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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 color becomes brighter when the price stays in a certain range for an extended period or makes a large move. Brighter zones may act as support or resistance.
– The CVD indicator tracks buy and sell orders by order size. As buy orders increase, the line in the corresponding color moves higher. The yellow line reflects $100 to $1,000 orders, while the brown line is based on large orders worth $1 million to $10 million, among others.