Order Book

A real-time, electronic list of all outstanding buy and sell orders for a security, organized by price level. The order book reveals the depth of supply and demand at each price and is the foundation of modern market microstructure. Professional and algorithmic traders analyze order book dynamics -- the rate at which orders are added, modified, or canceled -- to gauge short-term directional pressure. In crypto markets, order books on exchanges like Binance and Coinbase are publicly visible and heavily scrutinized.