Order Flow

Order flow as a data type cannot decay; only specific strategies built on order flow pattern recognition can experience reduced alpha during regime shifts. The fundamental mechanic of order flow—every order matched with an opposing order—has not changed despite the current regime shift. Order flow is a data type providing higher-quality market information than price alone, not a strategy or edge in itself. What has shifted in the current regime is how order flow arrives in the marketplace, which patterns it creates, and how market makers respond to it.