Module 4 · Reading Imbalances

Unfinished Auctions

When an extreme prints on both sides, the market often comes back to finish it.

In this lesson you'll

Define a finished vs unfinished auction at a bar extreme
Recognize unfinished business on a footprint
Use unfinished auctions as magnets/targets

Markets are continuous two-sided auctions. At a finished extreme, the auction turns away cleanly: the very high of a bar should print with volume on the ask only and a zero on the bid; the very low should print with volume on the bid only and a zero on the ask. One side “single-prints” at the tip.

Unfinished auction (unfinished business)

When the extreme high or low of a bar has volume on BOTH the bid and the ask — no zero print. It implies both sides were still actively trading at the tip when price reversed, leaving business 'unfinished'.

Bid — aggressive sellersAsk — aggressive buyersBuy imbalanceSell imbalancePOC (most volume)Candle = bar direction

Compare the two highs. Bar 1's high (4503.00) prints 0 on the bid → a FINISHED auction, clean turn. Bar 2's high (4503.25) prints 95 × 70 — volume on BOTH sides → UNFINISHED. ① marks the unfinished high, a likely magnet for price to return and 'finish'.

Unfinished auctions act as price magnets / targets. A cluster of unfinished highs (or lows) is a higher-conviction target — useful as a take-profit objective and for trade planning. Many platforms can auto-highlight non-zero bid&ask volume at a bar's high/low.

Data sensitivity. The “both sides printed” test is exact only on a true tick-accurate feed and depends on how the platform assigns the last trades at the extreme. On coarse or aggregated data, false “unfinished” flags appear — another reason quality data matters.

Key takeaways

Finished auction: the extreme prints a zero on one side (clean single-print turn).
Unfinished auction: the extreme has volume on BOTH bid and ask (no zero).
Unfinished extremes act as magnets — price often returns to 'finish' them.
The test is sensitive to data quality; coarse feeds create false flags.

Check your understanding

Pick an answer to reveal instant feedback. Answer every question to complete the lesson.

Question 1 of 2

At the HIGH of a bar, the top level prints 95 on the bid and 70 on the ask. What does this indicate?

A finished high should show a zero on the bid. Volume on BOTH sides at the high means the auction was still two-sided at the tip — unfinished business — which often acts as a magnet for a later retest.

Question 2 of 2

How do traders typically USE an unfinished auction?

Unfinished auctions are treated as magnets/targets: price tends to return to the level. They're commonly used as take-profit objectives and to plan where price may travel.

Educational content only. Nothing here is financial or trading advice. Order-flow and options patterns shift probabilities; they never guarantee outcomes.

Unfinished Auctions

In this lesson you'll

Key takeaways

Check your understanding

Read order flow on a platform built for it.

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