Plotting Oil's Demise

Here is a good example of how you can use day's net cumulative order flow activity to see changes in actual trading mentality among all the players in the contract. The indicator plotted on the chart is a Footprint derivative that shows the day's total Ask volume minus the day's total Sell volume. If positive, most of the volume during the session has been from those making market orders to buy the contract. If negative, sellers have dominated the session.

When this net activity divergences with price action, something is going on that is very interesting and highly predictive most of the time.

This is the CLN1 contract.

Looking at Order Flow momentum

Shading Dominant Side