An Overview of Rain Pro

What is the Order Book?

An order book is an electronic documentation of an asset’s buy and sell activities on a trading platform or cryptocurrency exchange. Generally, it shows the recorded overview of buy and sell orders of cryptocurrencies.

In other words, the order book is a list of buy and sell orders for a specific cryptocurrency the user is interested in trading. It gives users a detailed view of the quantity of cryptocurrency being bid on (buy orders) or offered (sell orders) at each price point.

It also provides users details about the marketing participants behind each order to make an informed decision. This creates the “spread” of the order book, which is the difference between the highest and lowest bid and ask price.

The purpose of the order book is to create ease in understanding the potential direction the price of a specific cryptocurrency would be taking in the market (i.e., increase or decrease) in the short and long term.

Rain is not an exchange in itself. The order book on Rain Pro is representative of our partner exchange(s) and orders placed on Rain Pro are routed to them.

Explanation of Candlestick Chart

The candlestick chart visually represents the magnitude of price movements of a specific cryptocurrency using different colors.

The 24-hour chart represents the high, low, open, close, and volume for each day for a specifically selected cryptocurrency. Below is a summary of what these terms mean:

•       High: The highest priced order of the day
•       Low: The lowest-priced order of the day
•       Open: The first price order of the day
•       Close: The last price order of the day
•       Volume: Total value of the specific crypto that the user has traded in the day

Interpreting the Candlestick Chart

The candlestick chart creates patterns to give traders a visual idea of the price movement. The chart has candlesticks in two different colors. Each one represents various price movements to make it easier for the user to buy or sell at the best price.

•       A red candlestick represents that the close is lower than the previous day's close.
•       The green represents an increase in the price since the previous day.

Market Summary

The market summary is visible in the bar above the candlestick chart. It is at the top left corner, and it gives the user an overview of the market for a selected specific asset, for example, BTC-BHD. In this example, BTC is the base currency, which is being bought and sold, while 

BHD is the secondary or quote currency that determines the value of the base currency in fiat terms.

The market summary covers the following details:

•       Bid: This is the maximum price that a buyer is willing to pay for the selected cryptocurrency and represents the current highest bid in the order book.
•       Change: The percentage that the quote cryptocurrency has changed in the last 24 hours
•   Volume: The amount of volume traded on the platform in the last 24 hours for the quote cryptocurrency
•   Last Trade Price: This is the recent price at which the user has traded
•   24h High: This is the recorded high price of the cryptocurrency in 24 hours
•   24h Low: This is the lowest recorded price of the cryptocurrency in 24 hours
•   Last: The last documented price for a selected crypto-fiat pair
•    Ask: The minimum price that a seller is willing to take for the selected cryptocurrency. It represents the current lowest ask in the order book