# Table of Contents - [Hyblock Academy | Hyblock Academy](#hyblock-academy-hyblock-academy) - [Product Announcements | Hyblock Academy](#product-announcements-hyblock-academy) - [Hyblock Terminal v2.0 | Hyblock Academy](#hyblock-terminal-v2-0-hyblock-academy) - [Indicators | Hyblock Academy](#indicators-hyblock-academy) - [Trade to access Free Hyblock | Hyblock Academy](#trade-to-access-free-hyblock-hyblock-academy) - [Release v1.1 | Hyblock Academy](#release-v1-1-hyblock-academy) - [Buy Volume | Hyblock Academy](#buy-volume-hyblock-academy) - [Volume Delta (CVD) | Hyblock Academy](#volume-delta-cvd-hyblock-academy) - [Participation Ratio | Hyblock Academy](#participation-ratio-hyblock-academy) - [Limit Order Count | Hyblock Academy](#limit-order-count-hyblock-academy) - [Anchored CVD | Hyblock Academy](#anchored-cvd-hyblock-academy) - [Sell Volume | Hyblock Academy](#sell-volume-hyblock-academy) - [Transfer of Contracts | Hyblock Academy](#transfer-of-contracts-hyblock-academy) - [Market Order Average Size | Hyblock Academy](#market-order-average-size-hyblock-academy) - [Previous Day, Week, and Month Technical Levels | Hyblock Academy](#previous-day-week-and-month-technical-levels-hyblock-academy) - [Anchored Open Interest (OI) | Hyblock Academy](#anchored-open-interest-oi-hyblock-academy) - [Limit Order Average Size | Hyblock Academy](#limit-order-average-size-hyblock-academy) - [Market Order Count | Hyblock Academy](#market-order-count-hyblock-academy) - [Orderflow and Open Interest | Hyblock Academy](#orderflow-and-open-interest-hyblock-academy) - [Buy Sell Trade Count Ratio | Hyblock Academy](#buy-sell-trade-count-ratio-hyblock-academy) - [Market Order Count Ratio | Hyblock Academy](#market-order-count-ratio-hyblock-academy) - [Open Interest | Hyblock Academy](#open-interest-hyblock-academy) - [Slippage | Hyblock Academy](#slippage-hyblock-academy) - [Volume Ratio | Hyblock Academy](#volume-ratio-hyblock-academy) - [Limit Order Count Ratio | Hyblock Academy](#limit-order-count-ratio-hyblock-academy) - [Anchored LiqLevelsSize | Hyblock Academy](#anchored-liqlevelssize-hyblock-academy) - [Whale vs Retail Delta | Hyblock Academy](#whale-vs-retail-delta-hyblock-academy) - [Top Trader Average Leverage Used | Hyblock Academy](#top-trader-average-leverage-used-hyblock-academy) - [LiqLevels | Hyblock Academy](#liqlevels-hyblock-academy) --- # Hyblock Academy | Hyblock Academy [NextHyblock Terminal v2.0](/hyblock-terminal-v2.0) Last updated 10 months ago Was this helpful? [](#get-started) Get Started --------------------------------- Start exploring Hyblock metrics below, or see Hyblock tools in a live environment on . [Hyblock Terminal](https://hyblockcapital.com/terminal) [](https://academy.glassnode.com/concepts/utxo) [Hyblock Terminal v2.0](/hyblock-terminal-v2.0) --- # Product Announcements | Hyblock Academy [PreviousHyblock Terminal v2.0](/hyblock-terminal-v2.0) [NextTrade to access Free Hyblock](/product-announcements/trade-to-access-free-hyblock) Last updated 10 months ago Was this helpful? [Trade to access Free Hyblock](/product-announcements/trade-to-access-free-hyblock) [Release v1.1](/product-announcements/release-v1.1) --- # Hyblock Terminal v2.0 | Hyblock Academy [PreviousHyblock Academy](/) [NextProduct Announcements](/product-announcements) Last updated 10 months ago Was this helpful? Welcome to the tutorial for our newly released Hyblock Terminal, your comprehensive trading analytics platform. We are excited to introduce you to the powerful features that make Hyblock the ultimate tool for crypto market analysis. This guide will walk you through the key functionalities and enhancements of our new terminal. ### [](#introduction-to-the-hyblock-terminal) Introduction to the Hyblock Terminal The Hyblock Terminal is designed to consolidate all your trading analytics needs into a single, user-friendly interface. Previously, our tools were scattered across different tabs in your browser, making it cumbersome to switch between various analytics and indicators. You can now access everything you need on a single screen using widgets. This streamlined approach ensures you have a clear and organized view of all your analytics. **Easy Navigation** The hamburger menu, located at the top left of the screen, provides easy access to all the tools we offer. Simply click the menu to see a list of available tools and select the ones you need for your analysis. **Multiple Instances of the Same Widget** You can add the same widget multiple times to your dashboard. This feature allows you to view different data sets or apply various settings to the same type of widget, enhancing your ability to perform comparative analyses. **Flexible Widget Management** Your dashboard can accommodate up to 12 widgets simultaneously. This capacity ensures that you can have a comprehensive view of multiple data points without feeling overwhelmed. Widgets can be resized, moved around, maximized, or minimized according to your preference. This flexibility allows you to create a dashboard layout that best suits your workflow and ensures that the most critical information is always prominently displayed. ### [](#configuring-and-using-widgets) Configuring and Using Widgets **Selecting a Tool** Choose the tool you wish to use from the menu. After selecting a tool, a popup will appear allowing you to configure the settings for your widget. Here’s how to set it up. **Configuring Your Widget** Type of Graph: Depending on the selected widget, choose the specific type of graph you want to create. * For Heatmap: Select from Liquidation, Open Interest, or Net Longs/Shorts. * For Data Explorer: Choose from various statistical charts like histograms, screeners, spaghetti graphs, etc. Select Tickers: We support over 400+ tickers. Use the search bar to quickly find specific tickers you are interested in. Lookback Period: Select the desired time frame for your data. Options include: * Daily * Weekly * Monthly * Custom periods **Running the Widget** Once you have configured the settings to your preference, click on the "Run" button. The chart will be created based on your configuration and will appear on your dashboard. **Editing Widget Settings** If you need to make changes to your widget settings, simply click on the title of the graph. This will bring you back to the same configuration popup, allowing you to adjust your settings as needed. ### [](#customizing-chart-settings-for-widgets) Customizing Chart Settings for Widgets **Accessing Chart Settings** Each widget has its own unique chart settings based on the type of graph created. To access these settings, click on the settings button located at the top right corner of the widget. By customizing the chart settings, you can enhance the clarity and relevance of the data displayed in each widget **Widget-Specific Options** Depending on the widget you have created, you will have a different set of options available. Here are some examples: * Liquidation Level Graphs: * Leverage Amounts: Select or deselect different leverage amounts to filter the data. * Granularity: Adjust the level of detail displayed in the graph. * Heatmaps & Screeners: * Min/Max Color Scaling Tool: Use this tool to reduce noise and focus on specific ranges within the scale. This feature is especially useful for highlighting significant data points. * All Widgets: * Color Palette: Change the color palette of the widget to suit your preference or to make the data more readable. **Applying Settings** After adjusting the settings, click the "Apply" button to save your changes. The widget will update to reflect the new settings, providing you with a customized view of your data. **Restoring Default Settings** If you wish to revert to the default settings, simply click on the "Restore to Default" button. This will reset the widget to its original configuration. ### [](#utilizing-the-data-explorer-widget) Utilizing the Data Explorer Widget With the Data Explorer widget, you can you can harness the full potential of Hyblock's extensive data and create insightful visualizations tailored to your specific analytical needs. This flexibility enables you to slice and dice the data according to market trends and make strategic trading decisions. **Selecting View Type** After selecting a graph type, you can choose between two primary view options: * View Multiple Coins Across One Indicator: This option allows you to analyze how different coins perform against a single indicator. * View Multiple Indicators Across One Coin: This option enables you to compare various indicators for a single coin. **Example: Creating a Histogram** In the video, we demonstrate how to create a histogram using the Data Explorer widget. Here are the steps we followed: * **View Multiple Indicators Across One Coin:** We chose to view the Global Accounts Long Percentage, Whale vs Retail Delta, and Average Leverage Used Delta for just BTCUSDT. * The histogram provided a visual representation of these indicators, allowing us to analyze the data effectively. **Changing the View** Next, we quickly opened another histogram to demonstrate the flexibility of the widget: * **Viewing Multiple Coins Across One Indicator:** We selected ETH, AAVE, and SOL to compare their performance for just a single indicator, Global Accounts Long Percentage. * By changing the dropdown setting, we were able to generate a completely different view of the data. **Emphasizing Customization** The ability to easily switch between different views by adjusting a simple dropdown setting adds significant customization to the Hyblock Terminal. With over 400+ tickers and numerous indicators available, this functionality allows users to digest information quickly and make informed decisions. The Data Explorer widget in the Hyblock Terminal offers a variety of powerful graph types that allow you to visualize and analyze data in multiple ways. These diverse graph types make the widget a versatile and powerful tool for market analysis. **Screener** The Screener allows you to scan the market for coins or indicators and visualize the results via a heatmap. This tool helps you understand how each row has been changing over a selected lookback period and identify current outliers. By providing a quick visual overview, the Screener helps you spot trends and anomalies in the market, making it easier to decide where to focus your attention. **Histogram** Histograms are a powerful way to build probability distributions across various coins and indicators. By plotting the frequency of different values, histograms help you understand the underlying distribution of data, identify central tendencies, and spot outliers. **Spaghetti Graph** Spaghetti graphs are invaluable for tracking the performance of multiple variables over time. In the Hyblock Terminal, spaghetti graphs allow you to visualize the performance of multiple coins or indicators simultaneously, making it easy to compare trends. Each line represents a different variable, and the global average line is included to provide overall market context. This type of graph is perfect for identifying patterns and understanding the broader market dynamics. **Correlation Matrix** Correlation matrices are essential for understanding the relationships between different coins or indicators. By displaying the correlation coefficients between pairs of variables, these matrices help you identify which variables move together and which do not. **Profiles** Profiles in the Hyblock Terminal take the concept of volume profile analysis to the next level by incorporating additional data such as volume delta, open interest, and liquidations. This type of graph helps you understand the distribution of trading activity over different price levels, providing insights into where significant buying and selling pressures exist. The dashboard is designed to give you a clear and structured view of all your widgets, ensuring that you can analyze data effectively. By utilizing all the features, you can ensure that your dashboard is always well-organized and that your preferred configurations are readily accessible. **Organizing Your Dashboard with the Smart Grid** If your widgets are not organized correctly, you can quickly tidy up your dashboard using the "Smart Grid" feature. Here’s how: * **Smart Grid Button:** Located at the top right corner of the dashboard. * Functionality: Clicking this button will snap all your widgets into a clean grid layout, where each row contains three widgets of the same size. This ensures a neat and organized workspace, making it easier to view and compare your data. **Saving Individual Widgets** To preserve the settings and configuration of each widget, you can save them individually. Here’s the process: * **Save Icon:** Found at the top right corner of each widget. * Clicking this icon saves the widget along with its current settings, allowing you to easily reload it later without having to reconfigure. **Saving Your Entire Dashboard** You can save your entire dashboard to maintain a specific layout and configuration of multiple widgets. Here’s how: * Save Icon: Located at the top right corner of the workspace. * Clicking this icon saves the current state of your entire dashboard, including all the widgets and their settings. This feature is particularly useful when you have a specific setup that you frequently use and want to preserve. **Loading Saved Widgets and Dashboards** After saving, you can load a new or previously saved dashboard at any time. Here’s the process: * **Load Option:** Accessible through the save icon’s dropdown menu at the top right corner of the workspace. Within this dropdown, you will see options to load individual saved widgets or entire dashboards. Customizing Chart Settings for Widgets Introduction to Hyblock Terminal Configuring and Using Widgets Utilizing the Data Explorer Widget --- # Indicators | Hyblock Academy [PreviousRelease v1.1](/product-announcements/release-v1.1) [NextOrderflow and Open Interest](/indicators/orderflow-and-open-interest) Last updated 10 months ago Was this helpful? [Orderflow and Open Interest](/indicators/orderflow-and-open-interest) [Liquidity Indicators](/indicators/liquidity-indicators) [Longs & Shorts Indicators](/indicators/longs-and-shorts-indicators) [Sentiment](/indicators/sentiment) [Orderbook](/indicators/orderbook) --- # Trade to access Free Hyblock | Hyblock Academy [PreviousProduct Announcements](/product-announcements) [NextRelease v1.1](/product-announcements/release-v1.1) Last updated 9 months ago Was this helpful? Big news! Hyblock is now partnered with Bybit, and we're offering you free access to our analytics services. Here's how it works: trade on Bybit using our referral link, and you can unlock Hyblock's premium analytics at no extra cost. _How to Claim Your Free Access:_ 1. Sign Up: Use our referral link \[\] to create your Bybit account. 2. Trade as Usual: Keep trading on Bybit. Hit the monthly trading volume target, and you'll get Hyblock analytics for free. 3. Join the and open a ticket via ⁠#support-tickets channel. Then share details on ref account. We will track and upgrade end of month. #### [](#volume-targets-for-new-users) Volume Targets for New Users: New User (Basic Plan) upgrading to Advanced Monthly: $1million volume / month New User (Basic Plan) upgrading to Professional Monthly: $6million volume / month #### [](#volume-targets-for-existing-users) Volume Targets for Existing Users: Existing User (Advanced) upgrading to Professional Monthly: $4million volume / month This partnership now enables users to leverage their trading volume on Bybit to gain free access to the new Hyblock Terminal. All parties benefit from this partnership. [https://www.bybit.com/invite?ref=3OQ3JP](https://www.bybit.com/invite?ref=3OQ3JP) [discord community](https://discord.gg/Tg4pbdJwXN) --- # Release v1.1 | Hyblock Academy **This update includes a complete redesign of our 10+ products, new indicators, additional symbols and more. This is the first of many new enhancements to come.** Below are the new features and updates to our products. ### [](#main-charts-tradingview) Main Charts (TradingView) **New indicators.** * _previousDayLevels:_ Key levels based on the previous day Open, Close, High, Low and EQ (average of high and low). * Labels are pdOpen, pdLow, pdHigh, pdClose, pdEQ and can be found under indicator settings. * _Funding Rate \[single exchange\]:_ The payment rate for holding a perpetual position at period time intervals. Includes predicted funding rate. * _Funding Rate \[Aggregated\]:_ Similar to funding rate but with the ability to aggregate on up to 8 exchanges. Aggregation types include SUM (total of all funding rate exchanges) and AVG (average funding rate across selected exchanges). Users can select between both aggregated funding rate and aggregated predictive funding rate under indicator settings. ### [](#support-for-100-coins) Support for 100+ coins This has been highly requested and we have been listening. Most of our products now support multiple exchanges and over 100 alt coins, including liquidation levels, coin screener, open interest profile, probability histogram, stat analyzer and the correlation scanner ### [](#real-time-updating) **Real-time updating.** No need to hit refresh constantly. All products/tools now update automatically (as soon as we have the data). ### [](#save-load-custom-charts) **Save/load custom charts.** Central to our theme of user customizability, most products now feature the ability to save and load charts, including liquidation levels, coin screener, open interest profile, and probability histograms. ### [](#liquidation-levels-v2) Liquidation Levels (v2) **Lots of customizability.** * Symbol custom options * Manually change the bubble size. Some charts show bubbles that are too large or to small, which can now be modified. * Bubble opacity * Line opacity * Bubble & line color * Appearance / UI * Background color * Gridlines (opacity and color) * Text color * Additional Filter Options - Filter liquidation levels on other metrics/indicators * OI/Volume Ratio. Want to see liquidation levels only when open interest (oi) has a net positive change? You can now filter liquidation levels on the range selected in the OI / Volume Ratio **Additional Tiers!** Market dynamic has changed and we see a lot more volume these days so we went ahead and added additional tier options to support higher granularity on our charts. ### [](#otc-dealflow-tracker-new-product) OTC Dealflow Tracker (new product!) **Tracks the OTC coin supply and demand activity. These coins are usually those that were purchased in pre-sale/VC rounds and before being listed on an exchange.** _**Available for premium members.**_ ### [](#coin-screener) Coin Screener **Additional timeframe support.** Coin screener now supports multiple timeframes: 5min, 15min, 1hr, 4hr, 1day, 1wk allowing users to see much larger lookback periods. **Aggregation indicator chart added.** At the top of the heatmap, we now display the aggregation of the indicator selected across all coins (on that exchange). So for example, if funding rate is selected, the graph will display the aggregated funding rate for _all coins_ on Binance. **Price chart added.** Similar to the aggregation indicator, we have also overlaid the price chart for any user selected coin. This should help scan the coin screener heatmap relative to the price of a coin. **New indicators.** The screener also supports 2 additional indicatorTypes: price% change and price% change delta. This shows the change in price across all coins on Binance to identify easily which coins are spiking or dropping price. ### [](#open-interest-profile) Open Interest Profile **Additional look-back periods.** The profiles can now be generated using a range of historical data: daily, weekly, monthly, quarterly, and maximum data available. **Aggregate by precision.** Ability to aggregate the profile charts by ticker precision. **Redesign.** The charts have now been redesigned to only show indicator profiles selected by the user along with a complete redesign of the user interface. ### [](#probability-histogram) Probability Histogram **Additional look-back periods.** The histograms can now be generated using a range of historical data: daily, weekly, monthly, quarterly, and maximum data available. **More details on charts.** Users can now see the change over 24 hours for each histogram to display which direction the indicator has trended over time. In addition, the historical data used to generate the histograms is now displayed. ### [](#custom-dashboard) Custom Dashboard **Layout redesign.** The custom dashboard has a completely new user interface. **Save/load dashboard layouts.** No need to constantly re-select widgets on every new session. Users can now save and load the entire dashboard layout for faster decisions. One of the main themes in our first update in alpha was to focus on user customizability and the ability to save and load the dashboard layout was central to this product update. ### [](#correlation-scanner) Correlation Scanner **Faster load times.** We have significantly improved the load time of the scanner to make it more usable. **Added FTX and Binance.** **Additional look-back periods.** Users have asked to see correlations between coins on smaller or larger time periods and this can now be displayed across 1day, 7day, 14day, and 30days. ### [](#stat-analyzer) Stat Analyzer **More indicators to backtest on.** **Complete redesign.** The stat analyzer table is now color-coded based on gain/loss to differentiate between benchmark and hypothesis. [PreviousTrade to access Free Hyblock](/product-announcements/trade-to-access-free-hyblock) [NextIndicators](/indicators) Last updated 10 months ago Was this helpful? _AAVEUSDT Profiles (precision = 1)_ ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252Fic3L6HcFzEmohM5veYVk%252Fnewplot%2520%2819%29.png%3Falt%3Dmedia%26token%3D62b2fcdd-ed2f-4ca3-a224-8051881fa825&width=768&dpr=4&quality=100&sign=f38b986d&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252F3FpaGQedHPft9Hueh4hg%252Fnewplot%2520%2822%29.png%3Falt%3Dmedia%26token%3D2b716285-792d-4ee2-abe4-ef5e67bd47da&width=768&dpr=4&quality=100&sign=3ff6bf72&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FVd8t97XDBgyCM8Hlk4Cw%252Fimage.png%3Falt%3Dmedia%26token%3Da5fde6e3-790c-497b-a87f-9785817e1bf8&width=768&dpr=4&quality=100&sign=ffc0e35c&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252F62NzxrvBLf4zm3CUtn32%252Fnewplot%2520%2820%29.png%3Falt%3Dmedia%26token%3D63464c60-468d-4150-8628-dc9cb0064283&width=768&dpr=4&quality=100&sign=bb11c55f&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FVlvTnmVzgBFH6RMgbDPT%252Fnewplot%2520%2821%29.png%3Falt%3Dmedia%26token%3D4a5a000e-0669-4d57-90fe-49e9f2dab39d&width=768&dpr=4&quality=100&sign=638005e&sv=2) --- # Buy Volume | Hyblock Academy [PreviousOpen Interest](/indicators/orderflow-and-open-interest/open-interest) [NextSell Volume](/indicators/orderflow-and-open-interest/sell-volume) Last updated 2 years ago Was this helpful? [](#overview) **Overview** ------------------------------- Volume is at the center of the trading mechanism; without it, the price wouldn't move. There are two types of orders: market (aggressive) orders and limit (passive) orders. Market orders are also known as taker volume and limit orders are also known as maker volume. A market order is essentially an order placed by someone who wants the trade to execute immediately ("I don't care what the price is; I want to execute right away"), and is thus referred to as an "aggressive" order. A limit order is essentially an order placed by someone who is willing to wait for the price to come to them so they can execute the order ("I don't think it's a good time to buy right now, so I'll place a limit order for $100 below the current price and wait for it to be executed" – thus known as a "passive" order). Volume is linked to market orders (the orders that have been executed). So, if volume is $5 million in 30 minutes, then we know that this $5 million was through _market_ buy orders and _market_ sell orders. In other words, buy volume is really _market_ buy volume and sell volume is really _market_ sell volume. [](#where-can-i-find-this) Where Can I Find This? ------------------------------------------------------ You can access the Buy Volume indicator on the Chart product under the Orderflow & Open Interest indicators. There are four variations of this indicator: * Buy Volume: Calculated at each candlestick and for a single selected exchange * Buy Volume \[Aggregated\]: Calculated at each candlestick and aggregated across all supported exchanges * Buy Volume \[Cumulative\]: Summation of volume over determined look back period and for a single selected exchange * Buy Volume \[Aggregated Cumulative\]: Summation of volume over determined look back period and aggregated across all supported exchanges Buy volume can be used to filter across different trade sizes, which can identify the activity of specific groups of traders, such as institutions or retail traders. For example, if buy volume is increasing and the majority of the buying activity is coming from institutional traders, it may be an indication that positions are being accumulated by large, sophisticated investors, which can be a bullish sign. On the other hand, if buy volume is increasing and the majority of the buying activity is coming from retail traders, it may be an indication that price is being driven by hype or speculation, which can be a bearish sign. Below you can see how you can filter volume by trades sizes to identify large vs small trade activity. ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FydT1e3Eml3UfUd7nMt2N%252Fimage.png%3Falt%3Dmedia%26token%3Dc6372832-bebe-4efd-bf2e-2da0aef8f80a&width=768&dpr=4&quality=100&sign=3f732d15&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252F1aSdnh4JuoaY7SW1BJr2%252Fimage.png%3Falt%3Dmedia%26token%3Dc45506ed-8685-4993-9656-3d52b3d6c748&width=768&dpr=4&quality=100&sign=4f44d1a2&sv=2) --- # Volume Delta (CVD) | Hyblock Academy [PreviousSell Volume](/indicators/orderflow-and-open-interest/sell-volume) [NextMarket Order Count](/indicators/orderflow-and-open-interest/market-order-count) Last updated 1 year ago Was this helpful? [](#overview) **Overview** ------------------------------- Volume Delta (CVD), or Cumulative Volume Delta, is an advanced order flow indicator widely used in trading. It offers insights into market pressure by calculating the difference between buy volume and sell volume. Essentially, Volume Delta = Buy Volume - Sell Volume. This indicator is available in several variations, each serving different analytical needs: 1. **Volume Delta**: Measures volume delta at each candlestick for a single exchange. 2. **Volume Delta \[Aggregated\]**: Similar to the first, but aggregates data across all supported exchanges. 3. **Volume Delta \[Cumulative\] (CVD)**: Accumulates the volume delta over a specified lookback period for a single exchange. 4. **Volume Delta \[Aggregated Cumulative\]**: Like CVD, but aggregates across all exchanges. [](#where-can-i-find-this) Where Can I Find This? ------------------------------------------------------ You can access the Volume Delta indicator on the Main Chart product under the Orderflow & Open Interest indicators. There are four variations of this indicator: * Volume Delta: Calculated at each candlestick and for a single selected exchange * Volume Delta \[Aggregated\]: Calculated at each candlestick and aggregated across all supported exchanges * Volume Delta \[Cumulative\]: The sum of volume delta over a specified lookback and for a single selected exchange (also known as CVD or Cumulative Volume Delta) * Volume Delta \[Aggregated Cumulative\]: The sum of volume delta over a specified lookback, aggregated across all supported exchanges (also known as aggregated CVD) [](#using-cvd-in-trading) Using CVD in Trading --------------------------------------------------- CVD is a potent tool for various analytical purposes: * **Identifying Buying/Selling Pressure**: A positive CVD suggests dominant buying pressure, while a negative CVD indicates selling pressure. * **Spotting Potential Turning Points**: Abrupt changes in the CVD trend might signal market reversals. * **Determining Market Momentum**: Consistently positive and rising CVD lines can indicate a strong bullish trend. ### [](#lookback-period-in-cvd) Lookback Period in CVD The lookback period in CVD is crucial. It determines the number of bars considered for calculating buying and selling volumes. A longer lookback gives a broader market trend view, while shorter periods respond quicker to market changes. ### [](#filtering-by-trade-sizes) Filtering by Trade Sizes CVD analysis can be refined by filtering based on trade sizes. This can highlight activities of specific trader groups like institutions or retail traders. For instance, a rise in CVD with predominant selling by institutional traders can signal bearish trends, while the opposite might suggest bullish trends driven by retail speculation. #### [](#trade-size-buckets) Trade Size Buckets CVD can be displayed for various trade size buckets. Users can choose from ranges like 0 to 100, 1k to 100k, and so on, up to 'Infinity'. This feature allows traders to analyze market behavior in different segments: * **Small Trades (e.g., 0 to 100)**: Reflects retail trader activity. * **Medium Trades (e.g., 1k to 10k)**: May represent more committed retail traders or smaller institutional activities. * **Large Trades (e.g., 100k to 1m)**: Typically indicates institutional trading, providing insights into professional market movements. * **Very Large Trades (e.g., 10m to Infinity)**: Suggests major institutional involvement, potentially signaling significant market shifts. ### [](#divergences-in-trade-size-buckets) Divergences in Trade Size Buckets Understanding divergences between different trade size buckets can be crucial for traders. For example: * **Small Sizes Increasing While Large Sizes Decreasing**: If the CVD for small trade sizes (e.g., 0 to 1k) is increasing while it's decreasing for large trade sizes (e.g., 100k to 1m), it could indicate that retail traders are driving the market up while institutions might be distributing or selling their positions. Such a divergence often suggests a potential market top, where retail enthusiasm is high, but professional players are exiting their positions. ### [](#identifying-volume-concentration-by-bucket-sizes) Identifying Volume Concentration by Bucket Sizes Each trade size bucket in CVD also helps in determining where the majority of trading volume is originating and what proportion of the total volume each bucket contributes. This analysis is vital for several reasons: * **Large% of Volume in Small Sizes**: A significant percentage of volume in smaller trade sizes might suggest a retail-driven market, often associated with speculative trading or hype. * **Dominance in Medium to Large Sizes**: When the bulk of trading volume lies in medium to large sizes, it could indicate a more balanced market with both retail and institutional involvement. * **Major Volume in Very Large Sizes**: A market where a large proportion of the volume comes from the very large size bucket (e.g., 10m to Infinity) could signify heavy institutional influence, possibly leading to more stable and less volatile market movements. #### [](#practical-use-case) Practical Use Case Consider a scenario where market prices are rising, but the CVD for small trade sizes is significantly increasing while the CVD for large trade sizes is steadily decreasing. This divergence could be interpreted as a red flag for bullish traders, as it may suggest that while prices are driven higher by retail traders' optimism and smaller trades, institutional traders (reflected in large trade sizes) are possibly taking profits or reducing their positions. Such a situation could lead to a potential reversal if retail momentum wanes and institutional selling pressure dominates. In summary, analyzing CVD across different trade size buckets not only provides a clearer picture of the current market sentiment but also helps in predicting potential future movements based on the divergence in trading behaviors among different trader groups. This level of analysis is essential for traders looking to understand the depth and nuances of market dynamics. ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252F27EexglwzqBhTcJnYhMk%252FScreen%2520Shot%25202023-01-23%2520at%25209.04.17%2520AM.png%3Falt%3Dmedia%26token%3De2df6d21-1498-485f-9fa5-5820bb9af9c9&width=768&dpr=4&quality=100&sign=5672620f&sv=2) --- # Participation Ratio | Hyblock Academy [](#introduction) Introduction ----------------------------------- In the fast-paced world of cryptocurrency trading, the "Participation Ratio" indicator emerges as a key tool for traders. It offers a unique perspective on market dynamics by analyzing the relationship between volume and open interest. This indicator helps traders gauge the level of new participation in the market, which can be pivotal in understanding market sentiment and potential price movements. [](#what-is-the-participation-ratio-indicator) What is the "Participation Ratio" Indicator? ------------------------------------------------------------------------------------------------ ### [](#overview) **Overview** The "Participation Ratio" measures the percentage of trading volume represented by the change in Open Interest (OI). It is calculated as the Open Interest Delta divided by the Volume. ### [](#concept) **Concept** The essence of this indicator lies in differentiating between the volume that results from new market participants entering (or exiting) and the volume from ongoing trading activities. * Very high (positive) participation ratio indicates a significant portion of the trading volume involves new participants * Very low (negative) participation ratio indicates a significant portion of the trading volume involves participant exiting * Flat (close to 0) value suggests existing market players dominate the volume ### [](#example) **Example** Consider a situation where the open interest increases by 2 million contracts and the total trading volume is 20 million contracts. The participation ratio here would be 10%, indicating that 10% of the trading volume involves new participants entering the market. [](#why-is-it-important) Why is it Important? -------------------------------------------------- ### [](#insight-into-market-participation) **Insight into Market Participation** Understanding the participation ratio is crucial for traders as it provides insights into whether new players are entering (or exiting) the market, or if the trading is predominantly by existing participants. ### [](#market-sentiment-indicator) **Market Sentiment Indicator** The participation ratio can serve as a barometer for market sentiment. A rising ratio might indicate growing interest, whereas a falling ratio could suggest waning interest. [](#how-can-it-be-used-in-markets) How Can it be Used in Markets? ---------------------------------------------------------------------- **Identifying Market Trends** A consistently high participation ratio during a market rally can signal strong buying interest from new participants, possibly reinforcing the uptrend. Conversely, during market declines, a low participation ratio might indicate that the sell-off is mainly driven by existing participants, hinting at a potential bottom formation. **Trading Volume Analysis** By analyzing participation ratio alongside trading volume, traders can distinguish between volume spikes caused by new entrants versus those by existing participants. This distinction is crucial in evaluating the strength of price movements. [](#specific-use-cases) Specific Use Cases ----------------------------------------------- ### [](#transfer-of-contracts-during-high-volume-periods) Transfer of Contracts During High Volume Periods **Scenario: Transfer of Contracts** In scenarios where the trading volume is high over a short time frame, yet the Participation Ratio remains flat, a significant transfer of contracts can occur. This happens when one set of market participants is entering positions while an approximately equal number of participants are exiting, leading to a balanced transfer of contracts. **How It Works** * **Balanced Entry and Exit:** In this scenario, for every trader or group of traders entering the market (buying contracts), there is an approximately equal number of traders exiting the market (selling contracts). This balance results in high trading volume but little net change in open interest. * **Example:** Imagine within a 5-minute window, a group of traders purchases 500,000 contracts of a cryptocurrency, while another group simultaneously sells an equal amount. The trading volume spikes due to these transactions, but the open interest remains largely unchanged since the total number of open contracts doesn't increase or decrease significantly. **Implications** * **Market Sentiment Analysis:** This kind of transfer can be a key indicator of market sentiment. For instance, if the price remains stable or increases during this period, it might suggest that the selling pressure is being absorbed by new buyers, which could be a bullish sign. Conversely, if the price declines, it may indicate that buyers are not sufficiently absorbing the selling pressure, potentially a bearish signal. * **Liquidity and Price Stability:** Such balanced transfers often contribute to liquidity and can lead to price stability. They are essential in markets, especially in high-volatility periods, as they allow traders to enter and exit positions without causing significant price disruptions. * **Strategic Positioning:** Understanding this dynamic can be crucial for traders looking to enter or exit the market. Recognizing a transfer of contracts can help in timing the trades better, especially in anticipating potential resistance or support levels. ### [](#bullish-and-bearish-engagements) **Bullish and Bearish Engagements** A surge in the participation ratio amidst a price rally could imply strong bullish engagement, as more new buyers enter the market. In contrast, an increase during a downturn might signal bearish sentiment, with new participants entering short positions. ### [](#sentiment-shift-detection) **Sentiment Shift Detection** Sudden changes in the participation ratio can indicate sentiment shifts. For instance, a sharp increase after a prolonged downtrend might signal a reversal as new buyers start to enter, suggesting a potential market turnaround. [PreviousTransfer of Contracts](/indicators/orderflow-and-open-interest/transfer-of-contracts) [NextPrevious Day, Week, and Month Technical Levels](/indicators/orderflow-and-open-interest/previous-day-week-and-month-technical-levels) Last updated 1 year ago Was this helpful? --- # Limit Order Count | Hyblock Academy [PreviousMarket Order Average Size](/indicators/orderflow-and-open-interest/market-order-average-size) [NextLimit Order Average Size](/indicators/orderflow-and-open-interest/limit-order-average-size) Last updated 2 years ago Was this helpful? Overview Limit Order is an order to buy or sell a security at a specified price. Primary goal of submitting a limit order is to ensure price however execution of your trade is not guaranteed. These participants are known as market makers or passive order. Market and limit orders are constantly being placed at all times during market hours. Studying executed orders can help users understand activity at different price levels whereas resting orders can help identify future potential interest. In this section we will be focusing on executed orders (orderflow). For more information on resting orders you can look at our [Orderbook](/indicators/orderbook) section. **Indicator Description:** The limit order count is a technical analysis tool that shows the number of limit trades that got executed during a specific time period (candlestick). You can access the indicator on the Main Chart product under the Orderflow & Open Interest. This indicator can we filtered by the the count of buy trades, sell trades, total trades, and delta during the time period. Buy: Count of executed limit buy orders Sell: Count of executed limit sell orders Total: Count of executed limit Buy Orders + Count of executed limit Orders Delta: Count of executed limit Buy Orders – Count of executed limit Sell Orders This indicator can be key understanding market sentiment and is an additional way to breakdown buyer and seller activity: * Identifying periods of high trading activity can indicate a potential reversal, a strong support/resistance zone, and other market movements. * High limit order count can possibly indicate areas of high slippage if combined with high market order size ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FGlYNT85ZP1vaH8G5Rg6s%252FScreen%2520Shot%25202023-01-23%2520at%25208.58.40%2520AM.png%3Falt%3Dmedia%26token%3Dbce045ef-409e-43d3-8fb0-be541cdf7db1&width=768&dpr=4&quality=100&sign=9deed38a&sv=2) --- # Anchored CVD | Hyblock Academy [](#definition) Definition ------------------------------- Anchored CVD is a specialized variation of the Cumulative Volume Delta (CVD) indicator that resets its calculation at predefined anchor points, such as the start of a day, 4-hour period, or 1-hour period. Like traditional CVD, it tracks the difference between buy volume and sell volume to reveal buying or selling pressure in the market. By anchoring to a specific point (ie. daily open), it highlights intraday shifts in market sentiment more clearly. This helps traders compares buying or selling momentum on a day-to-day basis. **Key Features:** * **Reset Points:** The cumulative calculation starts fresh at each anchor point (e.g., daily, 4-hour, or 1-hour intervals). * **Comparative Analysis:** Enables clearer comparisons of buying and selling behavior across different timeframes. * **Trend Identification:** Highlights shifts in market sentiment more precisely by isolating periods of activity. This variation helps traders analyze intraday momentum, spot trend reversals, and compare market pressure across multiple time intervals. [PreviousPrevious Day, Week, and Month Technical Levels](/indicators/orderflow-and-open-interest/previous-day-week-and-month-technical-levels) [NextAnchored Open Interest (OI)](/indicators/orderflow-and-open-interest/anchored-open-interest-oi) Last updated 3 months ago Was this helpful? --- # Sell Volume | Hyblock Academy [PreviousBuy Volume](/indicators/orderflow-and-open-interest/buy-volume) [NextVolume Delta (CVD)](/indicators/orderflow-and-open-interest/volume-delta-cvd) Last updated 2 years ago Was this helpful? [](#overview) **Overview** ------------------------------- Volume is at the center of the trading mechanism; without it, the price wouldn't move. There are two types of orders: market (aggressive) orders and limit (passive) orders. A market order is essentially an order placed by someone who wants the trade to execute immediately ("I don't care what the price is; I want to execute right away"), and is thus referred to as an "aggressive" order. A limit order is essentially an order placed by someone who is willing to wait for the price to come to them so they can execute the order ("I don't think it's a good time to sell right now, so I'll place a limit order for $100 above the current price and wait for it to be executed"—thus known as a "passive" order). Volume is linked to market orders (the orders that have been executed). So, if volume is $5 million in 30 minutes, then we know that this $5 million was through _market_ buy orders and _market_ sell orders. In other words, buy volume is really _market_ buy volume and sell volume is really _market_ sell volume. [](#where-can-i-find-this) Where Can I Find This? ------------------------------------------------------ You can access the Sell Volume indicator on the Main Chart product under the Orderflow & Open Interest indicators. There are four variations of this indicator: * Sell Volume: Calculated at each candlestick and for a single selected exchange * Sell Volume \[Aggregated\]: Calculated at each candlestick and aggregatged across all supported exchanges * Sell Volume \[Cumulative\]: Summation of volume over determined look back period and for a single selected exchange * Sell Volume \[Aggregated Cumulative\]: Summation of volume over determined look back period and aggregated across all supported exchanges. Sell volume can also be used to filter across different trade size which can identify activity of specific groups of traders, such as institutions or retail traders. For example, if sell volume is increasing and the majority of the selling activity is coming from institutional traders, it may be an indication that positions are being accumulated by large, sophisticated investors, which can be a bearish sign. On the other hand, if sell volume is increasing and the majority of the selling activity is coming from retail traders, it may be an indication that price is being driven by hype or speculation, which can be a bullish sign. You can see how to filter volume by trade size to identify large vs. small trade activity in the image below. ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FscR3LtG1lSQNSiZPxR9w%252FScreen%2520Shot%25202023-01-19%2520at%25201.36.24%2520PM.png%3Falt%3Dmedia%26token%3D79ef1c02-9244-4d21-a2ae-f14720354af3&width=768&dpr=4&quality=100&sign=ec355ea9&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FvAeBVM1TFsV9SLvuIcJi%252FScreen%2520Shot%25202023-01-19%2520at%25201.37.08%2520PM.png%3Falt%3Dmedia%26token%3D20772a37-bb66-4a20-9fbe-8cc0d6685e28&width=768&dpr=4&quality=100&sign=3a105910&sv=2) --- # Transfer of Contracts | Hyblock Academy [](#introduction) Introduction ----------------------------------- The "Transfer of Contracts" indicator is a valuable tool in the world of trading analysis. Derived from volume and open interest data, this indicator provides unique insights into market dynamics. It distinguishes between the volume involved in the exchange or transfer of contracts and the changes in open interest, shedding light on crucial aspects of market behavior. [](#what-is-the-transfer-of-contracts-indicator) What is the "Transfer of Contracts" Indicator? ---------------------------------------------------------------------------------------------------- ### [](#overview) **Overview** The "Transfer of Contracts" indicator, in essence, represents the absolute difference between trading volume and changes in open interest. It focuses on the volume that is involved in the exchange or transfer of contracts, without impacting the net open interest. This concept is particularly significant in understanding trading activities. ### [](#concept) **Concept** To grasp the indicator's mechanics, consider that it calculates the difference between the total volume of trades and the changes in open interest. It specifically highlights instances where contracts change hands between market participants, providing a clearer picture of trading dynamics. ### [](#example) **Example** Let's illustrate this concept with an example. Imagine a scenario where a trader decides to exit a long position of 500,000 contracts through a market sell order. Simultaneously, another trader enters the market with a long position of 500,000 contracts via a limit buy order. In this case, the "Transfer of Contracts" indicator would show a significant volume of 500,000 contracts being transferred without any net change in the overall market position. [](#why-is-it-important) Why is it Important? -------------------------------------------------- ### [](#market-dynamics-insight) **Market Dynamics Insight** Understanding the "Transfer of Contracts" indicator is essential because it distinguishes between trades that merely change ownership and those that significantly impact open interest. This insight can be instrumental in deciphering market movements. ### [](#identifying-market-behavior) **Identifying Market Behavior** This indicator helps traders discern whether the trading volume primarily involves new participants entering the market (both longs and shorts) or existing participants exiting. It provides valuable information about market sentiment and potential shifts. [](#how-can-it-be-used) How Can it be Used? ------------------------------------------------ ### [](#accumulation-distribution-analysis) **Accumulation/Distribution Analysis** **Scenario**: The "Transfer of Contracts" indicator can be particularly insightful in identifying accumulation or distribution phases in the market. A key aspect to monitor is the transfer of contracts between different market participants, such as retail traders and whales (large holders). **How It Works**: When a significant transfer of contracts occurs without a corresponding change in open interest, it might indicate that whales are distributing their holdings to retail traders, or vice versa. For example, if the indicator shows a large transfer of contracts while the market price remains relatively stable, it could suggest that whales are offloading their positions to retail traders, potentially signaling a distribution phase. On the other hand, a similar pattern with an increasing price might indicate accumulation by whales. **Interpretation**: This analysis helps in understanding the underlying market sentiment and potential future price movements. If whales are accumulating, it could be a bullish signal, whereas distribution might hint at a bearish trend. ### [](#local-reversals-linked-to-spikes-in-transfer-of-contracts) **Local Reversals Linked to Spikes in Transfer of Contracts** **Scenario**: Spikes in the "Transfer of Contracts" indicator can be indicative of local reversals in the market, especially when these spikes are not accompanied by a significant change in open interest. **How It Works**: A spike in the transfer of contracts, predominantly due to the exchange of existing contracts, can signify a shift in market dynamics. This is especially true when there's a significant trading volume that doesn't lead to new market participants entering or exiting in large numbers. **Interpretation**: Such a pattern might indicate that the existing market participants are repositioning themselves, possibly in anticipation of a market reversal. If this happens during a price rally, it could suggest that traders are taking profits and preparing for a potential downturn. Conversely, during a downtrend, a spike in the transfer of contracts could signal a bottoming process, where sellers are exhausting, and buyers are starting to dominate, potentially leading to a bullish reversal. [PreviousLimit Order Average Size](/indicators/orderflow-and-open-interest/limit-order-average-size) [NextParticipation Ratio](/indicators/orderflow-and-open-interest/participation-ratio) Last updated 1 year ago Was this helpful? --- # Market Order Average Size | Hyblock Academy [PreviousMarket Order Count](/indicators/orderflow-and-open-interest/market-order-count) [NextLimit Order Count](/indicators/orderflow-and-open-interest/limit-order-count) Last updated 2 years ago Was this helpful? [](#overview) **Overview** ------------------------------- Market order average size is a metric that measures the average size of market orders placed in a given ticker. Market orders are orders to buy or sell the contract at the current market price. The average size is calculated by dividing the total volume of market orders by the total number of market orders placed. It's important because it can provide insight into the level of buying or selling activity in the market. A high average size indicates that large market orders are being placed, which may suggest that institutional investors or other large traders are active in the market. A low average size, on the other hand, may suggest that retail investors or other small traders are more active in the market. It also provides an idea about the liquidity of the coin. A coin with a higher average size would indicate more liquidity in the market and vice versa. It is calculated by simply dividing the total volume of market orders by the total number of market orders placed. For example, if there were 100 market orders placed for a total of $10,000, the average size of a market order would be 100. It's important to note that the market order average size is a snapshot of a given period of time and it's only one of many factors to consider when analyzing. Traders should consider other fundamental and technical factors along with the market order average size when making trading decisions. In this section we will be focusing on executed orders (orderflow). For more information on resting orders you can look at our [Orderbook](/indicators/orderbook) section. [](#indicator-description) **Indicator Description** --------------------------------------------------------- The market order average size indicator is another orderflow metric that shows the average size of trades that occurred during a specific time period (candlestick). You can access the indicator on the Chart product under the Orderflow & Open Interest. This indicator can be filtered by the the count of buy trades, sell trades, total trades, and delta during the time period. * Buy: Average size of market buy orders * Sell: Average Size of market sell orders * Total: Average Size of Buy Orders + Average size of Sell Orders * Delta: Average size of Buy Orders – Average size of Sell Orders This indicator can be key understanding market sentiment and is an additional way to breakdown buyer and seller activity: * Identifying periods of high trading activity can indicate a potential reversal, a strong support/resistance zone, and other market movements. * High market order size can indicate activity is coming from institutions and low size can represent retail. * High market order size can possibly indicate areas of high slippage if combined with high limit order count ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FFo2LRBkw4NUAjHxl8uHj%252FScreen%2520Shot%25202023-01-23%2520at%25208.59.04%2520AM.png%3Falt%3Dmedia%26token%3Dbbdf3e18-4083-450d-b680-8d2847cf1dab&width=768&dpr=4&quality=100&sign=ce2a40c5&sv=2) --- # Previous Day, Week, and Month Technical Levels | Hyblock Academy [](#introduction) Introduction ----------------------------------- In trading, particularly in the volatile cryptocurrency market, understanding historical levels is crucial. Previous day, week, and month levels — including open, high, low, and equilibrium (average of high and low) — are key technical indicators that traders often use as potential support and resistance levels. These levels can provide high reward-to-risk opportunities and help traders make informed decisions. [](#what-are-previous-day-week-and-month-levels) What are Previous Day, Week, and Month Levels? ---------------------------------------------------------------------------------------------------- ### [](#overview) **Overview** These levels refer to the open, high, low, and equilibrium (EQ) points from the previous trading day, week, and month. The equilibrium is calculated as the average of the high and low prices. ### [](#concept) **Concept** The rationale behind using these levels lies in their ability to highlight significant price points that have previously acted as either support or resistance. They are often closely watched by a large number of traders, thereby increasing their relevance. #### [](#calculation) **Calculation** * **Daily Levels:** Calculated from the previous day's trading data. * **Weekly Levels:** Derived from the last week's trading range. * **Monthly Levels:** Based on the previous month's price action. [](#why-are-they-important) Why are They Important? -------------------------------------------------------- ### [](#psychological-significance) **Psychological Significance** These levels often hold psychological importance for traders and can influence market behavior. For instance, a previous month's high can act as a psychological barrier or target. ### [](#decision-making-tool) **Decision-Making Tool** They serve as a guide for placing entry and exit points, setting stop-loss orders, and identifying potential reversal points in the market. [](#how-can-they-be-used) How Can They be Used? ---------------------------------------------------- ### [](#support-and-resistance) **Support and Resistance** These levels can act as support in a rising market or resistance in a falling market. Traders might look for buying opportunities near the previous day's low or selling opportunities near the previous day's high. ### [](#breakout-and-reversal-trading) **Breakout and Reversal Trading** A breakout above a previous high or a drop below a previous low can signal a strong market move. Conversely, a failure to break these levels might indicate a potential reversal. [](#specific-use-cases) Specific Use Cases ----------------------------------------------- ### [](#trend-confirmation) **Trend Confirmation** * **Bullish Scenario:** If the price consistently closes above the previous day's or week's high, it might indicate a strong bullish trend. * **Bearish Scenario:** Conversely, closing below the previous day's or week's low could signal a bearish trend. ### [](#high-reward-to-risk-trade-setups) **High Reward-to-Risk Trade Setups** * Traders might find high reward-to-risk opportunities near these levels. For example, entering a long position near the previous week's low with a tight stop-loss can offer a favorable risk-reward ratio if the level holds as support. ### [](#intraday-pivot-points) **Intraday Pivot Points** * For intraday traders, previous day levels can act as pivot points. Trading strategies might involve buying near the previous day's EQ level or selling near it, depending on the market's overall trend. ### [](#swing-trading) **Swing Trading** * Swing traders might use previous week or month levels to set longer-term trade targets. For instance, buying near a previous month's low with an aim to sell near the high, or vice versa. [PreviousParticipation Ratio](/indicators/orderflow-and-open-interest/participation-ratio) [NextAnchored CVD](/indicators/orderflow-and-open-interest/anchored-cvd) Last updated 1 year ago Was this helpful? --- # Anchored Open Interest (OI) | Hyblock Academy [](#definition) Definition ------------------------------- Anchored Open Interest (OI) is a specialized variation of the traditional Open Interest indicator that resets its calculation at predefined anchor points, such as the start of a day, 4-hour period, or 1-hour period. Open Interest measures the total number of outstanding derivative contracts (e.g., futures or options) that have not been settled. **Key Features:** * **Reset Points:** The cumulative calculation starts fresh at each anchor point (e.g., daily, 4-hour, or 1-hour intervals). * **Comparative Analysis:** Facilitates clearer comparisons of position buildup and reduction across different timeframes. * **Market Sentiment Insights:** Highlights periods of significant position changes, providing deeper insight into directional biases and potential reversals. This variation helps traders analyze intraday changes in market positioning, track how open interest evolves during key periods, and identify patterns of accumulation or distribution. [PreviousAnchored CVD](/indicators/orderflow-and-open-interest/anchored-cvd) [NextBuy Sell Trade Count Ratio](/indicators/orderflow-and-open-interest/buy-sell-trade-count-ratio) Last updated 3 months ago Was this helpful? --- # Limit Order Average Size | Hyblock Academy [PreviousLimit Order Count](/indicators/orderflow-and-open-interest/limit-order-count) [NextTransfer of Contracts](/indicators/orderflow-and-open-interest/transfer-of-contracts) Last updated 2 years ago Was this helpful? **Overview** Limit Order is an order to buy or sell a security at a specified price. Primary goal of submitting a limit order is to ensure price however execution of your trade is not guaranteed. These participants are known as market makers or passive order. Market and limit orders are constantly being placed at all times during market hours. Studying executed orders can help users understand activity at different price levels whereas resting orders can help identify future potential interest. In this section we will be focusing on executed orders (orderflow). For more information on resting orders you can look at our [Orderbook](/indicators/orderbook) section. This indicator shows the count of buy trades, sell trades, total trades, and delta during a specific time period, represented by a candlestick on a chart. You can access the indicator on the Main Chart product under the Orderflow & Open Interest. **Indicator Description** The limit order average size indicator is another technical analysis tool that shows the average size of resting orders that got executed during a specific time period (candlestick). You can access the indicator on the Main Chart product under the Orderflow & Open Interest. This indicator can we filtered by the the count of buy trades, sell trades, total trades, and delta during the time period. Buy: Count of executed limit buy orders Sell: Count of executed limit sell orders Total: Count of executed limit Buy Orders + Count of executed limit Orders Delta: Count of executed limit Buy Orders – Count of executed limit Sell Orders This indicator can be key understanding market sentiment and is an additional way to breakdown buyer and seller activity: * Identifying periods of high trading activity can indicate a potential reversal, a strong support/resistance zone, and other market movements. * High limit order size can possibly indicate areas of absorptions * High limit order size can indicate activity is coming from institutions and low size can represent retail. ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FlrRm47ghrFi4g9pg9JBf%252FScreen%2520Shot%25202023-01-23%2520at%25208.59.30%2520AM.png%3Falt%3Dmedia%26token%3D2f76cb37-0b9d-4461-aca3-98c35455b84c&width=768&dpr=4&quality=100&sign=4a48877a&sv=2) --- # Market Order Count | Hyblock Academy [PreviousVolume Delta (CVD)](/indicators/orderflow-and-open-interest/volume-delta-cvd) [NextMarket Order Average Size](/indicators/orderflow-and-open-interest/market-order-average-size) Last updated 2 years ago Was this helpful? **Overview:** A market order is an order to buy or sell at the market's current best available price. Primary goal of submitting a market order is to ensure immediate execution of a trade. However, it does not guarantee a specified price. These participants are known as market takers or aggressive orders. Market and limit orders are constantly being placed at all times during market hours. Studying executed orders can help users understand activity at different price levels whereas resting orders can help identify future potential interest. In this section we will be focusing on executed orders (orderflow). For more information on resting orders you can look at our [Orderbook](/indicators/orderbook) section. **Indicator Description:** The market order count is a technical analysis tool that shows the number of trades that occurred during a specific time period (candlestick). You can access the indicator on the Main Chart product under the Orderflow & Open Interest. This indicator can we filtered by the the count of buy trades, sell trades, total trades, and delta during the time period. Buy: Count of market buy orders Sell: Count of market sell orders Total: Count of Buy Orders + Count of Sell Orders Delta: Count of Buy Orders – Count of Sell Orders This indicator can be key understanding market sentiment and is an additional way to breakdown buyer and seller activity: * Identifying periods of high trading activity can indicate a potential reversal, a strong support/resistance zone, and other market movements. ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252Fagp6NJynvN0NocDqeV3a%252FScreen%2520Shot%25202023-01-23%2520at%25208.58.10%2520AM.png%3Falt%3Dmedia%26token%3D353e786d-bb88-4a1d-96b5-1aa29398ccd8&width=768&dpr=4&quality=100&sign=74673124&sv=2) --- # Orderflow and Open Interest | Hyblock Academy [PreviousIndicators](/indicators) [NextOpen Interest](/indicators/orderflow-and-open-interest/open-interest) Last updated 3 months ago Was this helpful? [Open Interest](/indicators/orderflow-and-open-interest/open-interest) [Buy Volume](/indicators/orderflow-and-open-interest/buy-volume) [Sell Volume](/indicators/orderflow-and-open-interest/sell-volume) [Volume Delta (CVD)](/indicators/orderflow-and-open-interest/volume-delta-cvd) [Market Order Count](/indicators/orderflow-and-open-interest/market-order-count) [Market Order Average Size](/indicators/orderflow-and-open-interest/market-order-average-size) [Limit Order Count](/indicators/orderflow-and-open-interest/limit-order-count) [Limit Order Average Size](/indicators/orderflow-and-open-interest/limit-order-average-size) [Transfer of Contracts](/indicators/orderflow-and-open-interest/transfer-of-contracts) [Participation Ratio](/indicators/orderflow-and-open-interest/participation-ratio) [Previous Day, Week, and Month Technical Levels](/indicators/orderflow-and-open-interest/previous-day-week-and-month-technical-levels) [Anchored CVD](/indicators/orderflow-and-open-interest/anchored-cvd) [Anchored Open Interest (OI)](/indicators/orderflow-and-open-interest/anchored-open-interest-oi) [Buy Sell Trade Count Ratio](/indicators/orderflow-and-open-interest/buy-sell-trade-count-ratio) [Slippage](/indicators/orderflow-and-open-interest/slippage) [Volume Ratio](/indicators/orderflow-and-open-interest/volume-ratio) [Market Order Count Ratio](/indicators/orderflow-and-open-interest/market-order-count-ratio) [Limit Order Count Ratio](/indicators/orderflow-and-open-interest/limit-order-count-ratio) --- # Buy Sell Trade Count Ratio | Hyblock Academy [](#definition) Definition ------------------------------- Measures the relative proportion of executed buy trade count (both market and limit) versus sell trade count (both market and limit) within a given period. A higher ratio indicates stronger buy-side activity, while a lower ratio points to increased sell-side pressure. By tracking changes in this ratio over time, traders can gain insights into emerging or fading market momentum on either side of the order flow. [PreviousAnchored Open Interest (OI)](/indicators/orderflow-and-open-interest/anchored-open-interest-oi) [NextSlippage](/indicators/orderflow-and-open-interest/slippage) Last updated 3 months ago Was this helpful? --- # Market Order Count Ratio | Hyblock Academy [PreviousVolume Ratio](/indicators/orderflow-and-open-interest/volume-ratio) [NextLimit Order Count Ratio](/indicators/orderflow-and-open-interest/limit-order-count-ratio) Last updated 3 months ago Was this helpful? [](#definition) Definition ------------------------------- The **Market Order Count Ratio** measures the **relative dominance of buy market orders versus sell market orders** by comparing the difference in their counts against their combined total. It highlights the **imbalance in the frequency of market buy and sell orders.** Market Order Count Ratio\=Market Order Buy Count−Market Order Sell CountMarket Order Buy Count+Market Order Sell Count\\textbf{Market Order Count Ratio} = \\frac{\\textbf{Market Order Buy Count} - \\textbf{Market Order Sell Count}}{\\textbf{Market Order Buy Count} + \\textbf{Market Order Sell Count}} Market Order Count Ratio\=Market Order Buy Count+Market Order Sell CountMarket Order Buy Count−Market Order Sell Count​ #### [](#key-components) **Key Components:** * **Market Order Buy Count:** The total number of **market buy orders** executed during a specific timeframe. * **Market Order Sell Count:** The total number of **market sell orders** executed during a specific timeframe. * **Ratio Range:** The ratio is typically **bounded between -1 and +1**, where: * **+1:** 100% buy order dominance (only buy orders). * **\-1:** 100% sell order dominance (only sell orders). * **0:** Equal buy and sell order counts, indicating balance. --- # Open Interest | Hyblock Academy Open Interest is a very informative metric. In fact, it is so useful that in the traditional stock market it is hard to find and is usually available only on a day to day basis. We are fortunate, that in the world of crypto, exchanges provide this information at a much granular basis (minutes or seconds). [](#what-is-it) What is it? -------------------------------- ### [](#definition) Definition Open Interest (OI) is the contracts (or positions) open (or outstanding) in the market. In other words, if OI is 500 million, then there are $500 million longs and $500 million shorts currently in a position. ### [](#concept) Concept OI can increase, remain unchanged (stay flat), or decrease. * An increase in OI means longs and shorts are entering. For example, if OI increases from $500 million to $505 million, then OI Delta is +5million which means $5 million longs and $5 million shorts entered. * A decrease in OI means longs and shorts are exiting For example, if OI decrease from $500 million to $490 million, then OI Delta is -10million which means $10 million longs and $10 millions shorts exited. * OI can also remain unchanged. For example, if OI is $500 million at 5:05 UTC and remains $500 million at 6:05 UTC, this means no new contracts are entering or exiting during the hour. Essentially, there was a transfer of contracts (instead of new contracts open). A transfer of contracts would be something like one trader opens a long, while the other side closes a long. ### [](#example) Example Here is another (detailed) way of looking at it. Suppose there are 3 traders currently in the market: Alice, Joe, and Bob. Let’s also assume that 1 contract = $1 (which is usually the case on the majority of crypto-exchanges). Alice is in 10 short contracts (so she has a $10 short position). Joe is holding 3 long contracts and Bob is holding 7 long contracts. This means there are currently 10 short contracts and 10 long contracts in the market. The Open Interest is therefore 10. Now let’s say a new participant, Zane, wants to enter the market. Zane is interested in opening a long position of 5 contracts. Bob is also now looking to exit out of 5 contracts (out of his 7). So Bob transfers his 5 long contracts to Zane (we will get into how this is done soon). This transaction results in no net new contracts, just a transfer of contracts. Hence, there is no new open interest, and the open interest remains at 10. At this point here is the breakdown of everyone's position: * Alice is still holding 10 short contracts. * Bob is now holding 2 long contracts (reduced his position from 7 to 2). * Joe is still holding 3 long contracts Zane is holding 5 long contracts. Remember, the number of long contracts must equal the number of short contracts. We have 10 short contracts and 10 long contracts in the market (OI = 10). Now let’s say Alice wants to exit out of 3 of her short contracts. Joe is also looking to exit out of 3 long contracts and takes the other side of Alice's position (will explain soon how this is executed). There are now 3 less contracts in the market so open interest has reduced by 3. This increase/decrease in OI is known as OI Delta and the total Open Interest is now 7. The positions now change to: * Alice is holding 7 short contracts. * Bob is holding 2 long contacts. * Joe is holding 0 long contracts (and is no longer a participant in the market). * Zane is holding 5 long contracts Finally, Zane wants to double down on his position and is interested in entering 5 more long positions. Alice also wants to enter 5 more short contracts and matches the other side of Zane’s position. Since 5 new contracts are now in the market, OI delta is +5 and the total OI is now 12. This concludes our example and shows how OI stays flat (unchanged), increases and decreases. [](#why-its-important) Why it's important? ----------------------------------------------- Now let’s come back to the crypto markets and understand these transactions via market / limit orders. There are essentially two types of transactions in the market: Market buy which matches up with a limit sell. Market sell which matches up with a limit buy. Let’s quickly make something clear – buys and sells are not the same thing as longs and shorts. It is a common mistake to assume buying = longs, and selling = shorts. Now let’s breakdown how a long can enter/exit the market and how a short can enter/exit the market. To enter a long contract one must execute a buy order (either market or limit buy). To exit a long contract one must execute a sell order (either market or limit sell). To enter a short contract one must execute a sell order (either market or limit sell). To exit a short contract one must execute a buy order (either market or limit buy). This means each individual trade can be broken into 8 different types of transactions. [](#how-can-it-be-used) How can it be used? ------------------------------------------------ ### [](#volatility) Volatility Open Interest (OI) can often be used as a way to gauge volatility, especially when combining with price action. On smaller timeframes, we often see that high volatility is accompanied with OI decrease. Why would it decrease? Traders usually do not have time to enter positions as price quickly moves up or down quickly (high volatility), while stops, liquidations, and take profits are automatically triggered, leading to net exiting of positions. Low volatility is usually when OI increases as more and more people try to pick the right side of the next big move. In addition, most traders wait for price to reach new levels (support /resistance) to take profits, so a period of low volatility may not be enough reason to exit a position. For example, let’s say price is consolidating / ranging, and open interest continues increasing. This means more and more participants are taking long and short positions and the amount of potential stop losses and potential liquidations is also increasing. When price does move and breakout of the range, we see increased volatility as one side of that open interest has their stops and liquidations triggered leading to a liquidity cascade. On the other hand, if OI remains flat or decreases during consolidation, then we may not expect major market volatility (just a continued market volatility). Price may not be ready to “breakout” and the likelihood of a “fake-out” increases. This is when price moves outside of a range, but then quickly moves back inside. The theory behind this is since not a lot of new traders have entered during the range, there is not enough stop loss (SL) + liquidations (liq) to create a cascade event. This concept is what can create higher lows (HLs) or lowers highs (LHs) etc. in market structure as there isn’t enough SL+liq potential to push it to the next low (or high). ### [](#support-resistance-s-r) Support Resistance (S/R) Open Interest can at times be used as a way to gauge where we have true support and resistance. We can look at the change in OI, known as OI Delta, to identify which candles have the highest increase in positions. In other words, a large positive OI delta lets us know where a lot of positions have opened. These levels can be psychological levels, where if price returns to the level, it forces traders to exit at break even. ### [](#trapped-traders) Trapped Traders Open Interest can also be used to identify trapped traders. Let’s say price is consolidating and OI is slowly increasing. This means during the range, both longs and shorts are entering, equally. When price does breakout (in either direction), one side of those traders are trapped (either longs or shorts). We can then know not only the price levels that they are trapped at but also can keep an eye on OI to see when a large number of positions have exited (a drop in OI). Often times we see price almost approach the breakeven price of these trapped traders but not enough, keeping them trapped. These trapped traders can often lead to additional fuel to create a trend and further push price up. ### [](#trend-reversal-oi-drop) Trend reversal (OI drop) On very low timeframes (like 1minute), we often see a sharp price movement + OI drop lead to a reversal. Of course, this is not always the case, so one should not trade just off this, instead it is more important to understand the concept/theory behind what may be happening. As per the above section, as long as one side of the traders remain trapped, it can create fuel for price to continue moving in that same direction (trend). Until finally, there is enough pain that those trapped traders exit, leading to a drop in OI. When this happens, there may not be enough interest or trapped traders (“fuel”) to continue the trend. Advanced users can identify the initial OI build up with the drop in OI to gauge what would considered a large drop in OI. ### [](#identifying-stop-losses) **Identifying Stop Losses** We know that increasing OI means traders are opening positions (on both sides). As more and more positions enter – so do their stop losses. Coupling this information with price action, one can often estimate where large stop losses may lie. Usually retail put their stop losses under key levels. These key levels could be local lows, major support resistance levels, or even psychological levels (like 40000, 41000, 42000 etc.). If we know where OI is increasing, we can then get an idea of where the stops would be as well (on both sides). ### [](#open-interest-profile) Open Interest Profile ### [](#combining-with-other-indicators) Combining with Other Indicators OI is a powerful because it can help decode the market especially when combining with other indicators. For example, combining volume with open interest. Volume tells us the amount of market buys and market sells. However, we do not know whether these positions were entering or exiting. Open Interest tells us just that. So suppose volume is 1million and OI delta is 1million. This means that 100% of the volume is entering positions (both longs and shorts). Now let's say volume is 1million and OI delta is -1million. This tells us that 100% of the volume is exiting positions (both longs and shorts). Finally, let's say volume is 1million and OI delta is 0. This tells us that either there was 0 _net_ new contracts opened or closed (mostly a transfer of contracts). Sometimes this can be a quick way to look for absorption as one side could be absorbing the other (longs exit via market sell and on the other side of this we see absorption via longs entering on limit buys). OI can be used with many different indicators (liquidations, CVD, funding rate etc.) to really decipher what the market activity is and is quite a powerful tool for finding confluence. [](#where-can-i-find-this) Where can I find this? ------------------------------------------------------ Open Interest and Open Interest Delta can be found across a multitude of our products. ### [](#main-tradingview-charts) Main (tradingview) Charts On the main (tradingview) charts, users can go to Indicators → orderflow and open interest → choose from 4 different open interest indicators. These 4 indicators are Open Interest, Open Interest Delta, Open Interest (aggregated), Open Interest Delta (aggregated). Aggregated means users can take the sum of OI (or OI Delta) across most of the major exchanges. ### [](#other-products) Other Products Open Interest data is also displayed on some of our other products: net positions heatmap, open interest profile, probability histogram, and coin screener. Below images show how to access this data on each of our tools. To access our other products, go to products (in header section) --> then click one of the products (in image below, we show how to access the OI profile). [PreviousOrderflow and Open Interest](/indicators/orderflow-and-open-interest) [NextBuy Volume](/indicators/orderflow-and-open-interest/buy-volume) Last updated 3 months ago Was this helpful? OI increase --> stop loss potential increases at wick lows The OI Profile is one our unique products that maps open interest by price level. We won’t go into this too much here but feel free to read up on . It is quite a powerful tool as it essentially takes OI data and maps it with specific price levels (rather than time), allowing users to quickly find price levels exactly where positions have been opening (or closing). [OI profile](https://academy.hyblockcapital.com/tools/oi-profile) timeframe:1min short term reversals \[1min timeframe\] example of OI Delta on combined with buy volume and sell volume Open Interest \[single-exchange\] settings Open Interest \[aggregated-exchange\] settings How to access Open Interest Profile Product: Open Interest Profile Product: Probability Histogram Product: Coin Screener Open Interest visualized across all coins on Binance Net Positions Heatmap: Open Interest Positions ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2Flh4.googleusercontent.com%2FFwg2KpbY7p6jQyuMM3xAMCW-E2WLAhqA2r8x3UILXTWERvPyZbHWWwaOR1S7c6hnAfXj49TNZTDGQWVPcGVhpJNbCqQ8oM2eaybnyv36R_aE-qM0Ecyt0W15TBJ9X3lwpcOZ9ZKV&width=768&dpr=4&quality=100&sign=d5b37596&sv=2) 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![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2Flh3.googleusercontent.com%2FLTgc6BagH_2f0JEDk65UCATzZ4ub7AzWeT81dDFTt1NOBHA4S5JiiCzmfa4qRJ5LDQlmbKTSG1RABLj9ZqktvWAGrQKyGazTt4jRjgKg6K9Dn3G5QcW2rC45k2eTBi4jCjQOzTlS&width=768&dpr=4&quality=100&sign=b9b76870&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2Flh6.googleusercontent.com%2FAVuaxEpHeFll5DTYjBXldRyfda-JVpxQIh9zWctboMq6vG74qiXbWV-951fITtiwKrZ9z_F9kB7_MpR8RfwJN-z70wJm37HXcgiBYgps9cD15r8nQSFjigpBukaHKLZrDXpNmjPE&width=768&dpr=4&quality=100&sign=87149769&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2Flh5.googleusercontent.com%2FW1Oaf0UePxepeNbdhJDKOFuOKsguVKVgLP42g04udGLYTcwn_hFQ2_sEbWrlN6gnUuzyEwHMzfFZR4fjXNmzXpuZehWRwUqShQb8F9zjXTnNWKiSNp0J8kGan-EuS6dS7NrT6DP3&width=768&dpr=4&quality=100&sign=3940cc4e&sv=2) ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2Flh5.googleusercontent.com%2FE_j7UG3XFvnSiLeB06GpaOVs-TAorju96xiNMEotaVWlU_OtSvIXwWVGgAJEsHZd8nhWr5jZUMBrCSSO9ncwgSHY91ha2grSh_uWlUFQWv8jOjriVkTmqIPEo2mckSZe7Eqi4bQ5&width=768&dpr=4&quality=100&sign=27e650c1&sv=2) --- # Slippage | Hyblock Academy [](#definition) Definition ------------------------------- Slippage refers to the difference between the expected execution price of a market order and the actual price at which the order is filled. In the context of price slippage, it specifically measures the price impact caused by executing a market order that consumes multiple levels of available liquidity from the order book. **Example:** If you market buy BTC and your order is filled across multiple limit sell orders ranging from $90,000 to $90,002, the slippage is **$2** — representing the difference between the initial price level and the highest execution price within your order. These individual slippage values are then combined to provide three key metrics: 1. **Maximum Slippage:** The largest price deviation recorded in a single trade. 2. **Total Slippage:** The sum of all price deviations across trades. 3. **Average Slippage:** The average price deviation per trade. These metrics are broken down into four categories: * **Buy:** Slippage from buy trades. * **Sell:** Slippage from sell trades. * **Total:** Combined slippage from all trades (buy + sell). * **Delta:** The difference between buy and sell slippage (buy - sell). **Key Factors Influencing Slippage:** * **Order Size:** Larger orders are more likely to consume liquidity at multiple price levels. * **Market Liquidity:** Thin order books with low liquidity often result in higher slippage. * **Market Volatility:** Rapid price movements can amplify slippage. Slippage is a critical metric for assessing trade execution quality and understanding the cost associated with market orders, particularly in volatile or low-liquidity environments. [PreviousBuy Sell Trade Count Ratio](/indicators/orderflow-and-open-interest/buy-sell-trade-count-ratio) [NextVolume Ratio](/indicators/orderflow-and-open-interest/volume-ratio) Last updated 3 months ago Was this helpful? --- # Volume Ratio | Hyblock Academy [PreviousSlippage](/indicators/orderflow-and-open-interest/slippage) [NextMarket Order Count Ratio](/indicators/orderflow-and-open-interest/market-order-count-ratio) Last updated 3 months ago Was this helpful? [](#definition) Definition ------------------------------- The **Volume Ratio** measures the **relative dominance of buy volume versus sell volume** from executed market orders within a specific timeframe. It provides insight into **order flow imbalance** by comparing the net difference between buy and sell volumes against their combined total. Volume Ratio\=Buy Volume−Sell VolumeBuy Volume+Sell Volume\\textbf{Volume Ratio} = \\frac{\\textbf{Buy Volume} - \\textbf{Sell Volume}}{\\textbf{Buy Volume} + \\textbf{Sell Volume}} Volume Ratio\=Buy Volume+Sell VolumeBuy Volume−Sell Volume​ #### [](#key-components) **Key Components:** * **Buy Volume:** The total volume of market **buy orders** executed during the timeframe. * **Sell Volume:** The total volume of market **sell orders** executed during the timeframe. * **Ratio Range:** The ratio is typically **bounded between -1 and +1**, where: * **+1:** 100% buy volume dominance (only buy orders). * **\-1:** 100% sell volume dominance (only sell orders). * **0:** Equal buy and sell volumes, indicating balance. --- # Limit Order Count Ratio | Hyblock Academy [](#definition) Definition ------------------------------- The **Limit Order Count Ratio** measures the **relative dominance of executed limit buy orders versus executed limit sell orders** by comparing the difference in their counts against their combined total. It highlights the **imbalance in the frequency of executed limit buy and sell orders**, providing insight into liquidity absorption and market behavior. Limit Order Count Ratio\=Limit Order Buy Count−Limit Order Sell CountLimit Order Buy Count+Limit Order Sell Count\\textbf{Limit Order Count Ratio} = \\frac{\\textbf{Limit Order Buy Count} - \\textbf{Limit Order Sell Count}}{\\textbf{Limit Order Buy Count} + \\textbf{Limit Order Sell Count}} Limit Order Count Ratio\=Limit Order Buy Count+Limit Order Sell CountLimit Order Buy Count−Limit Order Sell Count​ #### [](#key-components) **Key Components:** * **Limit Order Buy Count:** The total number of **executed limit buy orders** during a specific timeframe (orders resting on the book, filled by market sell orders). * **Limit Order Sell Count:** The total number of **executed limit sell orders** during a specific timeframe (orders resting on the book, filled by market buy orders). * **Ratio Range:** The ratio is typically **bounded between -1 and +1**, where: * **+1:** 100% buy-side dominance (only limit buy orders were executed). * **\-1:** 100% sell-side dominance (only limit sell orders were executed). * **0:** Equal buy and sell limit order counts, indicating balance. [PreviousMarket Order Count Ratio](/indicators/orderflow-and-open-interest/market-order-count-ratio) [NextLiquidity Indicators](/indicators/liquidity-indicators) Last updated 3 months ago Was this helpful? --- # Anchored LiqLevelsSize | Hyblock Academy #### [](#id-1.-anchored-liqlevelssize) **1\. Anchored LiqLevelsSize** This indicator displays the **cumulative sum** of the **predicted long liquidation size** and **predicted short liquidation size** within anchored timeframes (e.g., daily, 4-hour, or 1-hour). * **Visualization:** Represented as **two separate lines** on the same chart: * **Long Liq Levels Size Line:** Tracks the cumulative size of predicted long liquidation levels. * **Short Liq Levels Size Line:** Tracks the cumulative size of predicted short liquidation levels. **Purpose:** * Compare the scale of long vs. short liquidation levels over time. * Identify imbalances in liquidation size between long and short positions. * Highlight areas where significant capital is at risk of liquidation. * * * #### [](#id-2.-anchored-liqlevelssize-delta-cumulative) **2\. Anchored LiqLevelsSize - Delta Cumulative** This indicator calculates the **difference** between the cumulative predicted **long liquidation size** and **short liquidation size** during the same anchored interval: Delta= (Long Liq Levels Size) − (Short Liq Levels Size) * **Visualization:** Represented as a **bar graph**, where: * **Positive Delta:** Long liquidation size exceeds short liquidation size. * **Negative Delta:** Short liquidation size exceeds long liquidation size. **Purpose:** * Highlight the net bias of liquidation levels. * Identify periods where one side (long or short) carries a larger liquidation risk. * Provide signals for potential market stress points or volatility based on size imbalances. * * * #### [](#why-they-matter) **Why They Matter:** * **Market Risk Analysis:** Understand whether long or short positions carry a larger risk of liquidation. * **Liquidity Insights:** Identify high-risk zones where significant liquidation events could impact market stability. * **Comparative Analysis:** Analyze trends across multiple anchored periods to better understand market positioning. Together, **Anchored LiqLevelsSize** and **Anchored LiqLevelsSize Delta Cumulative** provide a comprehensive view of the **magnitude** behind predicted liquidation levels, helping traders assess capital exposure and prepare for potential market moves driven by liquidation events. [PreviousAnchored LiqLevelsCount](/indicators/liquidity-indicators/anchored-liqlevelscount) [NextLiquidations](/indicators/liquidity-indicators/liquidations) Last updated 3 months ago Was this helpful? --- # Whale vs Retail Delta | Hyblock Academy Our whale vs retail delta indicator (WRD) _for binance_ is used throughout many of the hyblock products including the main charts, probability histogram, coin screener, etc. The concept of this indicator is to try to identify large gaps between retail long% and whale long%. So for example, if retail is constantly long and increasing their long% over time, while whales are heavier on the short side (and/or reducing their long exposure), the whale vs retail delta will display this. This indicator ranges from -100 to 100, with 0 representing whales and retail positioned exactly the same. Very high (or positive) values of WRD indicate that whales having higher long exposure than retail while low (or negative) values indicate retail has more long exposure than whales. It is also important to identify the directionality of WRD and which way the indicator is trending. For example, if WRD has a value of -30 and then starts increasing to -10, this can indicate that whales are increasing their long exposure (or reducing short exposure), while retail are doing the opposite (despite the value being negative). More often than not when whales are taking the opposite side of retail, it is the whale that are usually right (note: like everything in trading, nothing is 100%). Finding these divergences early can help spot a breakout trade or even periods of accumulation / distribution. [PreviousBitmex Net Longs & Shorts](/indicators/longs-and-shorts-indicators/bitmex-net-longs-and-shorts) [NextTrue Retail Longs & Shorts](/indicators/longs-and-shorts-indicators/true-retail-longs-and-shorts) Last updated 3 months ago Was this helpful? --- # Top Trader Average Leverage Used | Hyblock Academy [PreviousLiquidity Indicators](/indicators/liquidity-indicators) [NextLiqLevels](/indicators/liquidity-indicators/liqlevels) Last updated 3 months ago Was this helpful? ### [](#what-is-leverage) What is leverage? Leverage is an important function in the crypto market and some even say it's at the heart of derivatives trading. Most crypto exchanges offer leverage to their users. Leverage allows traders to borrow funds in order to enter a position larger than their own funds permit. Traders who trade with leverage are doing so with the goal of capturing larger gains but also at the risk of being "liquidated", or losing all or nearly all of their Initial Margin. Initial Margin is basically the amount of money coming from the traders pocket. If this trader wants to enter a $5000 trade with 10x leverage, then $500 is the Initial Margin and the remaining $4500 are borrowed funds. Exchanges cannot allow a trader to lose borrowed funds and therefore close out the position as soon as position losses reach the initial margin. When entering a trade with leverage, most exchanges provide the price at which the trade would be liquidated otherwise known as the liquidation level. ### [](#why-is-leverage-a-useful-data-point) Why is leverage a useful data point? If we know the amount of aggregate leverage being taken out by users, then we can also understand how risk-on or risk-off the current market is. For example, if we know that on average, longs are using 12x leverage while shorts are using 2x leverage, this is useful information. It can increase the likelihood of a long squeeze (as price drops, it may trigger a cascade of liquidations, quite common in crypto). Similarly, a market (or trend) may be considered “healthy” if the amount of leverage taken out is low. ### [](#what-is-this-indicator-actually-showing) What is this indicator actually showing? This indicator shows the average leverage taken out by “top traders” (larger accounts), separated by long leverage and short leverage. So if long leverage is 5.6, it implies that longs are taking out 5.6x leverage on average. Hyblock users can track not only the current amount of leverage used but also in which direction leverage is trending. Note: Top Traders does not mean the best or sharpest traders, it is just a particular segment of the entire population. Each exchange has their own definition of “top traders”, but in all cases it is just a portion of all accounts either by size of account, volume etc. ### [](#top-trader-average-leverage-delta) Top Trader Average Leverage Delta Users can also look at the "gap" between average long leverage and average short leverage, known as the _delta._ In other words, Top Trader Average Leverage Delta is the difference between leverage used by long and leverage used by shorts. This can be used to track when leverage on one side is significantly offside, identify any spikes in leverage, and monitor which direction leverage is building (trending) toward. ![](https://academy.hyblockcapital.com/~gitbook/image?url=https%3A%2F%2F1530390593-files.gitbook.io%2F%7E%2Ffiles%2Fv0%2Fb%2Fgitbook-x-prod.appspot.com%2Fo%2Fspaces%252F-MQYgDcppxxDvjwMKRcY%252Fuploads%252FqVIPSW3jxmygWuNus42X%252FScreen%2520Shot%25202021-12-27%2520at%252012.56.55%2520PM.png%3Falt%3Dmedia%26token%3D3d460930-e379-4755-a310-2f69ef718a12&width=768&dpr=4&quality=100&sign=25afee78&sv=2) --- # LiqLevels | Hyblock Academy Liquidation Levels are estimates of potential price levels where long or short liquidation events may occur. These predictions are based on factors such as leverage, position size, entry price, and margin requirements, offering insights into areas of potential liquidity concentration before they are triggered. #### [](#key-components) **Key Components:** 1. **Leverage Tiers:** Predicted liquidation levels are categorized by the leverage used in positions: * **High Leverage:** Positions with high leverage, most sensitive to small price movements. * **Medium Leverage:** Positions with moderate leverage, balancing risk and exposure. * **Low Leverage:** Positions with lower leverage, requiring significant price moves to trigger liquidation. 2. **Size Tiers:** Predicted liquidation levels are divided into three tiers based on position size: **Tier 1** (small retail positions), **Tier 2** (medium-sized positions), and **Tier 3** (large positions). **LiqLevel Indicators:** * **LiqLevels - Long \[High Leverage\]** * **LiqLevels - Long \[Medium Leverage\]** * **LiqLevels - Long \[Low Leverage\]** * **LiqLevels - Short \[High Leverage\]** * **LiqLevels - Short \[Medium Leverage\]** * **LiqLevels - Short \[Low Leverage\]** [PreviousTop Trader Average Leverage Used](/indicators/liquidity-indicators/top-trader-average-leverage-used) [NextLiqLevelsCount](/indicators/liquidity-indicators/liqlevelscount) Last updated 3 months ago Was this helpful? ---