Order flow
Price is the last thing to change. This course shows what happens just before: the orders waiting, the traders crossing the spread and the leverage that can snap.
Beginner
- How an order book worksBids, asks, the spread and how exchanges match orders.
- Makers and takersThe difference between resting and crossing orders, what "buying" means in a market where every trade has both sides, and why it matters.
- Depth and slippageHow much is really available at a price, how slippage works and why thin order books move further on the same volume.
Intermediate
- Volume delta and CVDHow volume delta counts net taker buying, what cumulative delta shows and how divergences with price are read.
- Perpetuals and fundingHow perpetual futures stay close to spot without expiring, how funding works and how to annualise it.
- Open interest and liquidationsWhat open interest measures, how rising open interest differs from rising price, and how liquidation cascades unwind leverage.
Advanced
- Reading a liquidity heatmapHow to read an order-book heatmap, why resting liquidity isn't what it seems, and how it differs from a liquidation heatmap.
- Absorption and imbalanceAbsorption, iceberg orders and order-book imbalance: how large players show up in order flow when price doesn't move.
- A workflow for reading the tapeOne repeatable order-flow routine combining funding, open interest, delta and depth, with what each can and can't tell you.