodic Oscillator = TSI - EMA(TSI)
By default, TSI is setup with a Short Term of 5 and a Long Term of 20 and EMA is setup with a period of 5."

If I can understand what the Ergodic actually is, then I have a chance of producing it. Can you help?

Thanks for all your past and future contributions.

 

Here's my vote.
There are numerous variations but remember the indicator is only used to confirm & varify.

If you want and other help, let me know.

 

ProfLogic:

Hi, I've been lurking for a bit, had a question for you.

Earlier, you were thinking there would be a correction down below the 138750 pivot before a rally back up towards the highs.

As it turned out, we just kept moving on up.

At what point in your pivot analysis was the correction expectation negated?

Was it simply the upside breach of the previous major pivot at 140175, creating a neutral condition?

Also, from your post of today's ES intraday chart, it looks like your analytics were suggesting long trades at the lows.

What conditions created the bullish scenario? Perhaps the successful test of 140175 later in the morning?

Thanks for your contributions to this excellent thread.

 

Thanks for posting the charts Prof.

There's quite a bit of information that can be gleaned from them regardless of whether a trader has the exact same setup, or not.

Best Regards,

JJ

 

We did challenge 1387.50 with an oscillation but price didn't pull back as far as momentum did. Momentum only pulled back to a matching level (Prime) of 1401.50. This was massively strong for the continuation of the Bull which we saw end with the creation of a new high @ 1413.50.

 

Hey, sharing is fun.

 

Thanks ProfLogic

Could you possibly post an ES chart showing how this momentum correction played out?

Was the correction low the 139775 print during the Sunday night session?