The following document was originally drafted for an exclusive, closed-door quantitative trading group (SWMG). We did not sanitize these charts for this public release. They are raw, unedited internal notes. Apply this data ruthlessly.
The visual data feeds in this archive were originally captured using Exocharts. It is a solid, legacy platform. However, the landscape has shifted. For operators looking to execute these exact same CVD and footprint setups today, our desk heavily recommends Market Monkey ($69/mo). They offer identical or superior visual clarity without the legacy friction.
In orderflow, charts show the volumes traded on bid and ask, and not just price. Therefore, instead of just seeing the prices at which trades occurred, you’ll also see the volume of trades both on the buy and sell side.
Since it relies on current data, the advantage of orderflow analysis is that it provides valuable insight into market conditions and psychology. It also provides the aid for the confirmation for tops and bottoms, helps you see where supply and demand have changed, and more.
Orderflow allows traders to see how the market is changing in real-time, with the provided statistical information previously mentioned. Therefore, it allows you to make immediate informed decisions.
With orderflow, you can see clearly where buyers and sellers are entering the market. An orderflow chart allows you to determine the strength of the buyers and sellers, to see weak lows and highs, and more. Essentially, it lets you make far more informed decisions.
It also allows you to see what is happening in the market right at that moment, allowing you to make the most of trading opportunities as they appear.
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Hint: From my personal experience, with the current market conditions, orderflow might give you an advantage on the LTF (Micro) but can totally distract you on the HTF (Macro).
Delta
As mentioned in Liquidity, there are two primary types of orders:
Market order (Aggressive)
Limit order (Passive)
Market orders are the only orders that move the market.
Delta is the sum of market orders.
Equation behind delta is:
Delta = aggressive buys - aggressive sells
Positive delta means aggressive buyers
Negative delta means aggressive sellers
Max & Min Delta
Max and Min Delta are the maximum and minimum values delta reached within a candle.
Visual 2D representation of how Delta fluctuates providing these values:
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Hint: Delta discrepancy (between final Delta and Max/Min Delta) can help you spot trapped traders.
Cumulative Volume Delta
CVD is a tool that measures the difference between the volume initiated by buyers and sellers over a specified period, typically within a trading session or a visible range.
CVD adds up these differences over time, providing traders with insight into whether buyers or sellers are more active and how that activity might affect price movements. Positive CVD values indicate more buying pressure, while negative values suggest more selling pressure.
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Delta indicator by itself does not mean anything, it is important that trader always overlays the action of delta into the context of price. Taking it out of context will provide trader just deceptive information.
CVD concepts:
AbsorptionSoakingStuffSpot vs Perps
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Hint: Since different exchanges have different MPs, CVD works better if used aggregated. For e.g. if you are using only ByBit’s CVD and there is a whale absorbing buyers on Binance, you won’t be able to see this action.
Operator's Tip: If you need to visualize Spot vs. Perp CVD divergences like this without lag, the Market Monkey data engine handles it natively.
VP shows how much volume has been traded at each price level. VP supplements Market profile, though both data price-time and price-volume are essential, and synergies decision making.
It’s the most common way to display an auction with volume and price.
Typically, A VP consists of:
Point Of Control
POC (or vPOC) is the level with the most traded volume.
Naked POC (or nPOC) untested POCs.
Value Area
VA is the area/zone with the highest traded volume.
VAH: Value Area High
VAL: Value Area Low
High Volume Nodes
HVN are areas where price found acceptance in the past and price can react from in the future.
