Definition
#Tracks the signed difference between aggressive buy and sell quote notional from the UTC reset. Positive values show net aggressive buying; negative values show net aggressive selling.
Formula & calculation
#Σ(buy price × buy size) − Σ(sell price × sell size) since 00:00 UTCUnits & range
$ (quote notional). Signed and unbounded.
Interpretation
#Positive CVD means aggressive buyers have lifted more quote notional than sellers have hit since midnight UTC. Negative CVD means sellers have dominated. The raw dollar value depends on the instrument's liquidity and the amount traded that day, so compare it with the symbol's own volume context rather than another asset's CVD.
Practical usage
#Use Session CVD to check whether a live 5m, 15m, or 60m flow signal agrees with the session's dominant side. Pair it with Net Taker Imbalance for the current pulse, Price vs Session VWAP for price acceptance, and Today Volume Notional for scale. CVD can stay positive while price weakens when selling absorbs earlier buying, so it confirms flow context rather than guarantees continuation.
Common mistakes
#Frequent interpretation traps and misuse patterns to avoid when applying this metric.
- Comparing raw CVD dollars across instruments with different liquidity and daily notional.
- Treating positive or negative CVD as a continuation guarantee without checking current taker flow and price acceptance.
- Forgetting CVD resets at 00:00 UTC and is specific to each exchange-symbol pair.