Tick-Based Chart
A tick-based chart is different from a time-based bar chart. Rather than displaying prices for a particular time period, a tick chart plots the price of each transaction, regardless of the time that has elapsed. You can create a chart that shows each tick, or you can create a chart that shows a specific number of ticks in each bar.
For example, you can create a 5-tick chart, where one bar is comprised of the open, high, low, and closing ticks for each set of 5 ticks. The length of time in that 5-tick bar could be a few seconds, a minute, an hour, or even a day. In a tick-based data interval, the time it takes to record 5-ticks is of no relevance and is not represented in the bar-each bar will contain the range of open, high, low, and closing prices for a specified number of ticks.