Inversely, contested auctions (unfinished) tend to get traded through until an actual finished auction is put in (tendency to trade back). Often these created the low or bounce of a move. Observation A – Fished auctions (122×0) after a protracted move would create a very ‘snappy’ or ‘flicky’ low on the price ladder. This footprint was made specifically to keep track of these three observations and later trading ideas built out of these observations. Volume profile also compliments to quickly spot large selling volume. This footprint was built to clearly display several order flow observations that have an impact on decision making.Ī – Highlight of finished and unfinished auctions.ī – Red colouring of dominant selling at that price (hitting the bid). Using the rationale above, we will use it to explain how our example footprint was built, why it has certain features and why it does not have others. This is in direct contrast to the error mentioned previously where new users expect: In essence, to build a useful footprint chart you must have: Observation > Idea > Footprint build > Edge (or enhancement) Ask yourself “How would a footprint chart best be built to filter for this data? What would be the most effective and cleanest way to display this?” And so on. Next, you should start to piece together the footprint chart by building it specifically to help you with that basic observation. Therefore, the correct way of getting started is to design a footprint around a specific activity or order flow that you have intuitively noticed and understood yourself without the need for a footprint chart. This group usually finds the many choices within the settings overwhelming because they don’t know what to exclude from the footprint chart. Secondly, this mentality severely hinders effective and logical footprint construction from the ground up. The first is clear – disappointment and skepticism due to not finding footprint charts useful. In essence they are hoping the settings will ‘show’ them something with ‘edge’ straight out of the box.
#Macdoppler change footprint size how to
To put it another way – there is no intuition behind what data they want to draw from the market and how to organise it effectively for edge.
I will start this guide by specifically addressing new traders who are also new to Sierra Chart.Ī usual pitfall for this group is that they first load up the footprint settings and attempt to assemble a chart that ‘looks good’. NB: The footprint study in Sierra Chart is referred to as ‘Numbers Bars’ Part One: Understanding the Sierra Chart Footprint
A quick search within the excellent Sierra Chart documentation on their website is always a best practice when you are trying to uncover a niche setting.
Only the most relevant settings to beginner and intermediate users will be explained. It will go over the footprint study settings so we know where to focus most of our attention and where to find all the ‘fiddly bits’ that add more quality features to your footprint chart.ĭo note, the second part is not wholly inclusive of all settings. The second part of this guide will then be more linear and intended as a reference. This will be done intuitively with descriptions along the way. The first part of this guide will take an existing footprint and break it down so that you can understand the different choices made when creating a footprint chart and its final results. While we will be unpacking the technical aspects of using the Sierra platform, it’s worth noting that we also offer a complete course on Footprint Trading Strategies. As always, breaking things down and reverse engineering is a powerful learning experience and it is just as useful when it comes to making the Sierra Chart work for you.Īs such, we will do the same here in this blog. Many new users end up having to jerry-rig their own footprints, scraped from different sources, slapping on some new paint and hoping that it works well. This is especially true of option dense studies with lots of user information such as the market profile, volume by price and the Sierra Chart Footprint. For new users the studies interface in Sierra Chart can look quite daunting.
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