medium · Order Flow Analysis absorption-exhaustion-imbalance

A trader is monitoring a 15-minute CL bar. At the high of 74.50, the ask volume is 420 contracts. At 74.49, the ask volume is 135 contracts. The bar closes lower.

What is the R_top ratio and its signal?

  1. R ≈ 0.32, signifying a thin 'single-print' exhaustion high with no resting volume.
  2. R ≈ 1.0, signifying a standard, fully balanced two-sided auction taking place at the high.
  3. R ≈ 0.32, signifying a 'top-heavy' bar where an institutional seller is capping the high.
  4. R ≈ 3.11, signifying a strong initiative buying breakout that continues with solid follow-through.

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