> For the complete documentation index, see [llms.txt](https://academy.hyblockcapital.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://academy.hyblockcapital.com/indicators/orderbook/combined-books.md). # Combined Books ## Definition **Combined Books** represent the **total liquidity available in the order book** across multiple exchanges, encompassing both **bids** (limit buy orders) and **asks** (limit sell orders) at various **depth levels**. These depth levels typically include: * **Quote:** Best bid and ask prices. * **1%, 2%, 5%, 10%, 20% Depth:** Liquidity within a percentage range from the mid-price. * **Full Book:** Entire visible order book liquidity, covering all price levels. #### **Key Insights:** * **Total Market Liquidity:** Measures the aggregated buying and selling power across exchanges. * **Depth Analysis:** Highlights liquidity concentration at different price ranges. #### **Why It Matters:** * **Market Stability:** Higher liquidity generally indicates more stable price movements and reduced slippage. * **Volatility Risk:** Thin liquidity at key depth levels may signal potential price swings. The **Combined Books** indicator provides a comprehensive view of **aggregated market liquidity**, enabling traders to make more informed decisions about entry, exit, and risk management based on order book dynamics. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://academy.hyblockcapital.com/indicators/orderbook/combined-books.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.