Order Flow and Microstructure

Explain how a limit order book matches orders, what the spread pays for, and why price moves when liquidity is consumed.

Understand why size moves price, why the cost of size grows slower than size, and how market makers detect dangerous flow.

Read a depth-of-market ladder, a footprint chart, cumulative delta and a volume profile, and know what each one cannot tell you.

Choose order types on purpose, measure your own slippage, and understand how institutions slice large orders.

Know the rules that shape the NSE tape: sessions, closing auctions, expiry mechanics, algo rules and where regulators draw the line on manipulation.