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Order Flow and Market Structure: Reading the Auction Underneath the Chart

Limit versus market orders, the DOM, tape and footprint, delta, volume profile and auction theory, then market structure explained as resting orders and stop runs. A full session playbook, three worked sessions, and an honest look at tools, data costs and what order flow cannot do.

Module 1: How price actually moves

Limit orders wait, market orders consume, and price moves only when one side runs out; plus the auction, spoofing and icebergs.

  1. Limit orders, market orders and the book9 min
  2. Aggression, and why price moves when liquidity is consumed10 min
  3. The auction and the two-sided market9 min
  4. Spoofing, icebergs and what the book hides10 min

Take the module quiz

Module 2: Reading the DOM

Depth, stacking, pulling and adding, absorption versus exhaustion, and why the DOM is readable on some products and noise on others.

  1. Anatomy of the DOM9 min
  2. Stacking, pulling and adding10 min
  3. Absorption versus exhaustion10 min
  4. Thick books, thin books and where DOM reading works9 min

Take the module quiz

Module 3: Time and sales and the footprint

Tape reading, bid and ask volume per price, delta, imbalances, unfinished business and cumulative delta divergence, with worked tables.

  1. Reading the tape9 min
  2. The footprint chart and delta11 min
  3. Imbalances and unfinished business10 min
  4. Cumulative delta and divergence10 min

Take the module quiz

Module 4: Volume profile and auction theory

POC, value area, high and low volume nodes, single prints, balance versus imbalance, initiative versus responsive, open types and day types.

  1. POC, value area and the shape of a session10 min
  2. High volume nodes, low volume nodes and single prints9 min
  3. Balance, imbalance, initiative and responsive10 min
  4. Open types and day types11 min

Take the module quiz

Module 5: Market structure through an order flow lens

Support is resting orders, stops are liquidity, swing failures, why breakouts fail, and the opening range and initial balance.

  1. Support is resting orders9 min
  2. Stop runs and liquidity pools10 min
  3. Swing failure and why breakouts fail10 min
  4. Opening range and initial balance10 min

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Module 6: Putting it together

A session playbook: pre-market prep, key levels and expected value, footprint-confirmed execution, and three worked hypothetical sessions.

  1. Pre-market prep: overnight profile, key levels and expected value11 min
  2. Execution with footprint confirmation10 min
  3. Worked sessions one and two12 min
  4. Worked session three, and the review11 min

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Module 7: Tools, data and realistic expectations

Which platforms show order flow, what data feeds cost, what order flow cannot do, and a practice plan that does not risk money.

  1. Platforms that show order flow9 min
  2. Data feeds, costs and setup9 min
  3. What order flow cannot do, and a practice plan10 min

Take the module quiz

Educational content, not financial advice.