Liquidity and order flow, without the mythology

What trades, depth and profile can—and cannot—tell you.

Price shows the result; trades show participation

Classified executed trades create delta, CVD and footprint observations. Coverage and aggressor classification quality affect interpretation.

Depth is an intention, not a promise

Displayed orders can move or disappear. DOM pressure should be evaluated alongside actual trading, continuity and price response.

Absorption is an observation

An absorption proxy may suggest strong trading without proportional movement. It does not identify a specific institution or a true iceberg order.

Historical limits matter

A candle stores aggregated OHLCV, not the order book. Use captured same-exchange records for actual depth replay, and label unavailable evidence.