Shading Dominant Side

There is no one set way to view a Footprint chart. While you may see many of the same types often posted here and elsewhere, it is important to know there are lots of creative ways to build a Footprint chart. Take the screenshot below. This is of crude oil and shades the dominant side with color and leaves the other side unshaded. This means the side of the market that experienced more volume is shaded. The benefit of this view is knowing which side traders are biased towards.  Blues represent more aggressive buying and reds represent more aggressive selling.

Shading Dominant Side

Building your Footprint chart to look like this serves as a "trade blotter", making the heavy volume stand out with brighter reds and blues. Also, there is something about this view that makes the large volume more visible, which is always a nice thing!

To download the chart definition for this chart click here.

 

Plotting Oil's Demise

Monday Evening Rally