"Unfinished Auction" - New Feature
MarketDelta has a cool new technical indicator that is built into the Footprint chart called "unfinished auction". An unfinished auction is a unique chart pattern only visible on Footprint charts. It is a price extreme within a bar (the hi, lo, or both) which shows buy AND sell volume. This is best understood if looking at a bid ask Footprint or imbalance Footprint chart.
An unfinished auction is "a price where I expect the market to return", says season trader speaking in anonymity. "It's a pattern I can only see using the Footprint charts and its my edge."
Notice how the marked prices have BOTH buy and sell volume at that price. The idea behind this pattern is there was enough interest by both the buyers and sellers to create prints at these prices.
TRADING IDEAS & RULES
- Bars that have a higher high than previous bar and have unfinished business, look for a retest or higher high in the future.
- If a bar has unfinished business at both its high and low, ask yourself what the current trend is. If trending higher, put your attention on the unfinished business at the high.
- The example below shows a trending market with unfinished business on each bar that put in a higher high, EXCEPT for the last bar which reversed market direction and did NOT have unfinished business.
Right click on the Footprint and...