Smart Halfback keeps track of the midpoint of the various sessions and we use this as a form of a trend / Counter-Trend indicator and have established statistics for how it is defended at various points during the day.
For example, you tend to close 30 minute periods to one side of it, typically that you opened to. Further, this is often a key area of support or resistance. If the market touches the halfback from above or below (and particularly so if it has been closing to that side), it will often be a defended area and resumption of the original tendency may be expected. In this way, Smart HalfBack acts as a trend and counter trend indicator. We always keep this on our charts for the above reasons!
The indicator keeps track of 3 halfbacks. The prior day, the overnight, and the current (developing) session. You could set the times differently if desired (settings and Parameters shown below), but this is the way we have always used it and have developed statistics and etc. for it (and we use this daily in our trading room).
The above described patterns and tendencies also work quite well with the Smart Periods indicators. Smart Periods shows you where 30 minute periods are opening as well as their highs or lows on any lower timeframe trading chart. For example, we will apply Smart Periods to a Smart Super Renko (Bar Type) chart so we have these Support / Resistance levels on our trading charts. Smart Periods also works in conjunction with Market Mapping that we use in the Oil Trading Room where you can learn these and many other patterns and tendencies that play out daily. These methods can be used in any reasonably volatile market.
Also look in the related products section below or Smart Patterns Systems or other categories from the drop down menu above that include or can be combined with this great tool to create a comprehensive strategy and for special pricing.
|Smart HalfBack NT8|
I want to get a lifetime license for Smart Halfback NT8 for up to two machines (non-simultaneous logins)