A pane that shows how fast the order book is changing, labelled calm, normal or fast against the session's own range.
In plain English
What it shows
- How many resting levels near price change every second, drawn in a pane and coloured calm, normal or fast.
- Calm, normal and fast are compared with the same session.
How traders use it
- See when the book becomes busy or goes quiet.
- Compare fast periods with news or session opens.
What it does not tell you
- The labels are relative to the session, not fixed numbers.
- A busy book does not say which way price will go.
Overview
Book Speed (L2) counts how many resting levels near price change every second and draws it in its own pane.
Each reading is coloured calm, normal or fast, compared with the rest of the same session.
How it works
The tool compares each order-book snapshot with the one before, within 20 ticks of price by default, and counts the changed levels per second. Readings at or below the session's 25th percentile are calm; at or above the 75th are fast. A short smoothing (3 bars) is applied.
How to use it
- Use it to see when the book becomes busy or quiet.
- Some traders watch book speed pick up as price nears a level.
- Compare fast periods with what price did.
These are ways some traders read it, for learning. They are not trade signals.
Settings
| Setting | Default |
|---|---|
| Depth (ticks each side of price)Counts level changes this close to price. | 20 |
| Smoothing (bars) | 3 |
| Calm at or below (session percentile) | 25 |
| Fast at or above (session percentile) | 75 |
| Calm | #00adb5 |
| Normal | #8a90a0 |
| Fast | #f5b301 |
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.
- Calm, normal and fast are relative to the current session, not fixed numbers.
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.