(wow) Words Of Wonders Level 2278 Answers – You’ll soon learn how I used footprint charts to help reinvent my business career. This is after I had already made 7 figures as a business owner!
After reading this post, you will understand the critical margin tracking charts provided to help you build context around your trades, confirm and improve your strengths and weaknesses.
(wow) Words Of Wonders Level 2278 Answers
In 2008, I was 5 years into my professional career at GPC in Chicago. Most of us at the firm were pure Level II traders.
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Level II quote gave us the ability to read order flow and also determine logical levels for stops and take profits.
Use Level II to determine when large buyers or sellers have entered the market creating imbalances and identify key support and resistance levels.
I profited by following other time traders when they entered the market or by taking S&R levels that I knew many short-term traders relied on. I can put my position in his panic.
Then things changed, very quickly… In 2008, algorithms began to cover most of the trading volume. Algae has led to the withdrawal of many fake or falsely advertised orders in Tier II, making Tier II VERY transparent and very difficult to read.
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Like most other level 2 pure traders, I reached a point where I had to develop new strategies or my career would be over.
Footprint charts relive market supply and demand for me. Footprint charts allow you to interpret order flow, similar to how I used Level II quotes earlier. Let’s look at some of the basics and how to read a footprint diagram.
When you want to buy a security, the price you pay is the Ask (the price the other party is asking for). If you want to sell, the price you will get is the Bid (the price offered by the other party).
In the above example, if you are trying to sell an eMini S&P 500 contract, the price you received is 3010.25. If you want to buy, you have to pay 3010.50.
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Note: The act of buying with a market order is known as taking the bid or raising the ask. The act of selling with a market order is known as hitting the bid.
Next, we’ll look at Trading DOM, which stands for Depth of Market. This screen displays all remaining limit orders on the market (Announced Prices).
Since the introduction of the algorithms many of the orders that remain on the book have never traded. Algorithms constantly add and remove orders reducing transparency.
Footprint charts give us the ability to see the data we’re really interested in, to complete orders. These are not transactions that are published on DOM.
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In this post I will refer to the eMini S&P500 as it is the main contract to trade. However, footprint charts are valuable in trading any market including stocks, currency, oil, digital currencies and gold.
The chart above is a very basic footprint (Bid/Ask) ES chart with a 5 minute time frame.
On the candle above, the closed transactions highlighted in green are the amount of volume that occurred as a result of the market order hitting the bid.
Since the bid price consists of the bid price and the price, you should look at the chart diagonally.
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When the price range was 2874.00 x 2874.25, 113 contracts traded at the bid of 2874.00 and 173 contracts traded at the bid of 2874.25.
A control point, also known as a POC, is the price level at which the highest volume level is traded for a given session.
We use a control point to determine whether buyers or sellers are the aggressor during a given session and to indicate areas of support and resistance.
If buyers are more aggressive than sellers, prices rise. If the sellers are more aggressive, the price is lowered. AMT 101 Theory.
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Wouldn’t it be helpful if you could quickly see when big buyers or sellers are entering the market?
Those highlighted in green are buying imbalances because they occurred on a bid and were more than 300% higher than the corresponding bid.
Those highlighted in red are selling imbalances because they occurred on a bid and were more than 300% higher than the corresponding bid.
Note: 300% is what I use for buy/sell imbalances. Most mapping packages allow you to change this.
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You notice a buy imbalance highlighted in green of 607. A total of 607 trades occurred on the bid versus 174 trades that occurred on the bid.
607 / 174 = 3.49, which is an imbalance greater than 300%, so the offer is marked in green.
Footprint charts come in many types and varieties. If you decide to include them in your strategies, chances are you’ll use several variations. Let’s take a look at the main ones and consider each of their benefits and how you can use them.
The most common footprint diagram is the offer/ac footprint. (above) It should look familiar because that’s what you’ve seen so far.
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The biggest advantage of the bid/ask footprint is the ability to see buy and sell imbalances. Let’s go over a few examples of how you can use imbalances in a short amount of time.
Delta Volume is the difference between buying and selling power. Delta volume is calculated by taking the difference between the volume traded at the bid price and the volume traded at the bid price.
If the delta is greater than 0, the buyers are the aggressor because more contracts were traded with the bid than the corresponding bid.
If the delta is less than 0, the sellers are the aggressor because more contracts were traded at the bid than at the corresponding bid.
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The supply/demand chart we saw is the same time and time period as the delta trace. Let’s compare the candles that opened at 14:05. and you can visually see how the delta is calculated.
You can see at the lowest price on the bid/ask printout (left) that 52 bid trades and 0 bid trades occurred.
Note: Keep in mind that trades that are in the bid represent seller aggression and delta reduction. Where as trades that are offered represent buying aggression and increasing delta.
A third style of footprint graph is the volume footprint (above) also known as volume footprint or volume profile strip. The volume profile shows the volume of trades at each price level for a user-defined session. In the chart above, the blue represents the volume traded at each price level for the 5-minute session. (POC is marked in gold)
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Personally, I use the longer frame of the supply/demand chart when looking for a buying or selling imbalance to trigger a deviation from fair value. I don’t use delta pressures just because I already have a cumulative delta indicator in my scalp chart.
Finally, I use volume profiles (volume trace) to determine if the price is unbalanced or balanced, and to determine support and resistance levels.
You now have a basic understanding of what constitutes a footprint diagram and the different types. Next, let’s look at how you can start implementing these charts in your business.
You can see the stacked buying imbalances highlighted by the white rectangles in the chart above. Accumulated buying imbalances indicate strong buying aggression indicating a possible breakout or continuation of the uptrend.
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Below you can see the stacked sales imbalances highlighted in white rectangles. Stacked sell imbalances indicate strong sell aggression indicating a possible breakout or continuation of the downtrend.
I like to keep the longer Bid/Ask timeframe open during the day to project areas of imbalance stacked up ahead to determine support and resistance levels. Note how price has returned to the imbalance that occurred during 10:00. bar on the 30-minute chart below. The price briefly touched the disequilibrium zone and was immediately rejected and the uptrend resumed. It makes logical sense because we already know that there have been aggressive buyers at that level before.
The above auctions (bullish movements) end at a price level above which no active buyer is willing to buy. The price has become too unattractive for buyers. Similarly, auctions (bear moves) end at a price level below which no active seller is willing to sell. When any of these happen, the auction is over.
We can use a bid/ask footprint chart to identify when this situation occurs. A full auction will have zero bids at the highs or zero bids at the lows. Zero supply tells us that the price could not be higher because there were no passive buyers trying to buy. The auction is over.
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Similarly, we can see where there were no passive sellers when 0 is on offer.
At the bottom of the green bar (below) we had a price level where 419 is contracting
