Execution
Reading an order book without guessing
Depth of market shows you what is resting, not what is coming. Knowing the difference changes how you use it.
YAL Editorial · Editorial desk
1 min readAn order book is a list of intentions. It tells you what participants have committed to at each price, right now. It does not tell you what they will do next, and most misreadings come from treating the first thing as though it were the second.
What the ladder is showing you
Each side of the book is a queue. Size sitting close to the touch can be withdrawn in an instant, and often is. A wall of volume is a statement of current willingness, not a promise.
- Read the shape of the book, not one level of it
- Watch how quickly size replenishes after it is taken
- Treat sudden depth appearing at a round number with suspicion
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