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Spot CVD is an order-book analysis chart for 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 in the upper panel tracks trading volume at each price level, and 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 levels.
– The CVD indicator in the lower panel reflects buy and sell orders by order size, with each colored line rising as buy orders increase in that bracket. The yellow line represents orders between $100 and $1,000, while the brown line is based on large orders between $1 million and $10 million.