CVD Spaghetti - Multi-Exchange (Spot)

CVD Spaghetti – Multi-Exchange (Spot)

The CVD Spaghetti – Multi-Exchange (Spot) indicator provides a consolidated view of Cumulative Volume Delta (CVD) across multiple spot exchanges in a single chart. By plotting exchange-specific CVD lines simultaneously, it allows traders to track differences in buy/sell pressure between venues and gain a broader perspective on market flows.

What It Does

Calculates CVD per exchange: The script estimates volume delta (buy vs. sell pressure) by analyzing whether trades occur on the bid or ask side, then accumulates these values over time.

Multi-exchange coverage: Supports Binance, Bybit, Coinbase, Upbit, OKX, Bitget, Gate, and others, with optional toggles to include/exclude exchanges. Each exchange is plotted in a distinct color, with labels automatically added on the last bar.

Anchor period resets: CVD can be anchored to a timeframe (default: daily UTC reset). This ensures cumulative calculations remain relevant and comparable across sessions.

Customizable visuals: Includes configurable colors for each exchange and a baseline zero line for reference. Vertical dashed markers highlight reset periods.

Why It’s Useful

CVD is often used as a proxy for identifying hidden market sentiment. While price alone may not reveal whether moves are driven by aggressive buying or selling, CVD can highlight whether buyers or sellers dominate. By comparing this across exchanges:

Traders can detect imbalances between venues (e.g., Binance vs. Coinbase) which may hint at arbitrage flows, liquidity shifts, or localized pressure.

Strong divergence in CVD across exchanges may indicate regional demand/supply, market maker activity, or structural differences in order flow.

Anchored resets prevent drift, allowing consistent tracking of daily flows and avoiding misleading long-term accumulation.

Technical Notes

Built for spot market pairs; the base currency is automatically detected from the active chart symbol.

Uses lower timeframe volume aggregation internally to approximate delta, making it adaptable across intraday and higher timeframes.

If an exchange symbol is unavailable or invalid, the script ignores it gracefully.

Works best when applied to liquid assets with active spot markets across multiple exchanges.

The indicator is informational, not predictive—it does not generate buy/sell signals but helps contextualize price action through order flow analysis.

Applications in Trading

Confirmation tool: Use CVD trends to confirm whether a breakout is supported by buying volume or is fading on weak participation.

Exchange comparison: Identify which venues lead or lag in buy/sell pressure to anticipate short-term shifts.

Market structure analysis: Combine with price action, liquidity zones, or volume profiles to deepen understanding of accumulation and distribution phases.