Definition. Measures how quickly liquidity builds as you move away from mid-price, comparing depth in a wider band (100 / 500 / 1000 / 2000 bps) against depth in a narrow 25 bps band, for the chosen side.

Interpretation. A higher value means most liquidity sits further out, with relatively little right next to the market. A steep slope (thin near mid, thick further out) warns that small trades are cheap but larger ones quickly walk into worse prices - useful for execution planning and spotting fragile top-of-book liquidity.

Technical. Ratio of resting depth in the selected wider band (100/500/1000/2000 bps) to resting depth within 25 bps of mid-price, for the chosen side.

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