Truly beautiful charts can be built at StockCharts (SC). But I think the more useful site --for them who don’t want to pay for an account-- is BarChart (BC). But even if one buys a basic account at SC-- thus enabling the saving of one’s chart templates-- only a single watchlist is allowed, whereas at BC, even free accounts can save five chart templates and five watchlists.
Buddhists have a saying: “A way of seeing is also a way of not seeing.” Same-same with chart templates. No matter which bar types, lookback periods, or indicators you use, some opportunities are going to be missed, and some seemingly good opportunities will turn out to more an artifact of how you plotted price/volume than what’s really happening. Therefore, another bon mot becomes a propos, KISS, whose meaning we all know, but whose wisdom we often ignore. So here’s what I’ve decided to try to make work for me in the coming month.
1st Panel: a 1-month lookback, hollow candlesticks, MATRI (3) painted ‘green’, and MATRI (4) painted ‘red’.
2nd Panel: StochRSI (14,14)
Here’s a sample chart. https://www.barchart.com/shared-chart/SLV?chart_url=i_165669… Simple and clean, right? whose entry/exit rules should be obvious.
Warning: This template won’t work for charts based on intraday bars, nor is it very good when used with weekly bars. But it seems decent enough when used with daily bars and lookbacks in the 1 to 3 month range.
The trading rules are obvious, right? Own it when ‘price’ is above the MA pair and StochRSI is blue. Be out of it when ‘price’ is below the MA pair and StochRSI is ‘red’. Yeah, yeah, there a few more subtelties that need to be paid attention to, such as candle patterns. But that’s a post for another time.