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DerivativesIntermediate

Order book depth

How many buy orders (bids) and sell orders (asks) are waiting at each price around the current price.

What it means
Deep books absorb large orders with small price moves; a thin book lets price jump more easily.
What to watch
Large liquidity walls, and whether they stay or are pulled as price comes close.
How Compass-Alpha uses it
Background only; not used in any figure on Compass-Alpha.

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