This is very rich subject matter... You can do all sorts of things, with varying degree of sophistication. But, to start off, let me respond with a question. If you have a time series (your tick data), can you a) identify your entry points; b) calculate max drawdown per lot, say?
What is going on whenever the /ZF bond futures does this in my attached pic. The bid and the ask are the same. It does not make since to me.