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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 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 tracks buy and sell orders by order size. The line for each color rises as buy orders increase in that size band. The yellow line represents orders between $100 and $1,000, while the brown line reflects large orders between $1 million and $10 million.