Order Flow Toxicity
How one-sided the aggressive trading is, used as a read on whether informed money is pushing.
Order flow is called toxic when the aggressive side is persistently one-directional, so market makers keep filling trades that immediately go against them. It is a description of imbalance, not of intent or of anyone being wrong. The standard measure is VPIN, computed from taker-signed volume grouped into equal-volume buckets rather than equal-time ones, which keeps the reading comparable between a quiet hour and a violent one. The number matters only against its own history: an absolute VPIN value means nothing without knowing what this symbol usually prints.
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