day trading - premarket chart usage

[RedToGreen]

I have one indicator in particular that requires pre market settings to be on for it to function.

I was curious though for general indicators that don't rely on PM, what is everyone's thoughts about using pre-market or not.

Having it on or off can change the look of say 10m/20m/hr Emas/HMA's etc.

Is there a specific reason for doing 1 or the other or just personal preference?

Thanks

 

[royalrock]

HI....

how is everyone doing with the charts..

for example....I have two windows with 15mins time frame with BB, MACD, RSI... one with extended hours enabled another one without, so obviously both charts give different strategy/chart info with these indicators...so which one should we go with, please...

trying to understand when to use extended hours and when to disable.....

Thanks.

 

[Joshua]

Well, for one, there is no truly correct answer, its really a matter of your own personal preference. However, the indicators you listed are derived from price, meaning; they basically serve as an attempt to read price action your behalf. So, as for whether or not to enable extended hours, perhaps the question really boils down to whether or not the root price action would be worth observing in the first place?

For example, you may want to have it enabled on instruments which actually trade consistently well during extended hours. Otherwise, if its just like a few sporadic illiquid trades, you might be better off just ignoring it. What are you trading anyway? Futures versus equities might be a different story. However, equities versus certain ETFs might be too, but they fall under the same setting in the platform, meaning you'll have to fine tune it.

Adding the enable extended hours checkbox shortcut to the style drop down menu helps a a lot.

 

[royalrock]

Well, for one, there is no truly correct answer, its really a matter of your own personal preference. However, the indicators you listed are derived from price, meaning; they basically serve as an attempt to read price action your behalf. So, as for whether or not to enable extended hours, perhaps the question really boils down to whether or not the root price action would be worth observing in the first place?

For example, you may want to have it enabled on instruments which actually trade consistently well during extended hours. Otherwise, if its just like a few sporadic illiquid trades, you might be better off just ignoring it. What are you trading anyway? Futures versus equities might be a different story. However, equities versus certain ETFs might be too, but they fall under the same setting in the platform, meaning you'll have to fine tune it.

Adding the enable extended hours checkbox shortcut to the style drop down menu helps a a lot.

Thanks...

i trade stocks....amazon, aapl mvda, spy, qqqq....etc.

 

[Lexureyesed]

Thanks...

i trade stocks....amazon, aapl mvda, spy, qqqq....etc.

I started during COVID crash (literally bought on the day the market bottomed out - sheer luck) so take my advice with a grain of salt (I am no pro) but I can say that stocks move slow. If you watch charts for crypto, futures or forex or anything that is constantly trading you can see that price action moves differently than stocks when compared against time. Those low-volume, ill-liquid trades are....just another part of the chart really. Personally, I look at them but as to the "weight" that they get incorporated into my decisions, that all has to come from within you from knowledge and time in the market and what you are trading.

Have you considered/used tick-typed charts before?

 

[MerryDay]

I have one indicator in particular that requires pre market settings to be on for it to function.

I was curious though for general indicators that don't rely on PM, what is everyone's thoughts about using pre-market or not.

Having it on or off can change the look of say 10m/20m/hr Emas/HMA's etc.

Is there a specific reason for doing 1 or the other or just personal preference?

Thanks

@RedToGreen
See this answer: https://usethinkscript.com/threads/day-trading-premarket-chart-usage.8261/