Ever watched the market make a sudden move and wondered, “What just happened?”

Most traders stare at price charts, drawing trendlines and watching indicators, hoping to catch the next big move. But price alone doesn’t tell the full story. What if you could see the actual forces driving the market?

That’s where order flow comes in.

Order flow is the raw footprint of market activity, revealing the real-time battle between buyers and sellers. It shows who’s aggressive, who’s holding back, and where the next move is likely to unfold. But to make sense of it, you need the right foundation — Auction Market Theory (AMT).

Markets operate as auctions, constantly adjusting to find fair value. Understanding this process gives traders an edge — instead of reacting to price, you’ll anticipate imbalances, shifts in control, and liquidity traps.

We’ll first break down Auction Market Theory and price discovery before diving into the tools and techniques professionals use to read order flow. By the end, you won’t just see price action—you’ll understand the intent behind it.

Let’s get started.