Liquidity & the Order Book

The Hidden Ledger of Intentions

Until now you have read the market from the chart, from what price, volume, and delta have already done. The order book reads what the market is advertising it might do next. Bids stacked below, asks stacked above, walls forming and dissolving by the second. Most of it is theatre, posted to be seen and pulled before it fills. Some of it is real. The entire skill is telling the two apart.