Periodicity is the measure by which a new bar will be created. There are many ways to define when a new bar will be created in MarketDelta®. Each method has different benefits. Some of these are only available on the Footprint® chart because they are particularly useful with the Footprint® display. A description of each periodicity type is below. Some have screenshots for purpose of examples. All periodicities are available in every edition of MarketDelta. 

 To change the periodicity on any chart just begin typing a number. Up will pop the window below and you can just press enter or click OK once you have typed in the value. If you are using the Classic Footprint or Market Profile® chart their unique preferences window will open and you can change it there.

The Fresh Start option and the Whitespace option are two choices in the Periodicity preference window that impacts how the first bars are formed and viewed with each session.  This is important to understand when working with indicators that build on accumulative data.

Fresh Start
MarkeDelta can be configure so Non-time based periodicity charts such as Volume, Renko, and Delta based bars reset at the beginning of each session (fresh start), or continue across session boundaries. The fresh start option is generally used for symbols that might gap heavily between session (and result in a long sequence of boxes to fill the gap).  Keep in mind that this issues is more relevant depending on if you choose a session time that does not include the Globex sessions. On symbols like ES that trade around the clock, the fresh start option is generally not needed or preferred if you are using Session 31.

Go to "Setup: Preferences: Charts: General". If the "Continuous Tick & Volume Bars" checkbox is Unchecked, Renko charts will operate in "fresh start" mode. If it is unchecked, Renko charts will operate in "carry over" mode.

Whitespace
The Periodicity selection window enables "Time Per Bar" periodicity to be specified with or without “Whitespace” denoting non-trading periods. The whitespace setting does not affect the bars themselves; all bars will be formed using the time interval specified in minutes and/or seconds, but when the bars are rendered in a chart, the whitespace setting affects how the bars are drawn. The "off" setting for whitespace may be useful around holidays, especially for overnight traded futures contracts that have irregular trading hours before and after the holiday. Some Asian markets, where the session has a recess period during the overall day session, may now be viewed without the recess period shown as whitespace, if desired.

Range - Volatility based bars composed of any range of price. Each bar has the same high/low range.
Here is an example of a .10 range bar for the Bund futures contract, a fixed income credit derivative. This would be equivalent to 10 ticks in the Bund. Also notice that each bar opens at a price outside of the high/low range of the previous bar. And last, notice that each bar closes at either it's high or it's low. These are the three rules of range bars.

• Each bar must have a high/low range equal to the range specified.
• The high/low range of a bar can exceed the range specified in certain situations (gaps) but can never be less that the range specified.
• Each bar must open outside the high/low range of the previous bar.
• Each bar must close at either it's high or it's low.

With Range Bars (and Change Bars), new bars will only be formed when price is moving. When prices gets stuck in a tight range for an extended period of time, horizontal screen real estate will not be wasted with multiple bars that would have formed had the periodicity been volume or time driven. For Range Bars, the high/low range of each bar is essentially held constant, while time and volume are variables.

Change - Volatility based bars composed of any change of price. Change bars are price-driven bars, with each bar having a required minimum open-close change (in either direction). Once the change requirement is reached, the first tick to break outside that change will begin a new bar (and become the opening price of that new bar).

• A 0.50 change Bar chart of the ES is seen below. Notice that the magnitude of the open/close change of each bar is 0.50. Also notice that each bar opens at a price outside of the open/close range of the previous bar. And last, notice that each bar closes at either it's high or it's low. These are the three rules of range bars.
• Each bar must have a open/close change equal to the change specified. The open/close change of a bar can exceed the change specified in certain situations (gaps) but can never be less that the change specified.
• Each bar must open outside the open/close range of the previous bar.
• Each bar must close at either it's high or it's low.

Volume - Activity based bars composed of any amount of volume. Each bar has equal amount of volume. Trades can be split into multiple bars. Volume Bars are volume-driven bars, with each bar having a required minimum volume. Once the volume requirement is reached, the next tick/trade will initiate a new bar (and become the opening price of that new bar). A 5000 Volume Bar chart of the Bund (FGBL) with volume can be seen here. Notice that the volume of every bars is essentially the same. All bars have the required volume of 5000, with some having slightly more depending on the volume of the last tick/trade that occurred in that bar. The current bar will obviously have less than the required amount of volume while it is forming. For Volume Bars, the volume or each bar is essentially held constant, while price and time are variables.

Ticks - Activity based bars. Similar to volume bars, each bar is composed of a user specified number of ticks. Tick charts start a new bar or column when a specified number of ticks occur. A tick is defined as a single trade. Popular settings would be 89, 144, 233, 377, or 610 tick charts, with many other popular favorites. This type of chart provides more granularity than time based charts.

Reversals - To view this in Footprint use Point and Figure periodicity. Volatility based bars, building upon the concept of Point and Figure. This type of chart monitors price action and doesn't have a time component. Each column is designated either up or down and alternates between up and down accordingly. A new column is started only if price travels in the opposite direction that a column is designated. There are never two up columns or two down columns back to back as defined by the charting method. The green and red bars at the top of the bar or column represents the column designator which is simple stating the designation of the bar (up or down according to the point and figure methodology). This is important because once each column is designated up or down, then the only other rule is to monitor the number of price ticks from the high or low that occur. Each column will represent a price run in a direction until a pre-defined number of price ticks is traded off the low of a down move or off the high of an up move. When this preset number of ticks happens, a new
column is added, defining a new price run.

An example would be if the column were designated up and it was set to a 5 tick reversal, then as soon as price trades 3 tick from the high tick of the current column, a new column will start. The best way to learn would be to open a Footprint® chart, set it to a 5 tick reversal and watch what it takes to produce a new column. The reversal chart is one of the best ways to follow price action with the Footprint® chart because it is more sensitive to order flow, momentum, and price action.

Key points to understand:
1. Footprint® series down.
2. Tick reversal set to five (5).
3. MarketDelta® waits for fifth price from the high or low of the current column to signal a reversal within Footprint® series.
4. Shift column when fifth reversal price is traded.
5. New Footprint® series begins in up direction.

Prices - Volatility based bars composed of any number of prices. Similar to range bars, except the magnitude is expressed in number of prices, instead of actual price range.

Delta - Builds new bars based only after a specified delta is achieved. Specifying a delta of 2000 would create bars that consisted of 2000 delta, irrespective of the volume or time it took to create them. Below is a 2000 delta ES chart using the Delta Footprint®. Pay special attention to the delta.



Delta Reversal - Like reversal charts which are based up on the point and figure methodology, delta reversal charts also use the same methodology. The difference is instead of using price to be the determinant of the reversal, delta is used. So specifying a delta value of 2000 will require the delta for the bar to move opposite the indicated direction of the bar before it starts a new column. Watch a video here on the delta reversal. Here is a blog post showing more examples and giving a use case for this unique periodicity.

POC Volume - Creates a bar until a specified amount of volume is achieved in one of the Footprints®. For instance, if plotting the SPY with a setting of 500,000, each bar would continue to build until 500,000 shares had traded at a particular Footprint. This periodicity is very much like a constant volume bar, except this is looking for a “constant price volume” on a vertical axis instead of the horizontal axis. Here is a blog post showing more examples and giving a use case for this unique periodicity.

Volume Breakout - For this type, the range of the bar is determined once the volume level specified is achieved. Then when price breaks out of this range a new bar is formed. For instance, if plotting the ES (S&P emini futures) using a15,000 volume breakout setting, the range of prices that traded during the first 15,000 contracts will be the entire range for that bar. Only when price trades outside of that range will a new bar begin. If price trades within that initial range for a while longer the bar will just continue to rack up volume but not extend the range, essentially showing complacency with that range of prices. Once price breaks out of that range a new bar will start. Here is a blog post showing more examples and giving a use case for this unique periodicity.

Heavy Sided - This creates a new bar only when a specified volume amount is traded on the bid side or ask side of a Footprint. For instance, if 2000 is specified in the Bund futures contract, then only after 2000 or more contracts have traded on either the bid or ask at a particular Footprint (price) will a new bar start. The idea behind this type is to identfy levels of supply and demand that attract size to one side of the market. Here is a blog post showing more examples and giving a use case for this unique periodicity.

Price Delta - Creates a new bar when the entered delta value is achieved for any price within the current bar. For instance, if the price delta value chosen is 2000, then as soon as any price within the current bar achieves a delta of + or - 2000 a new bar will start. Here is a blog post showing more examples and giving a use case for this unique periodicity.