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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 tracks trading volume by price range. 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 tracks buy and sell orders by order size. As buy orders increase, the line in the corresponding color moves higher. The yellow line reflects orders between $100 and $1,000, while the brown line reflects large orders between $1 million and $10 million, among others.