The Book Speed indicator displays histograms at the bottom of the chart showing how many book levels are consumed every n seconds. This allows you to visualize the pace at which liquidity is being absorbed on both the Bid and Ask side, and compare it with price movement to identify potential divergences between order flow and price direction.

What is a Book Level? Think of the order book as a ladder of prices. Each "rung" on that ladder is a book level — it represents a price where buyers or sellers have placed their limit orders. When market orders come in and wipe out those limit orders, the level is "consumed." The faster levels are being consumed, the more aggressive the buying or selling pressure is in the market.

How to Add Book Speed to Your Chart

• Click the Indicators icon on the chart

• Find Book Speed in the list and click + to add it

• Click the settings icon on the indicator to open its configuration window
  
  

  

  
  

General Settings

Parameter Mode Defines how the indicator measures book activity. You can choose between:

• Seconds — measures how many book levels are consumed within a set number of seconds. This is the most straightforward mode — you simply define a time window and the indicator counts how much liquidity was absorbed during that period
  
  

  

  
  

• Tick Reversal —  measures consumption based on price tick reversals. Instead of using time, this mode triggers a new measurement every time price reverses by a defined number of ticks. This is useful for traders who prefer to analyze the market based on price movement rather than fixed time intervals

  

Parameter Value Sets the numeric value for the parameter chosen above. For example, if you selected Seconds, entering 10 here means the indicator calculates book levels consumed every 10 seconds. If you selected Tick Reversal, this value defines how many ticks of reversal are needed to start a new measurement.

Plot Settings

Allows you to customize the appearance of the histograms:

• Set the color of the Bid histogram

• Set the color of the Ask histogram

• Set the Line Width of both histograms
  
  

  

  
  

  

  
  

Average

Enables a moving average line over the Book Speed histogram for both Bid and Ask.

What is a Moving Average here? A moving average smooths out the histogram bars by calculating a rolling average over a defined number of periods. Instead of seeing every spike and dip in book consumption, you get a smoother line that shows the overall trend — making it much easier to spot whether book activity is genuinely picking up or slowing down over time.

• Customize the color of Avg Bid and Avg Ask

• Avg length — a longer length gives a smoother line, a shorter length reacts faster to changes

Marker

Enables a marker line on the histogram to define a threshold level.

What is a Marker? A marker is simply a horizontal reference line you draw at a specific value on the histogram. You decide in advance what level of book consumption is significant to you — and the marker makes it instantly visible whenever the histogram crosses that level. Think of it like a trip wire — when book activity exceeds it, you know something notable is happening.

• Enable or disable the marker

• Set a custom color for the Bid and Ask marker

• Set the marker value — the level at which the marker line appears 
  
  

  

  
  

Conclusion

The Book Speed indicator is a powerful tool for reading the aggressiveness of market participants in real time. By comparing the rate of book consumption against price movement, you can detect divergences that may signal a potential reversal or continuation before it becomes visible in price alone.

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