Here is some interesting data. I have no idea if it is correct, but it is still interesting. For Fri I counted the number of 1600 tic bars for the day. My understanding is that a tic bar is the summary of all the trades in 1600 trades. Therefore the number of 1600 tick bars * 1600 should be the number of trades for the day. By the same token, the volume for the day / by the number of trades should be the # of shares/trade.
So I have to conclude that volume makes a big difference in the appearance of a tick chart. For UWM, with the low volume, 6 bars for a total day is of absolutely no use. IWM and TNA at first glance may look similar, but I expect on closer examination they will still look different since IWM has about 50% more bars.
The shares per trade look low, so I have no idea if it correct or not, but still an interesting calculation.
# tick Vol,M Trades Shrs/
bars Trd
IWM 99 72.2 158,400 45.6
UWM 6 2.1 9,600 21.9
TNA 69 27.8 110,400 25.2
