CVD Spaghetti - Multi-Exchange (Perpetuals)

CVD Spaghetti – Multi-Exchange (Perpetuals) is designed to track and visualize Cumulative Volume Delta (CVD) across multiple cryptocurrency perpetual futures exchanges in one consolidated view. This indicator provides traders with a clearer perspective on buying and selling pressure by monitoring how order flow develops on different venues simultaneously.

What it does

The script calculates the CVD for each enabled exchange and plots them as separate lines on a single chart, creating a “spaghetti” style visualization. This allows traders to identify relative strength or weakness between major exchanges, which can often hint at institutional positioning, liquidity shifts, and potential market imbalances.

Why it’s useful

Order flow and liquidity dynamics can differ significantly between exchanges. By aggregating and comparing these flows, traders can:

Detect which venue is leading during trend development.

Spot divergences between exchanges, which may indicate inefficiencies or arbitrage-driven movements.

Gauge overall sentiment strength by comparing multiple sources instead of relying on a single dataset.

Technical details

Anchor Period Reset: The cumulative calculation resets based on the user-defined Anchor Period (default: daily), keeping data relevant for the chosen trading horizon.

Dynamic Resolution: The script automatically selects an appropriate lower timeframe for data requests based on the chart timeframe to maintain responsiveness and accuracy.

Normalization: Not all exchanges report volume in the same way—some use quote currency (USD), others in contracts or ticks. To ensure comparability, this indicator normalizes volumes where necessary:

Bybit USD and OKX contracts are divided by price to approximate base-coin terms.

Single-contract venues (e.g., Deribit) are normalized similarly.

Exchanges already reporting in the base currency remain unchanged.

Multi-Exchange Coverage: Supports major venues including Binance, Bybit, OKX, Bitget, Coinbase, and optional secondary exchanges like Blofin, Whitebit, and Deribit.

Visual Aids:

Zero baseline for directional reference.

Vertical session markers at each reset point.

Optional exchange labels positioned dynamically on the last bar for quick identification.

How traders might use it

Trend confirmation: Strong synchronized CVD across all major exchanges supports continuation; fragmentation may suggest weakening conviction.

Cross-exchange divergence: When one exchange’s CVD diverges from others, it can signal localized liquidity shocks or large player activity.

High-frequency strategies: On lower timeframes, the spaghetti view can highlight which venue is absorbing or providing liquidity fastest, aiding short-term decision-making.