AdvancedOrder Book, Fake & Trap

Displayed vs executed liquidity: how much of the book was real

The difference between what the order book showed and what actually traded, and why that gap matters.

6 min read

1

Displayed versus executed

Displayed liquidity is what the book shows. Executed liquidity is what really traded. Displayed vs Executed Liquidity on the Fake & Trap page compares the two; a wide gap means much of what you saw was never real.

2

The three numbers

The card shows a Liquidity Integrity state, the Liquidity Integrity Ratio, the Liquidity Integrity Score and the Executable Market Depth. A state such as Displayed means the book was mostly displayed rather than executed.

Displayed vs Executed Liquidity: the integrity state, ratio and score, with the executable market depth.

3

The deeper view on Metrics Breakdown

On the Liquidity Metrics Breakdown page, Displayed vs Executable Liquidity draws displayed depth against executable market depth over time, and Order Flow Book shows stable support, depth strength and book activity, with tabs for absorption, liquidity, execution and spoofing.

Order Flow Book on the Liquidity Metrics Breakdown page: stable support, depth strength and book activity next to the bid and ask ladder.

4

Why it matters for size

If you need to trade size, executable depth is the number that matters. A book that looks deep but executes little can move against a large order far more than the screen suggests.

Read the executable bookExecutable depth shows what could actually trade, and displayed depth can overstate it. How you size or split an order is your decision.

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