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Cumulative Volume Delta (CVD)

Introduction​

Cumulative Volume Delta (CVD) represents one of the most powerful metrics in order flow analysis, providing traders with insight into the ongoing battle between buyers and sellers. While traditional volume only shows the total amount of trading activity, CVD reveals which side is actually winning the battle for control of price direction.

For futures traders focused on contracts like ES, NQ, and FDAX, CVD serves as a critical tool for identifying institutional buying and selling pressure, confirming trend strength, anticipating reversals, and making informed trading decisions based on actual order flow rather than price action alone.

This module explores the concept, calculation, interpretation, and practical application of CVD, with specific focus on how futures traders can leverage this powerful indicator to enhance their trading precision.

CVD Fundamentals​

Definition and Calculation​

Cumulative Volume Delta (CVD) measures the net buying or selling pressure by tracking the difference between buying volume and selling volume over time:

  1. Basic Calculation:

    • Volume Delta = Buying Volume (Trades at Ask) - Selling Volume (Trades at Bid)
    • CVD = Running sum of Volume Delta

  2. Buying vs. Selling Determination:

    • Trades executing at the ask price: Considered buying (buyer was aggressive)
    • Trades executing at the bid price: Considered selling (seller was aggressive)
    • Trades at mid-point: Often split 50/50 or excluded

  3. Mathematical Expression:

    • For each time period: Delta(t) = BuyVolume(t) - SellVolume(t)
    • CVD(t) = CVD(t-1) + Delta(t)

  4. Practical Implementation:

    • Reset Period: CVD typically reset daily, but can be calculated across multiple timeframes
    • Visualization: Displayed as a line chart below or overlaid on the price chart
    • Scaling: Often normalized or scaled depending on typical contract volume

Conceptual Foundation​

Understanding the conceptual basis of CVD helps traders interpret its signals correctly:

  1. Aggressive Order Theory:

    • Market participants who "cross the spread" (hitting the ask or lifting the offer) are considered aggressive
    • Aggressive buying signals urgency and bullish sentiment
    • Aggressive selling signals urgency and bearish sentiment
    • The imbalance between these aggressive orders reveals market sentiment

  2. Institutional Activity Tracking:

    • Large institutional orders often create significant delta spikes
    • Persistent CVD trends often reflect sustained institutional positioning
    • Divergences between CVD and price often precede major reversals

  3. Leading vs. Lagging Characteristics:

    • CVD often leads price during trend initiation
    • CVD typically confirms price during trend continuation
    • CVD frequently diverges from price before reversals

  4. Comparison to Traditional Volume:

    • Traditional volume only shows activity level, not direction
    • CVD reveals buying/selling pressure that created the volume
    • CVD can be positive even during price declines (accumulation)
    • CVD can be negative even during price rallies (distribution)

Types of CVD Analysis​

Multiple approaches to CVD analysis provide different insights into market dynamics:

  1. Raw CVD:

    • Unmodified running total of volume delta
    • Shows absolute buying/selling dominance over period
    • Most commonly used for short to intermediate timeframes

  2. Normalized CVD:

    • Scaled relative to average volume or price movement
    • Facilitates comparison across different market conditions
    • Useful for identifying unusual delta activity

  3. Session-Based CVD:

    • Reset at session boundaries (e.g., daily, weekly)
    • Allows for clean comparison between trading sessions
    • Highlights session-specific institutional behavior

  4. Anchored CVD:

    • Started from significant market events or levels
    • Shows delta evolution from important reference points
    • Useful for analyzing institutional response to key events

  5. Multi-Timeframe CVD:

    • Comparing CVD across different timeframes
    • Identifies when short-term and long-term pressures align or conflict
    • Provides context for trade decisions

CVD Interpretation Techniques​

Basic Signal Analysis​

The most fundamental way to interpret CVD involves analyzing its direction and slope relative to price:

  1. Trending CVD:

    • Rising CVD: Indicates net buying pressure, bullish
    • Falling CVD: Indicates net selling pressure, bearish
    • Flat CVD: Indicates balanced buying and selling

  2. Slope Analysis:

    • Steep slope: Strong directional pressure
    • Gradual slope: Moderate directional pressure
    • Changing slope: Potential shift in momentum

  3. Relative Volume Context:

    • Large delta on high volume: Strong institutional participation
    • Large delta on low volume: Potential manipulation or thin market
    • Small delta on high volume: Balance between buyers and sellers

  4. Price-Delta Relationship:

    • Price and delta rising together: Strong bullish confirmation
    • Price and delta falling together: Strong bearish confirmation
    • Price rising but delta falling: Potential distribution
    • Price falling but delta rising: Potential accumulation

Advanced Signal Patterns​

More sophisticated CVD analysis involves recognizing specific patterns that often precede significant price movements:

  1. CVD Divergence:

    • Bullish Divergence: Price makes lower low but CVD makes higher low
    • Bearish Divergence: Price makes higher high but CVD makes lower high
    • Hidden Divergence: Occurs within established trends, signals continuation
    • Multi-Swing Divergence: Multiple consecutive divergences (stronger signal)

  2. Delta Transitions:

    • Delta Flip: Sudden change from positive to negative delta (or vice versa)
    • Accumulation Phase: Neutral price with rising delta
    • Distribution Phase: Neutral price with falling delta
    • Exhaustion Phase: Extreme price move with weakening delta

  3. Volume Thrust Patterns:

    • Buying Climax: Large positive delta spike at price peak
    • Selling Climax: Large negative delta spike at price bottom
    • Stopping Volume: High volume with strong counter-trend delta
    • Test Bar: Low volume retest with improved delta

  4. CVD Wave Structures:

    • Five-Wave Sequence: Five distinct CVD movements often complete a trend
    • Three-Wave Correction: Three-wave CVD corrections often precede continuation
    • Terminal Thrust: Final strong delta push before reversal
    • Failed Final Push: Price makes new extreme but CVD doesn't confirm

Context-Dependent Interpretation​

CVD signals vary in significance depending on market context:

  1. Market Structure Context:

    • CVD at major support/resistance has greater significance
    • CVD behavior at range boundaries provides breakout/rejection clues
    • Delta during consolidation shows potential accumulation/distribution
    • Trend context determines whether divergences signal reversal or pause

  2. Time-of-Day Considerations:

    • Opening hour delta often sets directional tone
    • Mid-day delta typically less significant (lower volume)
    • Pre-close delta may show institutional positioning
    • Overnight delta patterns differ from regular trading hours

  3. Market Condition Adjustments:

    • High volatility markets require larger delta thresholds
    • Low volatility markets show significant signals with smaller deltas
    • Trending markets: focus on continuation patterns
    • Ranging markets: focus on extremes and reversals

Market-Specific CVD Characteristics​

ES (E-mini S&P 500) CVD Patterns​

The broadest U.S. equity index futures contract displays distinctive CVD characteristics:

  1. Volume Delta Thresholds:

    • Significant single-bar delta: 1000+ contracts
    • Notable divergence threshold: 5000+ cumulative contracts
    • Climactic volume spikes: 3000+ contracts in single bar

  2. Pattern Reliability:

    • More balanced delta distribution than NQ
    • Cleaner, more reliable divergence signals
    • Strong correlation with broader market sentiment
    • Institutional footprints more clearly visible

  3. Timeframe Considerations:

    • 5-minute timeframe optimal for intraday signals
    • 15-minute provides cleaner signals with less noise
    • 1-hour effective for swing trading setups
    • Daily CVD useful for position trading

  4. Session-Specific Behavior:

    • Most reliable signals during 9:30 AM - 11:30 AM ET
    • Lunch hour (12:00 PM - 1:30 PM ET) often shows delta consolidation
    • Pre-close (3:00 PM - 4:00 PM ET) delta often signals next-day bias

NQ (E-mini NASDAQ-100) CVD Patterns​

The tech-heavy index futures show more volatile CVD patterns:

  1. Volume Delta Thresholds:

    • Significant single-bar delta: 500+ contracts
    • Notable divergence threshold: 3000+ cumulative contracts
    • Climactic volume spikes: 1500+ contracts in single bar

  2. Pattern Reliability:

    • More extreme delta swings than ES
    • Higher noise ratio in signals
    • More frequent but less reliable divergences
    • Tech-sector news creates distinctive delta patterns

  3. Timeframe Considerations:

    • 5-minute charts show higher noise ratio
    • 15-minute optimal for balance of detail and clarity
    • 30-minute provides cleaner trend signals
    • Multi-day CVD more prone to sharp reversals

  4. Session-Specific Behavior:

    • Stronger opening drive delta (9:30 AM - 10:30 AM ET)
    • More pronounced pre-close institutional positioning
    • Greater overnight delta volatility

FDAX (DAX Futures) CVD Patterns​

The German benchmark futures contract displays unique CVD characteristics:

  1. Volume Delta Thresholds:

    • Significant single-bar delta: 300+ contracts
    • Notable divergence threshold: 1500+ cumulative contracts
    • Climactic volume spikes: 800+ contracts in single bar

  2. Pattern Reliability:

    • Strong response to European economic releases
    • Clear session transition patterns
    • Round number (25/50-point) levels show distinct CVD patterns
    • US/European overlap creates unique delta signatures

  3. Timeframe Considerations:

    • 5-minute optimal during European core hours
    • 15-minute provides best balance across all sessions
    • 1-hour useful for identifying multi-session trends
    • Session-based CVD reset often more useful than daily

  4. Session-Specific Behavior:

    • European morning (9:00 AM - 11:00 AM CET) shows strongest signals
    • Pre-US open positioning (1:00 PM - 2:30 PM CET) creates distinct patterns
    • Reacts to both European and US economic releases

Trading Strategies Using CVD​

CVD Divergence Scout​

This strategy identifies hidden strength/weakness through divergences between price action and cumulative volume delta:

  1. Setup Criteria:

    • Price making new high but CVD failing to make new high (bearish)
    • Price making new low but CVD failing to make new low (bullish)
    • Multiple timeframe CVD divergences aligning (stronger signal)
    • Divergence occurring near significant support/resistance

  2. Entry Triggers:

    • Confirmation candle closing against trend direction
    • Volume spike on reversal candle
    • Break of short-term trendline or support/resistance
    • Stop entry order beyond confirmation candle high/low

  3. Stop Placement:

    • Beyond most recent swing point
    • Behind significant support/resistance level
    • 1.5x average true range from entry (adaptive)

  4. Target Setting:

    • First target: 1:1 risk/reward ratio
    • Second target: Prior significant swing level
    • Final target: Origin of the move being faded

  5. Contract-Specific Adjustments:

    • ES: Requires larger divergence (5000+ contracts)
    • NQ: Faster, more volatile reactions to divergences
    • FDAX: Best at round number levels, especially 50/100-point increments

CVD Confirmation Entry​

This strategy uses CVD to confirm traditional technical setups, entering only when order flow confirms the technical signal:

  1. Setup Criteria:

    • Traditional technical pattern forms (breakout, support/resistance, etc.)
    • CVD shows strong directional bias matching pattern projection
    • Volume increasing as setup develops
    • Multiple timeframe alignment of technical and CVD signals

  2. Entry Triggers:

    • Technical pattern triggers (breakout, bounce, etc.)
    • CVD showing strong directional thrust in entry direction
    • Volume spike confirming breakout/reversal
    • Clear price acceptance beyond key level

  3. Stop Placement:

    • Behind key technical level that should now act as support/resistance
    • Below/above last significant swing point
    • Based on CVD structure (behind point where CVD confirmed direction)

  4. Target Setting:

    • First target: Next significant technical level
    • Second target: Extension based on pattern measurement
    • Final target: Major support/resistance or trailing stop

  5. Risk Management:

    • Scale out at predetermined targets
    • Move stop to breakeven after 1:1 risk/reward achieved
    • Consider trailing stop based on CVD structure

CVD Trend Alignment​

This strategy ensures traders are positioned in the direction of the dominant institutional order flow:

  1. Setup Criteria:

    • Multiple timeframe CVD analysis (e.g., 15-minute, 1-hour, daily)
    • All timeframes showing consistent CVD direction
    • Stronger weight given to higher timeframe delta
    • Price pulling back within established trend

  2. Entry Triggers:

    • Pullback to key support/resistance level
    • Renewal of CVD momentum in trend direction
    • Volume contraction during pullback, expansion on resumption
    • Bullish/bearish price action at support/resistance

  3. Stop Placement:

    • Beyond recent counter-trend swing point
    • Behind significant support/resistance level
    • Where CVD trend alignment would be invalidated

  4. Target Setting:

    • Minimum 2:1 risk/reward for trend continuation trades
    • Prior swing high/low targets
    • Trailing stop based on market structure

  5. Best Applications:

    • ES: Works best during trending days with clean market structure
    • NQ: Allows capturing stronger momentum moves
    • FDAX: Particularly effective during European morning session

CVD Exhaustion Reversal​

This strategy identifies potential turning points by spotting exhaustion in cumulative delta:

  1. Setup Criteria:

    • Strong price movement in one direction
    • CVD showing decreasing momentum (flattening slope)
    • Volume increasing but delta effectiveness decreasing
    • Price approaching significant support/resistance level

  2. Entry Triggers:

    • Reversal candlestick pattern
    • Volume spike with delta shift (positive to negative or vice versa)
    • Break of short-term trend structure
    • Confirmation from other order flow tools (absorption, etc.)

  3. Stop Placement:

    • Beyond recent extreme
    • 1-2 times ATR beyond significant level
    • Behind major support/resistance

  4. Target Setting:

    • First target: Recent significant swing level
    • Second target: Fibonacci retracement levels (38.2%, 50%, 61.8%)
    • Final target: Complete reversal to origin of exhausted move

  5. Key Considerations:

    • Most effective at market extremes
    • Larger timeframe exhaustion signals more significant
    • Look for confluence with other reversal signals
    • Consider scaling in for larger reversal trades

Practical CVD Analysis Framework​

Pre-Session Preparation​

Start each trading day with proper CVD context analysis:

  1. Session Boundaries Review:

    • Analyze previous day's CVD patterns
    • Note overnight CVD development
    • Identify key CVD support/resistance levels
    • Establish CVD directional bias

  2. Multiple Timeframe Alignment:

    • Review daily CVD trend direction
    • Assess hourly CVD structure
    • Compare with intraday (15-minute) CVD
    • Note areas of alignment or conflict

  3. Key Level Identification:

    • Mark significant technical levels on chart
    • Note CVD behavior at previous tests of these levels
    • Identify potential CVD divergence zones
    • Establish CVD volume thresholds for the day

  4. Bias Establishment:

    • Determine primary CVD directional bias
    • Identify conditions that would change this bias
    • Note key times for potential shift in delta patterns
    • Prepare multiple scenario plans

Real-Time CVD Analysis Process​

A structured approach to monitoring CVD during active trading sessions:

  1. Signal Identification Sequence:

    • Monitor delta on multiple timeframes simultaneously
    • Compare current delta with historical patterns at similar price levels
    • Watch for divergences between timeframes
    • Note delta response at key technical levels

  2. Confirmation Integration:

    • Verify CVD signals with price action confirmation
    • Look for volume support of delta direction
    • Confirm with other order flow tools (footprint, DOM)
    • Check for technical confluence

  3. Context Filtration:

    • Apply different interpretations based on market phase
    • Adjust significance thresholds based on time of day
    • Filter signals during known volatile periods
    • Consider current volatility regime

  4. Trade Integration:

    • Use CVD for entry timing optimization
    • Adjust position size based on delta strength
    • Modify targets based on delta development
    • Use delta shifts for exit decisions

Post-Trade Analysis​

Systematic review process for continuous improvement:

  1. Signal Quality Assessment:

    • Review accuracy of CVD signals
    • Compare expected vs. actual delta behavior
    • Identify missed or misinterpreted signals
    • Note market conditions affecting signal quality

  2. Pattern Documentation:

    • Catalog successful CVD patterns
    • Document context of effective signals
    • Note timeframe combinations that worked best
    • Build personal library of reliable setups

  3. Threshold Refinement:

    • Adjust volume delta thresholds based on results
    • Refine divergence measurement techniques
    • Optimize timeframe combinations
    • Create market-specific parameters

  4. Integration Improvement:

    • Enhance coordination between CVD and other tools
    • Develop better entry/exit timing based on CVD
    • Refine risk management based on delta volatility
    • Create personalized CVD trading playbook

Advanced CVD Topics​

Fine-Tuning CVD Calculation​

Optimizing CVD calculation parameters for specific trading approaches:

  1. Delta Calculation Methods:

    • Standard Bid/Ask Method: Trades at ask are buys, trades at bid are sells
    • Trade Direction Method: Uses exchange-reported buy/sell data
    • Volume Spread Method: Incorporates price spread into delta calculation
    • Tick-Based Method: Simplified approach using up/down ticks

  2. Filtering Techniques:

    • Volume Threshold Filtering: Excludes bars below volume threshold
    • Noise Reduction: Smoothing algorithms to reduce random fluctuations
    • Significance Testing: Statistical validation of delta movements
    • Time-Based Filtering: Different parameters for different sessions

  3. Visualization Enhancements:

    • Delta Clouds: Representing delta as variable-width bands
    • Heat Mapping: Color intensity based on delta strength
    • Divergence Highlighting: Automatic detection of price/delta divergences
    • Multi-Timeframe Overlay: Showing multiple CVD timeframes simultaneously

  4. Custom Indicators:

    • Delta Efficiency Ratio: Measures how effectively delta moves price
    • Delta Momentum Oscillator: Shows rate of change in delta
    • Delta Divergence Index: Quantifies strength of price/delta divergences
    • Institutional Pressure Gauge: Highlights unusual delta patterns

Volume Delta Force (VDF)​

An advanced evolution of standard CVD metrics:

  1. VDF Conceptual Framework:

    • Statistical normalization of volume delta
    • Enhanced signal clarity through proprietary algorithms
    • Superior institutional flow detection
    • Reduced noise in divergence signals

  2. Key Advantages:

    • Filters out retail noise more effectively
    • Provides clearer institutional footprint visualization
    • More precise timing of market turns
    • Better trend confirmation signals

  3. Implementation Considerations:

    • Requires 1-second data for optimal calculation
    • Available through specialized platforms and custom indicators
    • Best viewed across multiple timeframes simultaneously
    • Enhanced effectiveness when combined with footprint charts

  4. Trading Applications:

    • Earlier identification of institutional positioning
    • More reliable divergence signals
    • Better filtering of false signals
    • Enhanced market context understanding

CVD and Market Profile Integration​

Combining CVD analysis with Market Profile concepts:

  1. Point of Control (POC) Interaction:

    • CVD behavior at approach to POC
    • Delta confirmation/rejection at POC tests
    • Volume delta distribution around POC
    • POC migration relative to cumulative delta

  2. Value Area Analysis:

    • Delta behavior at Value Area boundaries
    • Divergences at Value Area tests
    • CVD inside vs. outside Value Area
    • Using Value Area position to filter CVD signals

  3. TPO Map Correlation:

    • Single-print areas and corresponding delta patterns
    • Initial Balance and delta development
    • A/B/C profiles and associated delta signatures
    • Profile transitions and delta shifts

  4. Profile Day-Types and CVD:

    • Normal day CVD patterns
    • Trend day delta signatures
    • Range extension day delta behavior
    • Neutral day delta characteristics

Historical Backtesting of CVD Strategies​

Methods for systematically evaluating CVD-based approaches:

  1. Testing Framework:

    • Define specific CVD patterns to test
    • Establish objective entry/exit criteria
    • Create realistic execution model
    • Document test parameters

  2. Performance Metrics:

    • Win rate by pattern type
    • Average risk/reward ratio
    • Maximum drawdown
    • Pattern failure analysis
    • Expectancy across market conditions

  3. Optimization Process:

    • Parameter sensitivity testing
    • Timeframe optimization
    • Contract-specific adjustments
    • Session-specific fine-tuning

  4. Implementation Refinement:

    • Pattern recognition automation
    • Alert system development
    • Integration with other indicators
    • Trading plan documentation

CVD Visualization Tools​

Many platforms offer specialized CVD visualization tools to enhance order flow analysis. Our team also provides a premium CVD indicator for TradingView which comes automatically with your active subscription with us. Our CVD indicator is called: AlgoStorm Volume Delta Force (VDF). This indicator is designed to provide advanced CVD analysis with proprietary algorithms for enhanced signal clarity and institutional flow detection.

Common Challenges and Solutions​

Signal Reliability Issues​

CVD signals can sometimes generate false positives or be difficult to interpret:

  1. Challenge: Inconsistent signal quality across different market conditions.

    Solution:

    • Develop market condition filters (trend, range, volatility)
    • Adjust delta thresholds based on current volatility
    • Require additional confirmation in uncertain environments
    • Create a hierarchy of signal reliability for different contexts

  2. Challenge: Difficulty distinguishing between significant and random delta movements.

    Solution:

    • Establish minimum threshold requirements
    • Compare current delta to historical averages
    • Use multiple timeframe confirmation
    • Focus on delta patterns rather than absolute values

  3. Challenge: Delta signals that appear valid but fail to produce expected price movement.

    Solution:

    • Integrate broader market context
    • Consider correlated instrument delta
    • Look for confirmation from other order flow tools
    • Wait for price action confirmation before entry

Data Quality Issues​

The quality of underlying data affects CVD calculation and interpretation:

  1. Challenge: Incomplete or delayed data affecting delta calculation.

    Solution:

    • Use direct exchange data feeds when possible
    • Understand your data provider's limitations
    • Consider consolidated vs. direct exchange data differences
    • Adjust trading approach based on data quality

  2. Challenge: After-hours and pre-market data showing different characteristics.

    Solution:

    • Develop separate parameters for regular vs. extended hours
    • Consider session-based CVD reset
    • Be more selective with signals during thin liquidity periods
    • Understand exchange reporting differences during these sessions

  3. Challenge: Platform-specific calculation differences creating inconsistent signals.

    Solution:

    • Understand exactly how your platform calculates CVD
    • Standardize your own interpretation framework
    • Test and calibrate your platform's signals
    • Consider using multiple platforms for critical decisions

Implementation Difficulties​

Practical challenges in applying CVD concepts to real trading:

  1. Challenge: Information overload from monitoring multiple CVD timeframes.

    Solution:

    • Create a structured analysis hierarchy
    • Develop a streamlined dashboard
    • Use alerts for critical conditions
    • Establish a systematic scanning routine

  2. Challenge: Real-time decision pressure affecting signal interpretation.

    Solution:

    • Pre-define decision criteria
    • Practice with market replay
    • Create scenario playbooks
    • Use mechanical rules for initial implementation

  3. Challenge: Maintaining discipline with CVD-based trading rules.

    Solution:

    • Document all trade decisions
    • Review adherence to delta rules
    • Create pre-trade checklists
    • Use automated alerts for rule compliance

Key Takeaways​

  • CVD provides critical insight into buying and selling pressure not visible on traditional price charts
  • Understanding the calculation methodology is essential for proper interpretation
  • Different futures contracts (ES, NQ, FDAX) show distinct CVD characteristics requiring specific approaches
  • Multiple timeframe CVD analysis provides the most complete picture of market dynamics
  • CVD divergences often precede significant price movements and reversals
  • Integration with other order flow tools enhances the effectiveness of CVD analysis
  • Proper visualization and customization improves pattern recognition and decision-making
  • Systematic implementation and continuous refinement lead to optimal results

Quick Reference Summary​

CVD Calculation & Concepts​

  • Basic Formula: Buying Volume (trades at ask) - Selling Volume (trades at bid) = Delta
  • Cumulative Delta: Running sum of individual deltas over time
  • Reset Periods: Typically daily, can be session-based or custom anchored
  • Visualization: Usually displayed as a line chart below or overlaid on price

Key CVD Patterns​

  • Divergences: Price makes new high/low but CVD doesn't confirm (potential reversal)
  • Trends: Consistent CVD direction indicates strong momentum
  • Exhaustion: Extreme CVD readings followed by flattening suggest potential reversal
  • Absorption: Price moves but CVD remains flat, indicating potential accumulation/distribution

Trading Applications​

  • Confirmation Tool: Validate technical signals with aligned CVD movement
  • Divergence Trading: Enter counter-trend when price and delta diverge at extremes
  • Trend Alignment: Ensure trades are in direction of dominant CVD flow
  • Exhaustion Identification: Spot potential reversals through waning delta momentum

Analysis Framework​

  • Multiple Timeframes: Compare CVD across different periods for confirmation
  • Context Integration: Interpret signals based on market structure and conditions
  • Signal Hierarchy: Prioritize signals based on timeframe and confluence
  • Session Adaptation: Adjust interpretation based on market session characteristics

Next Steps​

With a solid understanding of Cumulative Volume Delta, you're now prepared to explore how this powerful order flow concept integrates with other analysis techniques. The next modules will cover:

  • Volume Profile Analysis
  • VWAP-Based Order Flow Strategies
  • Complete Trading Systems Using Order Flow Analysis

Each of these approaches builds upon the CVD concepts you've learned, creating an increasingly sophisticated order flow trading methodology.