FootPrintV2 Chart for NT8

FREE DOWNLOAD

Send download link to:

In trading, a footprint chart is a type of price chart that displays the volume of trades at each price level, rather than simply showing the price movements over time. Footprint charts are often used by traders to identify support and resistance levels, track the buying and selling pressure in the market, and detect potential trend reversals.

A footprint – FootPrintV2 Chart for NT8 chart works by dividing the price range into small price increments, and then displaying the volume of trades that occurred at each price level using different colours or shades. The resulting chart shows the distribution of trading activity across the price range, highlighting areas of high volume and low volume.

By analyzing the footprint chart, traders can gain insights into the market dynamics and the behavior of other traders. For example, they can see where traders are placing their orders, whether there is a lot of buying or selling pressure at certain price levels, and whether there are any large players dominating the market.

Footprint charts can be used in a variety of trading strategies, such as scalping, day trading, and swing trading. Traders may use footprint charts alongside other technical indicators and analysis tools to make informed trading decisions.

Overall, footprint charts can be a valuable tool for traders looking to gain a deeper understanding of market dynamics and make more informed trading decisions based on real-time market data.

 

1.0 Installation:

To install the indicator, just download and import it to NT8.
The indicator uses Tick-Replay and i would recommend loading a maximum of 3 to 4 days of data, depending on the bar type and time frame you are using.

If your bars are messed up after loading a chart or if the indicator only shows data for the most recent bars, right-click on your chart and select “Reload All Historical Data.

2.0 Top-Bar

The indicator adds a menu to the Top-Bar of the chart with the following Buttons:

  • Trades – Toggle Trades
  • Map – Toggle Map
  • Footprint – Toggle Footprint
  • Settings – FootPrint Settings (only visible when FootPrint is active)

3.0 Modules:

The indicator consists of different modules which can be enabled or disabled.

3.1 Profile (Previous Session)

Draws a profile of the previous session.
This profile can be useful for trading because it shows the:

  • High and Low of the previous session.
  • Value area (POCVAHVAL) of the previous session.
  • High Volume Nodes (HVN) and Low Volume Nodes (LVN) of the previous session.
  • Traded Volume and Cumulative Delta of the previous session.

3.2 Profile (Current Session)

Draws a profile of the current session.
This profile can be useful for trading because it shows the:

  • High and Low of the current session.
  • Developing Value area (POC, VAH, VAL) of the current session.
  • High Volume Nodes (HVN) and Low Volume Nodes (LVN) of the current session.
  • Traded Volume and Cumulative Delta of the current session.

3.3 Profile (Custom)

Draws a custom profile with configurable size.
The options for the profile size are the following:

  • Percent – Percent value of the current sessions volume
  • Bars – Number of bars
  • Volume – Volume traded
  • Range – Tick-Range

These options can be combined, so you could for example define that the custom profile size consists of at least 10 Bars and a Volume of 10’000 contracts.
If both criteria are met, we have our size. Please note that the values are checked per bar, so the actual values may vary a little.

The custom profile comes with two special features:

  • Map – Draws a Heat-Map of the traded volume per price.
  • Imbalances – Draws Bid-Ask Imbalances to the right side of the profile.

3.4 FootPrint

The FootPrint Chart can be toggled from the TopBar of the chart.
So you are now able to switch between your Regular Chart and the FootPrint Chart with a click.
As soon as the FootPrint Chart is active, you can change the settings from the Top-Bar menu “Settings”.

The FootPrint Chart has now two display types:

  • Profile – Display FootPrint Chart rows as profile
  • Numbers – Display FootPrint Chart rows with numbers

3.5 Bottom Area

There are three options to choose from for the Bottom Area of the chart, Volume, Delta and Cumulative Delta.
The size of the Bottom Area can be adjusted by changing the lower margin of the chart.

3.6 Tape Strip

The Tape Strip prints the actual orders at the ask and at the bid to your chart.
By default these orders are filtered, so you only see the bigger orders.
This tool gives you a feeling where the traders who trade with bigger size are aggressively entering the market or in unfiltered mode to let you see the actual orders hitting the tape.

4.0 Context and Draw Objects.

In NinjaTrader 8, we have the possibility to draw Global Objects.
This is specially useful when you want for example your Supply and Demand Zones to be visible on a chart where you only load a few day of data.
So i always have two other charts of the same instruments on my Workspace for Context and Drawings.
This prevents me from trading into support and resistance and also gives me an overview of where the price is trading.

5.0 How do i use this?

There are a lot of free resources and videos explaining how to trade FootPrint charts and volume profiles.
I would recommend to just take your time to study and watch the charts with all its default features enabled.

Later on, you could decide if you want to trade it “naked” or together with one or two selected indicators.
Don’t clutter your charts with indicators.
It’s hard enough to process this information on a slow-moving chart, but when the price really moves, you need to focus on two or three things which let you make quick and reliable trading decisions.

I personally use this indicator together with the standard ninja trader order flow vwap (without deviations) and the Half-Trend indicator.

In terms of setups, there is a lot of information you could use to define your own personal setups. Either for continuation or for reversals.

Another way of using it is to just trade from a regular chart and only switch to the FootPrint for Entries and Exits.

I hope that some of you find this indicator as helpful as I do and that it will improve your overall trading results.

 

DON'T MISS OUT!
Subscribe To Our Newsletter
Spread the word

Leave a Comment

Your email address will not be published. Required fields are marked *

Scroll to Top
Verified by MonsterInsights