How to read an order-book heatmap with DeepFlow
The order book shows resting bids and asks at one moment. Orders may be cancelled, moved, hidden, or filled before you react. Our depth panel adds the first 12 returned price levels on each side. The resulting percentage describes that sample of displayed liquidity; it is not executed order flow or a prediction.
How to read the DeepFlow order-book heatmap
1. Start with the instrument and feed
Open DeepFlow and select the market you want to inspect. Read the coverage note and connection status before interpreting a coloured band. Supported crypto markets may combine related spot order books; other instruments use their selected venue. A stock-linked contract is not the underlying share.
2. Let the heatmap collect observations
The heatmap and trade delta accumulate while the view is open. A short session has a short observation window. A recovered order-book snapshot can show resting orders, but it cannot recreate trades that were missed during a connection failure.
3. Separate visible orders from executed activity
Brighter heatmap bands represent larger displayed resting orders. Trade dots represent executions observed by the feed. Describe what you can actually see: a band appeared, moved or disappeared, or trades were reported. Do not turn those observations into a claim about a participant’s intention.
4. Compare the price in Charts
Use the separate Charts page for historical candles and drawing tools. Select the same instrument and check its venue and quote currency. Keep the timestamp with your observation so you do not compare old flow with a fresh price.
5. Save a research question
Write a paper-journal note describing the observed liquidity, the time and the question you want to revisit. Record what actually happened on the next visit. This creates an auditable research habit without treating one heatmap band as a guaranteed signal.
Put it into practice
Use depth to investigate execution conditions. Confirm with completed trades and price behaviour before making a directional judgment.