If it is possible, how do I get a Bid-Ask reversal bar displayed on the footprint? If not possible, then please consider this question as a Feature Request.
Currently, we have time based and range based footprint bars. These work well in slower thicker markets. However, time-basing and range-basing put an artificial constraint on each bar’s extent, especially when volatility is high or the market behavior is suddenly changing.
By reversal bar I mean the bar works like in a point & figure chart where each bar’s duration and size depend on price action rather than a pre-chosen fixed time-interval or range.
I’ve seen footprint reversal bars used by professional traders a lot. The parameters the chart would take are the size of the “box” (1 tick for my purposes) and the reversal amount (which one chooses depending on the volatility in the market).
One advantage of a reversal footprint is being able to view finished auctions at the extremes of a bar. So, for example, if you see “0 x 20” at the high of a bar then you could validly conclude that the limit-buy orders dried up at that higher price at this time. If you then see 0 orders hitting the bid at or near the same price on a subsequent bar then you have a valid resistance line that might hold up for a while.
With an unfinished auction at the bar high you could expect that price level would be broken soon.
Altogether, though the trader still must make choices, at least bid-ask bars whose extent reflect price action seem more natural than arbitrary constraints on the bar.