What are large orders (order book walls)?
A limit order resting in the order book waits to be filled: bids sit below the price, asks above it. Traders call a very large one a wall: a bid wall below the price, an ask wall above it.
This page pulls every order above a set size out of the order books of the major exchanges: the price it sits at, its size, how long it has been there, and whether it was finally filled or pulled.
Price often slows near a wall, or turns, because the wall has to be eaten before price can pass. But a resting order is not a trade and can be cancelled at any time. A wall that sits there while price is far away and vanishes as price gets close is usually spoofing, there to fake support or resistance. So watch whether a wall is still there when price arrives, and whether real trades ate it or it was pulled.
Example: BTC has a $20M bid at 64,000 that has rested for 6 hours, and two drops to 64,050 both hold. On the third drop the order is half filled and then pulled, and price breaks below 63,800. A pulled wall is often more dangerous than an eaten one.
