When Market Data Can’t Be Trusted: Why Feed Integrity Matters to Order-Flow Analysis
Every chart used to analyze order flow relies entirely on market data, so it inherits flaws in it. Drop a single trade, delay one quote, or lose the connection for a few seconds, and the screen can show something the market never did. For anyone reading volume, delta, or order-book activity, the whole method assumes each event arrived intact and on time.
A frozen chart is easy to spot. An incomplete one is not, because it still draws clean, convincing patterns. A footprint can show buyers controlling a price level when the missing trades would say otherwise, and a lagging order book can keep displaying bids pulled moments ago.
This shows most clearly on a trading footprint chart, which breaks each candle into the trades executed at every price. The explanation on the ATAS official websiteshows how tick-by-tick exchange data becomes volume, Bid × Ask, and delta...
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