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Spot CVD is an order-book analysis chart for the BTC/USDT spot trading pair. The upper panel shows the volume heatmap, while the lower panel shows cumulative volume delta, or CVD.
– The volume heatmap tracks trading volume by price range. The background becomes brighter when the price stays in a specific range for an extended period or moves sharply. Brighter zones may act as support or resistance.
– The cumulative volume delta indicator reflects buy and sell orders by order size. As buy orders increase, the line in the corresponding color moves higher. The yellow line is based on orders between $100 and $1,000, while the brown line reflects large orders between $1 million and $10 million.