Order flow

Order flow is the analysis of actual transactions and resting limit orders in the order book, rather than the price line alone — it shows who is buying, who is selling aggressively and where large orders are waiting. Because spot forex is a decentralised OTC market with no single order book, the data is fragmented, so retail traders typically turn to CME currency futures (e.g. 6E for EUR/USD) or use tick volume as a proxy.