Volume Imbalance Footprint Chart Definition : MarketDelta
MarketDelta introduced the Volume Imbalance Footprint Chart type for their multipane charts some time back in 2013. You can watch the video below to understand the difference between the Traditional and the Volume Imbalance Footprint chart. In the traditional Footprint Chart, the strength or weakness is determined by the size of Ask vs Bid at the same price, whereas in the Volume Imbalance Footprint Chart, the strength or weakness is determined by the diagonal difference.
One of the examples of the Volume Imbalance 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
To be frank, We require a tick by tick data feed to know what is happening at every ask and bid. The sad part in Indian Markets is that we get a snapshot data feed where the data is received in chunks and the Asks and Bids get aggregated.
Taking into consideration that we cannot do much about it, if we can combine other stuff then this data can be good enough to Look InsideThe Chart as the MarketDelta tagline says. That being said, we notice that many traders do not bother about the accuracy of data at all as they are just too keen to watch the red and green colours changing. This can lead be misleading and we need to develop a deep understanding of how the flow of orders works, before trying our hand on using these charts with real money.