Here's a little setup I introduced in the Rewind Chatroom today. The disolay is from bestfreecharts.com, the platform of the Qs 5 minute real time chart posted on the right side of the blog.
What the chart displays are the parabolics (.02/.2), the VWAP line, the daily pivots and 3 linear regression lines(30,14,7). The white circled area corrals the action as the LR7 pivots down from the LR30 while the LR14 remains level.
This setup is specifically designed to capture short term trades and can also be viewed profitably on 2 minute bars. Using the 3 LR lines helps keep you on the right side of the trade and when watching the chart in real time, the slope of the LR7 in conjunction with the LR14 and LR30 can provide a dramatic indication of changing trends.
As the name implies, bestfreecharts is free, so set up the template and watch the action unfold in real time.