When setting up successful E-mini day trading charts, there are various processes you can use with regards to what suits your day trade. Of course there are always tips and guidelines to help you get some clarity on exactly how to set them up. Note that similar processes can be used for other E-mini futures markets as well (for instance, like the Dow E-mini and Nasdaq. All you will need to do is adjust the tick count according to your time frames.
Let us assume that you are using the TradeStation software. This means that you will also need to subscribe to the E-mini data feed of the real-time TradeStation. Once you have subscribed yourself, you can then access your account by logging into TradeStation online. The subscription of the real-time CME data is generally $25 per month, to which you can add a number of other indices and markets of your choice. Unfortunately, the cost of subscribing for this data is also part of the business.
Newer TradeStation versions also include day streaming options. It is suggested that you turn off the settings of the download speed optimization to stream the tick data. The option for this is accessible in the network preferences of the software.
In order to plot the day and night sessions, you will need to use the @ES symbol, which also comes in handy in tick charting. When using time-based charts to plot day sessions, you may need to use @ES.D symbol. Be sure to use the same settings for the format symbols for all the charts. For the volume, you can use the “Trade Volume” option and “Exchange” for the time zone settings.
Setting Up Indicators
At times, traders’ prefer using the same indicators for all the E-mini charts. Indicators are specifically designed in a way to be effective all across the different times. This enables traders to display several time frames at once simultaneously. It also enables efficient interpretation of the time frames without the need to mentally switch over to switch gears from one frame to another. Indicators are essential components of the day trading success of any trader’s day trade which makes it very important for one to choose an indicator very carefully. Remember that it is not always a good idea to have many indicators because things can then become quite distracting for you. You just simply need to have sufficient information in order to take good decisions when trading. Just as having many indicators can be distracting, having more than sufficient information can equally be as distracting because you may tend to focus more on unnecessary details.
Multiple Time Frames
At times, it is a more useful to have 3 E-mini charts side by side but on different time frames. Though each time frame is a set up with same indicators, they can be used for different purposes. For example, to determine large scaled upward and downward trends, you can use a longer time frame of 4,500 ticks. The second time frame you can use following this could be of 1,500 ticks, which is primarily a signaling time frame and can be used to determine whether or not to enter the E-mini market. The smallest time frame is of 500 ticks, which is generally used for precise time entries.
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