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As the trading day moves forward, the ES generates levels which are called MGI (market generated information). We can look back to the left on our chart and find these MGI levels which many more often than not will provide support and resistance. This chart was put together with the InvestorRT Multiple Price Highlighter (MPH) indicator. The chart is a 1 minute; thus, it requires a large monitor to display the information properly. 5 and 30-minute work well, also.
I think using footprint analysis on time based charts is misleading, as the countless overlap of price action makes footprint data useless. Whatever "pattern" you find in a finished bar, happened many times intrabar in real time and did not result in the high or low of that bar...
Opinion's are always welcome here at nexusfi.com, and you're certainly entitled to yours.
I think this one "as the countless overlap of price action makes footprint data useless" was a little harsh.
Volume Ladders (Footprint charts) are just another tool, and like any tool it depends on how you use it.
If the things you're looking for aren't easy to see on a Volume Ladder, then yes the tool is useless for your requirement.
But for the traders that didn't have their stops too tight in that area:
In the end this move has gone roughly 36 points to the downside from the 2490 area to test the 2453 area in about 70 minutes - Or - If you got in after you saw those trailing stops taken out.....
To quote an old saying: "Beauty is in the eye of the beholder."
Trade well,
John B
R.I.P. John Bottomley (Botts), 1956-2022.
Please visit this thread for more information.
That is precisely the point of a footprint bar. You can comparing price, volume and time whereas on the ladder you only have price and volume. It is how the 'countless overlap' occur.
i respectfully disagree, for just price and volume, you have the Market Profile chart, that'll show the volume distribution. The whole point of a footprint chart is to add another dimension to volume profile by adding the aggressive buyer vs aggressive seller dynamic. But as price repeatedly trades through levels of overcommitted or exhausted buyers/sellers, it basically loses its meaning...
Generally I agree, though certainly many will find value in time based bars -- see this thread for why I tend to steer clear of the notion of "bars" anyway. It's just an aggregation and as such will always (and by design) omit certain details. For my footprint I use volume bars -- that way I can easily see effort/result at a glance.
