Order tape (Time & Sales)

How we compute it

Trades from the Hyperliquid WebSocket with a value filter (USD) and an optional sound for large orders.

How to read it

• The pace of the tape shows urgency: speeding up at a level is a fight for that level.
• Large prints on one side with no price movement are absorption.

Traps

• The tape tempts you to react to every print. Without a plan it is mostly noise.

Combine with

• With the DOM: who is taking liquidity and whether the book refills it.

In Charts

Indicators → Order tape; on phones the Tape card