A strip at the bottom of the chart that labels the order book tight, normal or wide, from how spread out the size is around price.
In plain English
What it shows
- A thin strip under the candles that labels the book tight, normal or wide, based on how spread out the resting size is around price.
How traders use it
- See when the book thins out or crowds in near price.
- Compare the strip with how fast candles are moving.
What it does not tell you
- Tight, normal and wide are relative to the current session.
- It does not predict a move; it describes the book.
Overview
Volatility Regime (L2) colours a thin strip under the candles and adds a legend: tight, normal or wide.
It looks at how far from price the resting size is spread, which often changes before or with price speed.
How it works
For every order-book snapshot it measures how spread the resting size is within 20 ticks of price (by default). Readings at or below the session's 25th percentile are tight; at or above the 75th are wide.
How to use it
- Use it to see when the book is thin and spread out or tightly packed.
- Some traders compare the regime with the size of the candles that follow.
- Use it as background context with other order-flow tools.
These are ways some traders read it, for learning. They are not trade signals.
Settings
| Setting | Default |
|---|---|
| Depth (ticks each side of price) | 20 |
| Tight at or below (session percentile) | 25 |
| Wide at or above (session percentile) | 75 |
| Tight | #00adb5 |
| Normal | #8a90a0 |
| Wide | #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.
- Tight, normal and wide are relative to the current session.
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.