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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 at each price level. The background becomes brighter when the price stays in a specific range for an extended period or makes a large move. Brighter zones may act as support or resistance.
– The CVD indicator in the lower panel 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 $100-$1,000 orders, while the brown line is based on large orders ranging from $1 million to $10 million.