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Why Tick Charts instead of Time Based Charts? or other chart types


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View Poll Results: What chart type do you usually use for your day trades?
Time based charts 66 29.07%
Time based charts
66 29.07%
Tick charts 93 40.97%
Tick charts
93 40.97%
Volume charts 28 12.33%
Volume charts
28 12.33%
Range charts 21 9.25%
Range charts
21 9.25%
Renko charts 19 8.37%
Renko charts
19 8.37%
Voters: 227. You may not vote on this poll

 
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  #1 (permalink)
 
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 Fadi 
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Hello Guys
In the same spirit of some recent threads in here, I would like to probe the general sentiment on the below:
- Time based charts
- Tick charts
- Volume charts
- Range charts
- Renko charts

What do you usually use for your day trades, and why? How did you made the switch to your final choice?

I am trying to decide for myself if I'd better switch from my time based candlestick charts.

Thank you
Fadi

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  #3 (permalink)
 
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 trendisyourfriend 
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I am using a point & figure chart which is not in your list to better gauge where price rotates and i apply a custom volume profile to these areas of balance to define my entry points after seeing some expansion or breakout. It works pretty well as a secondary point of view. I think some chart representation may better convey some meaning in a particular context in a compact form and a point & figure chart is certainly one of them. However, the native P&F implementation in Ninjatrader is not correct. I use a free version which i have posted somewhere on futures.io (formerly BMT) which i got from Richard Todd. It works well with a Market Profile chart which is not in your list either.

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 Zondor 
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Tick Charts – 5 Compelling Reasons To Use Tick Charts

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  #5 (permalink)
 
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 Fadi 
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trendisyourfriend View Post
I am using a point & figure chart which is not in your list to better gauge where price rotates and i apply a custom volume profile to these areas of balance to define my entry points after seeing some expansion or breakout. It works pretty well as a secondary point of view. I think some chart representation may better convey some meaning in a particular context in a compact form and a point & figure chart is certainly one of them. However, the native P&F implementation in Ninjatrader is not correct. I use a free version which i have posted somewhere on futures.io (formerly BMT) which i got from Richard Todd. It works well with a Market Profile chart which is not in your list either.

oups sorry forgot about that...

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  #6 (permalink)
 
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 Big Mike 
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Years ago, I preferred Range charts. I still prefer them for automation.

But for discretionary trading, I use volume charts for my entry chart because it makes the most sense to me since I trade a 24/7 market and want such a chart to be a 24/7 template. In addition, I use a daily profile chart, and a weekly or monthly view of the market.

The smallest chart I use is a 100k volume chart which is roughly equal to about 45m on the ES.

Mike



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 Fadi 
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Big Mike View Post
Years ago, I preferred Range charts. I still prefer them for automation.

But for discretionary trading, I use volume charts for my entry chart because it makes the most sense to me since I trade a 24/7 market and want such a chart to be a 24/7 template. In addition, I use a daily profile chart, and a weekly or monthly view of the market.

The smallest chart I use is a 100k volume chart which is roughly equal to about 45m on the ES.

Mike

That sounds like a setup I'd like to check
Thanks for sharing Mike

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  #8 (permalink)
 Futures Operator 
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Big Mike View Post
Years ago, I preferred Range charts. I still prefer them for automation.

But for discretionary trading, I use volume charts for my entry chart because it makes the most sense to me since I trade a 24/7 market and want such a chart to be a 24/7 template. In addition, I use a daily profile chart, and a weekly or monthly view of the market.

The smallest chart I use is a 100k volume chart which is roughly equal to about 45m on the ES.

Mike

Mike, are these the charts you use for day trading? I believe that is what the OP asked. If not, I am also curious, what which charts would you use for day trading?

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  #9 (permalink)
 
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 Big Mike 
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Futures Operator View Post
Mike, are these the charts you use for day trading? I believe that is what the OP asked. If not, I am also curious, what which charts would you use for day trading?

Yes, those are my day trading charts. My swing trading charts are 1d and weeklies only.

Mike



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  #10 (permalink)
 
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 josh 
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For those of you who voted "tick chart," why would you use a tick chart instead of a volume chart? Number of transactions matters more to you than volume traded?

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