Volume and order flow, explained

Notes on reading volume the way it actually trades — spread analysis, cluster and footprint charts, and what Level II data does and does not tell you. Written for traders running NinjaTrader 8.

Articles

18 August 2026 · 4 min read · By ICF Market

Free NinjaTrader Indicators: What You Already Have

Before you go looking for free NinjaTrader indicators, it is worth knowing what the platform already gives you. NinjaTrader 8 ships with volumetric bars, a volume profile and a market depth ladder — and most of what people download replaces something already there.

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4 August 2026 · 4 min read · By ICF Market

Cluster Charts and Footprint Charts: Reading Volume Inside the Bar

A candlestick tells you where price went. A footprint tells you what it cost to get there. What these charts actually plot, what delta and imbalance mean, and the data you need before either is worth looking at.

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4 August 2026 · 4 min read · By ICF Market

What Is Volume Spread Analysis, and Why Does It Still Work?

VSA reads the relationship between a bar's spread, its close and the volume behind it. Here is where the method came from, the three ideas it rests on, and how it maps onto the order flow tools traders use today.

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ICF MARKET Risk Disclosure:

Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Hypothetical Performance Disclosure:

Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading.

for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

Live Trade Room Disclosure:

This presentation is for educational purposes only and the opinions expressed are those of the presenter only. All trades presented should be considered hypothetical and should not be expected to be replicated in a live trading account.

Testimonial Disclosure:

Testimonials appearing on this website may not be representative of other clients or customers and is not a guarantee of future performance or success.