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Overview

Average Order Size calculates the mean volume per trade for each bar:
Rising average order size indicates larger players are entering the market. Falling average order size suggests retail-dominated, small-order activity.

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How It Works

Every trade on the exchange has a size. By computing the average across all trades in a bar, this indicator reveals the character of the current market activity:
  • Large average — Institutional or whale activity. Fewer, bigger orders.
  • Small average — Retail activity. Many small orders.
  • Spike from low to high — Sudden entry of a large participant.
  • Gradual decline — Institutional interest fading, retail taking over.
This is one of the most direct ways to detect when “smart money” enters or exits a market.
A sudden increase in average order size at a key support or resistance level often signals institutional interest. These levels are more likely to hold when backed by large orders.

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Interpretation

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Settings

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Display Modes

  • Columns — Default histogram in yellow. Bar height represents the average order size.
  • Line — Continuous line. Effective for spotting trends in order size over time.
  • Candles — OHLC rendering showing the range of average sizes within each bar.

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Anomaly Detection

When highlightAnomalies is enabled, bars where average order size exceeds anomalyThreshold standard deviations above the rolling mean are highlighted. These events indicate:
  • Large block trades hitting the market
  • Institutional algorithms executing large orders
  • Market maker inventory adjustments
  • OTC desk hedging activity

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Gradient Intensity

With gradientIntensity enabled, bars with smaller-than-average order sizes appear faded while above-average bars appear at full opacity. This naturally draws attention to institutional activity.
Average Order Size varies significantly between assets. BTCUSDT will have very different baseline values than a small-cap altcoin. The anomaly detection normalizes for this, but absolute values should be compared within the same symbol only.

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Practical Examples

Accumulation Phase: Price trades sideways in a narrow range. Average Order Size gradually increases over several hours — an institution is accumulating without tipping off the market. Retail Blow-Off Top: Price accelerates upward sharply. Average Order Size collapses to very low levels — the move is entirely driven by small retail orders. This is a classic blow-off top signal. Institutional Defense of Level: Price drops to a key support level. Average Order Size spikes dramatically on the bounce — a large buyer stepped in. The support is more credible. Fading Institutional Interest: After a strong trend move, Average Order Size declines bar after bar. The large players who initiated the move are stepping back — the trend may be exhausting.