Reading the liquidity heatmap

What the color measures

Intensity is relative, and here is to what

A scale that never jumps

From number to color: the curve and the floor

The two axes, and what is lost when you zoom out

Reading a heatmap: persistence first

Displayed liquidity, executed liquidity

What sits on top of the book

A gap is not a quiet market

The book cannot be backfilled

Calibration, and the settings that change the reading

What the tooltip agrees to say

Avoiding false shortcuts