A pane that shows whether the bid side or the ask side of the futures order book is heavier, at the top of book and across 10 levels.
In plain English
What it shows
- A pane showing whether the bid side or the ask side of the book is heavier. One line uses only the best bid and ask; an optional line weighs ten levels each side.
- It needs the futures order book (L2), a Pro feature.
How traders use it
- Watch the line cross zero to see which side was heavier.
- Compare it with price to learn how the two relate.
What it does not tell you
- Resting size can be pulled at any time, so the line can flip fast.
- It describes the book, not who will win the next trade.
Overview
Book Imbalance (L2) draws a line in its own pane that moves up when the bid side of the book is heavier and down when the ask side is heavier.
One line uses only the best bid and ask. An optional second line weighs the first 10 levels of each side, with nearer levels counting more.
How it works
The values come from the order-book snapshots, several a second, with recorded history filling earlier bars. A smoothing setting (in seconds) can calm the line; it is off by default.
How to use it
- Use it to see which side of the book has more size resting near price.
- Some traders compare the top-of-book line with the 10-level line to see if they agree.
- Watch how imbalance changes as price approaches a level.
These are ways some traders read it, for learning. They are not trade signals.
Settings
| Setting | Default |
|---|---|
| Top-of-book imbalance colour | #03c988 |
| 10-level depth-weighted colour | #00adb5 |
| Show the 10-level depth-weighted line | On |
| Smoothing (seconds, 0 = none) | 0 |
Notes and limits
- Pro: needs the full order book (Data feed L2).
- Needs the full order book (Data feed L2), which is part of Pro. Works on NQ, ES, YM, RTY, CL and GC futures (micros use their mini's book) and on crypto order books.
- Resting size can be pulled at any time, so imbalance can flip quickly.
- It shows the book, not trades; pair it with Delta for what traded.
Education only. Not financial advice. Indicators mark what happened on the chart; they do not predict what price will do. Trading futures, forex, crypto and other markets carries a high level of risk and may not be suitable for everyone.