Some trading filters are better than others but the one I don't trade against is the Oil Trading Room 30 minute trend chart. On vertical days, where the market trends all day, this will keep you in, or on the right side, all day. On days where the market is choppy, it can give you early warning yet still be sensitive enough to inform you of what is going on. Below is a screenshot of this incredible set-up.
As you can see, this chart exhibits excellent persistency, yet it can still change color and keep you informed even before the range is exceeded.
Another feature of this chart are the room's supply and demand zones. These are the light blue areas near the top and bottom of the chart. These are often key turning points and areas where you really do not want to initiate new trend trades. As room members know, the best trades are often into open zone situations or areas where there is little resistance to the trend. I also use other zone charts on other types of bars. I have learned to never trade against it. Because it may be advantageous to have different zone / trend charts, and because we do not have space in the room for added charts, it may be of interest to you to add these tools to your arsenal.
All these tools are from IndicatorSmart and can even be used as a stand alone system to some extent (but the room charts are the best for finding lower risk triggers).
The key is in the colors. Red bars for down, light blue for up. Combining the colors with cycling patterns that we do in the room, I am able to really simplify trend and cycling analysis and analysis of the level of opportunity that may be available. For example, don't trade in closed zone situations or where pricing is between closely drawn zones.
Another feature of this chart is the moving average on the chart (the lone cyan line). This is often a key area of support and resistance on charts and a key area of departure for many big moves in the market. I believe this is true because it is used by large and/or higher time frame players to trade from.
Finally, at the bottom of the chart, I keep a measure of the ranges of the bars. As room members know, the period ranges are very predictable and can be used for targeting, support resistance and other technical trading benefits.
The Smart Color Bars (trend system) and Smart Zones (supply and demand / support and resistance system) are an excellent combination that I recommend all traders have on their charts. These can be viewed in the Oil Trading Room product category at IndicatorSmart.com
If you decide to get these amazing tools, as me and I will tell you the best settings to use.