Tradingview is probably the most common go-to charting facility for traders.
Those that want to put price action under a microscope, will find that other companies provide such opportunities. Exo Charts, as studied in the Footprints Module, provides in-depth data regarding volume at price on any time frame.
This tutorial will provide a great overview of how you can apply Exo Charts for different trading strategies, such as scalp trading.
It will also reveal how to use the "tick" feature on Exo Charts to consolidate or expand the number of transactions on the chart, to suit your analysis.
Tradingview is probably the most common go-to charting facility for traders.
Those that want to put price action under a microscope, will find that other companies provide such opportunities. Exo Charts, as studied in the Footprints Module, provides in-depth data regarding volume at price on any time frame.
This tutorial will provide a great overview of how you can apply Exo Charts for different trading strategies, such as scalp trading.
It will also reveal how to use the "tick" feature on Exo Charts to consolidate or expand the number of transactions on the chart, to suit your analysis.
Key Points of the Lesson
UTILITY
Move away from the time-based classic charts.
Provide a “clean” view of powerful data behind the scenes.
Possible to read order flow ⇒ next-level scalp and day trading.
RANGE CHART
A new candle is created after the price moves a set amount of Ticks (1 Tick = 50 cents).
Useful for determining S/R levels ⇒ edges/midline of a well-defined parallel channel.
Momentum change can be detected if candles print in rapid succession ⇒ add time per candle statistics.
RANGE Y CHART
Modification of the Range chart.
A new candle is created after the price moves a set number of Ticks away from the candle open.
TICK CHART
1 Tick = 1 transaction (not the same as Tick size).
A new candle is created after a set number of transactions.
Resembles a visualization of the order book and the size of the orders being processed.
TREND REVERSAL CHART
Combination of Range chart and vertical price (Tick) movements.
Two candle types in one chart:
Trending candle
Reversal candle
Useful to identify when price action is trending, ranging and when it has the potential to reverse.
A trending candle is created when the price moves a set number of Ticks in the direction of the trend.
A reversal candle is created when the price moves a set number of Ticks against the direction of the trend.
Trend-Rev 44-26:
Trending candle after 44 Ticks in the trend direction.
Reversal candle after 26 Ticks against the trend (previous candle).
Shadows/Wicks are not the same as Japanese candlestick wicks.
Shadows are always directed opposite to the candle's direction ⇒ useful to see where price attempted to go but failed to stay.
Red candle ⇒ upper shadow.
Green candle⇒ lower shadow.
VOLUME CHART
A new candle is created after a set amount of volume has been transacted.
Useful to see momentum increasing/decreasing.
Removes “noise”, powerful with time statistics.
DELTA CHART
A new candle is created after a set amount of delta has been reached.
Excellent to monitor incoming market orders.
Very “clean” chart, powerful with time statistics.
TIPS & TRICKS
There is no best chart type ⇒ depends on your strategy and personal preference.
All charts are powerful when combined with Open Interest, Delta and CVD.
Clear advantage for scalp and day trading.
Screen time and meticulous observation is required.
TAKE HOME MESSAGE Chart Types expand your trading arsenal. Reduce “noise”. Focus on relevant data behind the scenes. Combine with Open Interest, Delta and CVD.