> For the complete documentation index, see [llms.txt](https://doc.ave.ai/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://doc.ave.ai/ave-ai-perp-dex/ave.ai-perpetual-trading-interface/order-book-micro-market-structure.md).

# Order Book: Micro Market Structure

The order book shows **pending limit orders**, reflecting **real-time liquidity**, not past trades.

<figure><img src="https://282307349-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FVhfw2n4uNr4o5eCyFsyK%2Fuploads%2FkM5kXcEMeDEfUo66gBBT%2Fimage.png?alt=media&amp;token=8ae484db-7f92-43ea-a996-a790a3c8fd56" alt=""><figcaption></figcaption></figure>

1. **Sell Depth (Red)**

Represents sell-side liquidity. Large sell walls may act as:

* Short-term resistance
* Liquidity targets

2. **Buy Depth (Green)**

Large buy walls indicate support levels. Short-term traders analyze order book depth to identify:

* Presence of “walls.”
* Likelihood of rapid pumps or dumps

3. **Long/Short Sentiment Ratio**

<figure><img src="https://282307349-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2FVhfw2n4uNr4o5eCyFsyK%2Fuploads%2FBX8TGg4jUsP8LNPcyQR5%2Fimage.png?alt=media&amp;token=c1ca12aa-f791-4b3b-8b08-f233b013a782" alt=""><figcaption></figcaption></figure>

Derived from aggressive order flow data, indicating whether buyers or sellers dominate

👉 Extreme sentiment often signals **potential short-term reversals**.