Volume DeltaCVD
Volume delta is aggressive buy volume minus aggressive sell volume over a period; cumulative volume delta (CVD) is its running total.
Volume delta is aggressive buy volume minus aggressive sell volume. Cumulative volume delta (CVD) adds each bar's delta into a running total. It helps show whether buyers or sellers are pushing.
- Category
- Market Structure
- Reading time
- 2 min
- Also called
- Delta, Cumulative volume delta
- Updated
Volume delta in plain words
Aggressor volume comes from market orders that hit the best bid or lift the best offer straight away, taking liquidity and possibly moving price.1
Cumulative volume delta (CVD) estimates the gap between buying and selling pressure in each bar, using lower-timeframe data, and adds the results up over time.2
In other words, CVD tracks the running difference between volume from aggressive sellers and aggressive buyers.3
How volume delta is calculated
Classify trades
Buys at the ask, sells at the bid.
Sum each side
Total aggressive buys and sells.
Subtract
Delta = buys − sells.
Estimate on charts
Each lower-timeframe bar's volume is counted as buying or selling.2
Accumulate
CVD adds each bar's delta.
Mind precision
Choose the lower timeframe: finer data is more precise but covers fewer bars.2
Worked examples
Example 1 — Single bar
+600Hypothetical: buys 1,800, sells 1,200.
| Delta | +600 |
Delta is the net of buying and selling pressure within the bar.2
Example 2 — CVD
+700Bars: +600, −200, +300.
| CVD | +700 |
CVD is the running total of each bar's delta.2
Example 3 — Divergence
CautionPrice makes a new high while CVD falls.
| Signal | Weakening buyers |
CVD weighs aggressive selling against aggressive buying, so a falling line points to sellers in control.3
Volume delta vs volume
| Aspect | Volume delta | Volume |
|---|---|---|
| Shows | Net aggression | Total activity |
| Sign | + or − | Always + |
| Needs | Bid/ask data | Trade counts |
| Use | Pressure | Participation |
Where delta helps
Flow
Core of Order Flow analysis.
Divergence
Spotting Divergence.
Breakouts
Confirming a Breakout.
Scalping
Fast Scalping reads.
Advantages and disadvantages
Advantages
- Shows who is aggressive.
- CVD reveals hidden pressure.
- Useful for divergence.
Disadvantages
- Classification is estimated.
- Needs good data.
- Noisy on its own.
- Different platforms give different numbers.
Going deeper
Read as far as you need. Each level builds on the one before it.
Aggressors
Beginner
Aggressors are market orders that take liquidity at the best bid or offer and can push price.1
Method
Intermediate
Charting tools estimate delta by labelling each small bar's volume as buying or selling.2
Trade-off
Advanced
There's a trade-off: finer timeframes are more accurate but reach back over fewer bars.2
Common mistakes
Treating delta as certain
It is estimated.
Ignoring price
Use with levels.
Mixing data sources
Values differ.
Reading one bar
Look at CVD trends.
Check your understanding
Test yourself before moving on. Each answer comes with an explanation.
Key points to remember
- Delta = aggressive buys − sells.
- CVD is the running total.
- It shows pressure, not just activity.
- Divergences can warn of weakness.
- Values depend on data.
Frequently asked questions
Is delta the options Greek?
Does forex have delta?
Is CVD reliable?
Further learning
- Order Flow
Flow basics.
- Volume
Activity.
- Divergence
Warning signs.
- Order Book
Liquidity.
Sources
This article is written in our own words. The sources below support the specific facts, rules and figures marked with a number in the text. Links open the original publisher’s page.
- Bookmap. Glossary – Bookmap Knowledge Base (opens in a new tab) Checked .
- TradingView. Cumulative Volume Delta (opens in a new tab) Checked .
- Bookmap. Cumulative Volume Delta – Bookmap Knowledge Base (opens in a new tab) Checked .
Educational content, not financial advice. Examples use hypothetical prices and simplified costs; actual fees, margin rules and regulations vary by broker, market and country. We are not affiliated with any publisher linked above. Last reviewed . Report an error or request a source credit.