Hello, a (maybe silly)question regarding heat maps in case anyone can help.
I know normally on spot exchanges above price appear limit sell orders and below price limit buy orders, but i am confused as to what orders i am seeing on derivatives exchanges heat maps.
For example above price, besides sell orders, wouldnt there be short liquidations and short stop losses which are conditional buy orders, or conditional buy orders from people trading breakouts?
So if that is the case it would be very usefull to know what kind of orders they are, sell orders above price would tend to act as resistance but conditional buy orders would tend to drive the price further up.
So my question is, do both conditional buy orders and sell orders appear on heat maps above price, and if yes is there a way to know which is which?
Thank you