Classic Footprint Chart Definition : MarketDelta
One of the highlights of MarketDelta is the Footprint chart that they developed to plot the orders traded at the Ask vs Bid. The Footprint chart is a visual as well as statistical representation of the Flow of orders and can give us a fair idea, who is in control of the auction.
MarketDelta has various options for plotting the Footprint chart. IT can be plotted within a Multipane chart so that you can have other indicators in different panes and it can be plotted as a classic Footprint chart type. The major difference between the Footprint plotted on a multipane chart and plotted as Classic Footprint is that we cannot reduce the decimals in the ability to adjust the decimals. In Classic Footprint we can adjust the Volume generated at Ask vs Bid to be divided by 10 or 100 or 1000 and can save a lot of screen space. Screen space is important for a trader as if someone is tracking many instruments, it’s always better to consume less space per chart.
One of the examples of the Classic Footprint Chart is shown below
- Download the Chart definition from HERE and then open it in Notepad or any word application.
- Press Ctrl + A to select the entire contents of the notepad.
- Go to MarketDelta and Press ALT + F followed by O followed by D and you can now see the chart as posted with the link
- Another way is to save the .txt file on desktop or any location on your hard drive and press Alt + 2 in MarketDelta & select the chart definition from the location where you saved it & you will be able to see the chart as posted with the link
The Footprint display is scaled down by 100 in the above chart. One of the disadvantages is that if the Lot size is odd, ie; 20,25,40 or such then the results will not be accurate if odd number above 100 and below 200 or so on are traded. But apart from that, it’s a good idea to scale it down to save a lot of screen space.
The numbers to the left are Delta at price & Volume at price in the form of a vertical Ladder and Buy and Sell Volume as Profile. Delta + Cumulative Delta + Total Volume in particular TF is displayed at the bottom of the pane. There are many other options to change the display that suits your trading style.
In the next post, we will plot the Footprint chart type with the Volume Imbalance Footprint.