Overview
What delta actually is, and how it looks as a profile versus as a shaded cluster.
What's covered
- Delta, plainly defined — market buys minus market sells at a given price or candle. 5M buys against 12M sells nets −7M; 7M buys against 2M sells nets +5M. That's the entire calculation.
- Delta Profile — shows net delta at each price level within a candle as a sideways bar, with its own POC (the price with the largest delta swing, not necessarily the most volume).
- Delta Cluster — the same delta data as shading, so you can see at a glance where the most aggressive buying or selling landed within the candle.
- Reading delta next to open interest — delta alone can't tell you whether a positive push is new longs opening or shorts closing out (and vice versa on the downside). Reading delta next to open interest resolves that ambiguity — a running theme across several of the cluster-type videos in this course.