Tick Reversal bars type is a simple volatility-based bars type. The building of such bars is based on a similar concept as the Point and Figure charts but much easier in customization — it has only one parameter. Thus, such bars do not have time component. How they are formed is dependent solely on price action. For example, a new bar is started only if price travels more than specified amount of ticks in the opposite direction. Seeing these plot as candles with the ability to have full volume information does wonders for cleaning up price action.
Very interested in having these too, can’t switch from sierra without them.
I use them for the footprint chart, which I guess because of copyright every platform calls a weird name.
It’s basically just point and figure charts shown as a candle. I like how they show when a market is really pressing up or down, because you get no new bar for a while.