Order Flow
The stream of incoming buy and sell orders hitting the market — analysis of order flow reveals who is aggressive and where price is likely headed next.
Order flow refers to the sequence and volume of orders entering the market at any moment. Order flow analysis distinguishes between aggressive market orders (takers who move price) and passive limit orders (makers who set the price).
Tools like a footprint chart, time & sales, and cumulative delta expose order flow: where buyers or sellers are dominant, where large prints cluster, and whether up-moves are backed by real buying or just lack of sellers.
Institutional order flow — large block prints, dark pool activity, and unusual options flow — is closely watched as a leading indicator of smart money positioning.
Related Terms
Block Trade
A single large transaction — typically 10,000+ shares or $200,000+ in value — usually executed privately to minimize market impact.
AdvancedDark Pool
A private, off-exchange trading venue where large institutional orders are matched anonymously without pre-trade transparency.
AdvancedExecution
The process of completing a trade — from order submission through matching and confirmation. Execution quality affects real-world returns.
BeginnerIceberg Order
A large order split so only a small visible portion shows in the order book; the rest is hidden and refreshes automatically as each slice fills.
AdvancedLevel 2 Data
The full order book showing all visible bids and asks beyond the best inside quote, including size at each price level.
IntermediateMaker
A trader whose limit order rests in the order book, adding liquidity and typically earning a fee rebate on maker-taker exchanges.
IntermediateMarket Depth
The volume of open buy and sell orders at various price levels — a measure of how much size the market can absorb without large price movement.
IntermediateOrder Book
The real-time record of all outstanding buy and sell limit orders for an asset, organized by price level.
BeginnerSlippage
The difference between the expected fill price and the actual fill price. Positive slippage benefits you; negative slippage costs you.
BeginnerSmart Order Routing
Automated logic that scans multiple trading venues to find the best price, fee, and fill quality for each order.
AdvancedTaker
A trader whose order immediately executes against a resting limit, removing liquidity from the book and typically paying a fee.
IntermediateTime and Sales
The chronological record of every executed trade in a security — price, size, and timestamp — also called reading the tape.
Intermediate