Analyze E-Mini S&P 500 by Comparing Multiple Data Series

Multi data series charting is a popular technical analysis approach that involves charting multiple futures contracts within one chart window. Plotting the price action of multiple instruments can help traders gain a broader perspective of market behavior through the comparison of historical data. Additionally, analysts can draw comparisons between the performance of technical indicators and trend behavior.

Multi Data Series Charting in NinjaTrader

When creating a new chart, one or more Data Series can be applied based on the instruments selected. NinjaTrader provides the option to add additional Data Series to a chart at any timeframe via the following process:

  1. Open the Data Series dialogue box by either clicking the Data Series menu item on the chart toolbar, right clicking in the chart and selecting the Data Series, or double-clicking any selected Data Series on the chart.
  2. Use the Instrument Selector or the Search Tool above the “Applied” section of the Data Series window to select a new Data Series.
  3. Configure the Data Series’ parameters as desired in the “Properties” sections, then click the “Apply” button.

Below is a chart of the S&P 500 futures contract & Volatility Index showcasing how to add an additional data series to one chart window:

S&P 500 and VIX Chart

Identify Leading or Following Trends

Comparing the behavior of two or more instruments via multi series charting can be helpful in identifying leading or following trends. The price action of one instrument can provide insight into forecasting a potential change in a correlated market.

The below example features the VIX “leading” the E-mini S&P 500 to break its prevailing bullish trend:

S&P 500 Futures Chart

Chart Technical Indicators

Adding identical technical indicators to multiple instruments within the same chart window can provide insight on potential trend changes or market movements. Similar to leading and following trends, adding an indicator to one instrument could be used as a complimentary trend identification tool. Should the second instance of the indicator exhibit similar behavior, one could interpret that as a possible trend confirmation.

Below is a chart of the S&P 500 futures contract and Volatility Index with Bollinger Bands® layered on as a technical indicator:

Bollinger Band Indicator

As always, remember past performance is not indicative of future results and you should always trade within your risk tolerance levels.

As an award-wining futures broker, NinjaTrader provides deep discount commissions and unmatched support. Download NinjaTrader free and start multi data series charting today!