Setting Up Your Chart Grid With Indicators
The basis of the blackFLAG Trading System is the SwingArm. There are two versions of it. A single timeframe SwingArm and a multi timeframe swingarm.
The single timeframe swingarm is available free of charge for ThinkOrSwim, Ninja Trader, Tradovate, and TradingView.
As of this posting, 2/15/2021, The multi-timeframe is available free of charge for ThinkOrSwim. In the future, it will be translated and made available for other platforms as well.
Setting Up Your Chart with a few studies.
#1 The SwingArm – Single Timeframe
#2 The SwingArm – Multi Timeframe
This style of candle provides a trader with lots of information about price action while reducing the up / down process of a regular candle.
The formation of the candle provides information such as trend, strength, and buying or selling pressure.
Moving averages can provide valuable information and are easy to read. There are various types such as simple moving averages, exponential, weighted, hull, etc.
Some traders follow the 50 period moving average, 200 period moving average and variations in between.
Pivots are a great way to see turning points for price action. There are several types of pivots such as CAmarilla, Dynamic, Demark, and Projection pivots. What you select is a matter of preference. You may use a couple of them at a time but being careful not to overload the charts.
Some traders like to draw individual lines to setup their channels. Others like to use parallel lines to draw channels. Some use regression channels and all of them provide value in helping to interpret price action.
I prefer regression channels because they dramatically reduce the chance of error specially for new traders.
A trailing stop is an easy way to provide a visual interpretation as to where to place your stop loss behind. Based on each individual’s understanding of risk, one may adjust the settings to a level that you are ok with.
- Regression Channels
- The SwingArm Value Areas
- The Multi Timeframe SwingArm Value Areas
- Pivots / Turning Points / Reversals
- Trailing Stop
- Buyer / Seller Pressure System