I am teaching 5 and 6 year olds this year and so far, have found this technique really effective. The children get really excited about moving their pegs up. It's great for trying to target specific behaviours e.g. "I will move everybody in the most cooperative group up after this activity. They also really don't like moving it down. A very calmly worded, "Please move your peg down" is a lot more pleasant than raising your voice and getting angry.
The clip chart I have been using is from Jessica at Under the Alphabet Tree. You can download it for free from her TPT store.
Here are some of my favourite clip charts that I've stumbled upon:
This rock 'n' roll clip chart from The Inspired Apple:
This pirate-themed clip chart from My (Not So) Elementary life: