Meta ve r s e ' s

ORDER
FLOW
Full Guide

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WHAT IS ORDER FLOW?
Order flow is a footprint chart showing only the real-time market order
executed trades to study the momentum and strength of the aggressive
buyers and aggressive sellers. If the market buy order is hit, then the OFA
is printed on the buy-side where the seller had a limit order and if the
market sell order is hit, then the OFA is printed on the sell-side where the
buyer had limit order.

Please note, a limit order during the execution will get converted into a
market order when the price reaches the limit level. For example, if the
price of XYZ is 100, if you keep a Limit Sell order at 105 when the price
reaches 105, then this limit order will be converted into a market order,
and it will be released into the system. An order flow chart will include all
the executed market orders.

Image: A typical Order flow imbalance chart

A standard order flowchart is shown in the above picture. One can

add/delete/amend any features of the order flow using the ‘Totals’ option.
Besides, you can also add volume profile or volume histogram delta bar
etc .using the same choice.

Ask – It shows the total ‘Ask’ quantity for the selected time across the price
range. If you view 15-minute order flow chart, then it shows the total ask
quantities executed at market rates in that 15-minute window across the
price range.

Copyright ©2023 Metaverse Trading Academy | www.metaversetradingacademy.in

Bid – It shows the total ‘Bid’ quantity executed at market rates for the
selected time across the price range. If you view 15-minute order flow
chart, then it shows the total bid quantities in that 15-minute window
across the price range.

Delta – It is the net difference between the Ask and Bid in that respective
time window. It is calculated by subtracting the market order volumes
transacted at the bid price from the market order volumes transacted at
the ask price.

Cumulative Delta – In this case, the ‘Delta’ of every selected timeframe is

added to the Current window, and it will be displayed. It is the total
volume of market orders traded till that time.

It provides the broader dimension of the delta as it spans over the entire
day. So, irrespective of your timeframe, the software totals the entire delta
across the total time interval and displays a running total. When
cumulative delta is positive, it reflects the aggressive buyer’s strength
over the course of the session.

When cumulative delta is negative, it indicates the aggressive seller’s

strength over the course of the session. Cumulative delta should never be
studied in isolation. Up move in price with an increase in Cumulative
delta’s positiveness indicate upmove supported by aggressive buyers.

Thus you can believe the uptrend. However, a fall in Cumulative delta with
upmove in price indicates long liquidation or profit booking. Similarly, if
prices fall with increasing negative cumulative delta, that indicates a fall
in prices supported by aggressive sellers. However, if market prices fall
without an increase in negative cumulative delta, it indicates short-
covering and profit- booking by bears.

Cumulative Delta/Volume – In this case, cumulative Delta is represented

as a percentage of total volume.

Volume – It shows the total volume for the selected period.

Cumulative Volume – In this case, the volume of every period is added to

the current window, and it will be displayed.

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The above picture shows the order flow chart for the last 30-minute
timeframe. In this case, the price range is from 27490 to 27525.

If a market buy order is hit, then the OFA is printed on the buy-side where
the seller had a limit order, and if a market sell order is hit, then the OFA is
printed on the sell-side where the buyer had limit order.

On the left side, you can see all the executed ‘Sell’ orders at different price
levels. Similarly, on the right side, you can see all the executed ‘Buy’ orders.
The price has seen the close below 27490 which indicates sellers were
active in this time frame.

It can also be seen on the chart. In this case, sell orders are more (even at
first look) and a negative delta of 9440 and -5.2% cumulative delta
indicates sellers are in precise control with the clear fall in price action.

Delta Divergence occurs when prices are moving up, but Delta is coming
down or vice versa. It is similar to the RSI divergence concept. If prices are
going up and Delta reducing, it is an early indication of exhaustion of
uptrend and reversal can happen anytime. Similarly, if prices are falling
and Delta is decreasing, it is the first indication of exhaustion of downtrend,
and reversal can happen anytime. By catching divergent moves, you can
avoid getting trapped by a false move.

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A word of caution - Use Orderflow as a confirmation tool,
but don’t use this to initiate a new trade!

WHAT IS THE LEVEL 2 NSE DATA?

Level 1 provides best bid and ask price; Level 2 provides market depth data
upto 5 best bid and ask prices and Level 3 provides market depth data
unto 20 best bid and ask prices. Tick by tick data offers full order book. The
real time data feed is provided in multicast format.

WHAT IS VPOC ZONE?

VPOC (Volume Point of Control) – is the price, where most of the volume
traded over the day. Market Profile with prominent VPOC – profile, that has
clearly one significant VPOC. Value Area (Value) – is the range, where most
of the volume (70% of the volume) has traded for the day.

WHAT IS VOLUME POINT OF CONTROL?

The price level that has the highest volume (widest horizontal row) is
referred to as the point of control (POC), which identifies the price level
where most trades took place. The range of prices around the POC that
contain 70% of total volume for the period is called the value area.

Copyright ©2023 Metaverse Trading Academy | www.metaversetradingacademy.in

DO PROFESSIONAL TRADERS USE VOLUME PROFILE?
A professional trader looks at the volume profile and realizes the stock is
far away from the current “value area” (VA). Thus, they will put a limit order
down near the 37700 area, to pick up the long position near the top of the
value area high (VAH).

Hope you liked this information and to know more, contact

us today, we assure you that this tool will make your
trading more effective so that you can earn maximum.

VIKAS SINGH GAHLOT

(NISM Certified by SEBI)

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