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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 represents cumulative volume delta, or CVD.
– The volume heatmap in the upper panel tracks trading volume at each price level, and the background color becomes brighter when the price stays within a specific range for an extended period or moves sharply. Brighter zones may act as support or resistance levels.
– The cumulative volume delta indicator in the lower panel reflects buy and sell orders by order size, and the line for each color rises as buy orders increase. The yellow line represents orders between $100 and $1,000, while the brown line reflects large orders between $1 million and $10 million, among other thresholds.