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The spot CVD chart is an order-book analysis of the BTC/USDT spot trading pair. The upper panel shows a 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 a longer 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 represents orders between $100 and $1,000, while the brown line represents large orders between $1 million and $10 million.