Let's discuss each item one by one Your point of view is: "Large scale pending orders are purely 'transaction noise', and if one out of 100 large scale pending orders can be used as a reference for trading, it is considered good My point of view is that 'large pending orders are not transaction noise, they can be used as reference for transactions' ----------- Your first point is that just looking at large pending orders cannot support the opening volume of 1000 BTC, right? Can we only play some small trades within the trading range? I can't see how it supports your argument Are you a big player in the default market with 1000 BTC and no small players, so you have no reference value? A factor has reference value, and whether this factor can alone support a 1000 BTC capacity strategy is two different things. No single factor can independently support a strategy, which does not mean that this factor is noise. Just because one factor cannot support 1000 BTC capacity does not mean that another factor is noise .. ---------- Your second point reflects the general understanding of large pending orders: I just stick to the position of the large pending order and try to reverse it .. However, there is another type of person whose understanding of large pending orders is to focus on location and capture potential reversal signals such as absorption .. The existence of large pending orders provides them with a reference for the approximate target range, and also supplements the logical basis for absorbing the trading behavior behind this surface phenomenon when reversal signals appear. Let's not talk about the role of orderbook imbalance and various derived factors in MM's algorithm, as well as their potential impact on prices. So your second point is that for most people, not using large orders well does not mean that large orders are just transaction noise. ----------- The impact of gold trading in the third tradefi on the spot price of gold is extremely limited . Your 50 hand pending orders on GC1 may still have an impact of dozens of ticks .. But no one cares about the "large pending orders" for gold in Tradefi .. Moreover, in the gold market, 50 lots is not really big .. The real impact of large pending orders on gold is GC1. If you have observed the correlation between GC1's order book and prices. You will find that large pending orders in GC1 that have the potential to affect short-term prices only have reference value when they reach several hundred lots or more. There are examples of short-term price reversals before a large number of GC1 orders with hundreds of lots were placed .. So . You use 50 hands as a large pending order to prove that it has no reference value and is just noise You are the one who placed the order ... In fact, in the gold market, the 50 lots of pending orders in Tradefi are just noise .. Even the noise that cannot be heard in the mainstream market (GC1) ... Perhaps your order is very large in the small pond . But in the gold market .... Um ...... Therefore, regarding your third point, you can talk about 50 lots of gold, a trillion dollar target, in a relatively small (even isolated from spot trading) market like Tradefi . To prove the viewpoint that large pending orders are useless and noise .. So .. Are you proving that a large pending order is useless, or are you proving that your order is not large enough?