Guide · measured
How to read silver order flow (XAGUSD)
Silver order flow is the live record of who is buying and selling silver: the resting orders in the order book and the trades that hit them. Spot silver trades over the counter and has no public order book, so on Swiftedge you watch it free and 24/7 on the silver perpetual future, the closest public picture. Over the 60 days to 10 November 2026 (1,440 hourly candles of the perpetual), the New York session carried 58 % of silver's volume, and the hour of the COMEX silver open moved 1.6 times as much as an average hour.
What silver order flow shows
Two things at once: the order book, where buyers and sellers park limit orders above and below the price, and the trades, where someone crosses the spread and takes those orders. On the silver order book heatmap resting size shows as bright bands (walls); on the silver footprint chart every candle is split into the ounces bought and sold at each price. Together they show where size is waiting and who is pushing.
The live version of both is Swiftedge Depth for silver: heatmap, candlesticks, footprint, CVD and liquidations on the silver perpetual, priced in US dollars per troy ounce and sized in ounces. It is not spot silver, a COMEX future or the LBMA Silver Price, and it trades around the clock.
When silver trades: the numbers
Measured on the 60 days to 10 November 2026 (1,440 hourly candles of the perpetual), open market hours only. The sessions follow the silver market's hours: Asia from 7:00 PM ET (00:00 UTC), London from 08:00 London time, New York from the COMEX silver open at 08:25 New York time until the 17:00 close.
| Session | Share of volume | Average hourly range |
|---|---|---|
| Asia | 24.6 % | 0.69 % |
| London | 17.0 % | 0.57 % |
| New York | 58.4 % | 0.72 % |
The fixed silver times do not all move silver the same way. The hourly candle that contains each time, against the other open hours:
| Hour containing | Average range | Other hours | Ratio | Days |
|---|---|---|---|---|
| COMEX silver open (08:25 New York) | 1.05 % | 0.64 % | 1.64× | 42 |
| LBMA Silver Price (12:00 London) | 0.60 % | 0.66 % | 0.91× | 41 |
| COMEX silver settlement (13:25 New York) | 0.52 % | 0.66 % | 0.78× | 42 |
So the COMEX open is silver's busiest moment of the day, while the London noon price and the settlement fall in calmer hours. The three busiest hours were 13:00 to 11:00 AM ET (16:00 UTC). Today's times in your time zone are on silver trading sessions.
Reading walls and absorption on silver
A wall is an unusually large resting order. On silver they cluster at round prices (every 50 cents and whole dollars) and around the previous day's high and low. What matters is what happens when price arrives: if the wall trades through slowly while the footprint shows heavy selling into it and price does not move, that is absorption; if the wall disappears just before price gets there, it was pulled, which happens often. Neither tells you where price will go next; both tell you whether the size was real. Today's largest walls, the previous day's range, the week's open, each session's high and low, VWAP and POC are on silver levels today.
Weekends and the daily break
Spot silver and COMEX close from Friday 17:00 to Sunday 18:00 New York time and for an hour every weekday evening. The silver perpetual keeps trading, but thinly: in those closed hours its median volume was 8 % of an open hour and its hourly range about a quarter (24 %) of an open hour's. Walls in a thin book are easier to pull and easier to run through, so weekend levels deserve less weight, and the Sunday reopen often re-prices silver quickly.
Silver for India
India is the world's largest silver buyer and quotes silver per kilogram. Silver today in India converts the live silver price to rupees per kg and per 10 g at the ECB rate (before import duty and GST) and lists every silver time in IST.
Common questions
Where can I see silver order flow for free?
On Swiftedge, with no sign-up: the silver heatmap in Depth, the silver footprint chart and silver levels today, all on the silver perpetual future, 24/7.
Is the silver perpetual the same as COMEX silver?
No. It is a perpetual future priced in US dollars per troy ounce that follows silver closely and trades around the clock. COMEX futures and the LBMA Silver Price are separate markets; Swiftedge shows neither price.
When is silver most active?
In the New York session, and most of all in the hour of the COMEX silver open at 08:25 New York time: in our 60-day measurement that hour moved 1.64 times as much as an average hour.
Does silver trade at weekends?
The silver perpetual does, 24/7. Spot silver and COMEX are closed from Friday 17:00 to Sunday 18:00 New York time, and weekend volume on the perpetual is low.