Market Microstructure
The order book is the heart of price discovery. It shows all pending buy and sell orders, revealing the supply and demand dynamics that drive market prices. Use this interactive tool to explore how liquidity, spreads, and order imbalances work in real markets.
Understanding Order Books: The order book shows all pending buy (bid) and sell (ask) orders. The difference between the best bid and ask is the spread. Larger sizes at price levels indicate stronger support or resistance. Hover over any row to see the number of individual orders at that level.
Market depth shows the volume of orders at each price level. Deep markets have substantial volume across many levels, allowing large orders to execute with minimal price impact. Thin markets move more easily on smaller orders.
The bid-ask spread is the cost of immediacy. Tighter spreads indicate more competitive markets with active market makers. Wider spreads often appear during volatility or in less liquid instruments.
When bid volume significantly exceeds ask volume (or vice versa), it suggests directional pressure. However, visible orders are only part of the picture— hidden orders and algorithmic traders also influence price.
Large order clusters at specific price levels can act as support (bids) or resistance (asks). These levels often attract attention and can become self-fulfilling as traders anticipate reactions at those prices.
Prices update every 5 seconds. Click any symbol to view its order book.