Module 1 · Foundations of Order Flow
Bids, Asks, Makers & Takers
The vocabulary every footprint reader must own: lifting the offer vs hitting the bid.
In this lesson you'll
- Distinguish limit orders (makers) from market orders (takers)
- Define 'lifting the offer' and 'hitting the bid' precisely
- Connect aggressor side to the bid/ask columns of a footprint
Every single trade has two sides: one passive and one aggressive. The footprint attributes the volume to the aggressor — the side that demanded an immediate fill. Get this straight and the rest of the course falls into place.
The two actions that move price
Lifting the offer (a.k.a. lifting/taking the ask): resting sell limit orders sit at the ask. A trader who wants in right now sends a market buy, which trades against — 'lifts' — those offers. Because the trade prints at the ask price, the footprint records it as Ask Volume. Lift enough offers and the inside ask ratchets up → price rises.
Hitting the bid: resting buy limit orders sit at the bid. A trader who wants out/short right now sends a market sell, which trades against — 'hits' — those bids. The trade prints at the bid price, so the footprint records it as Bid Volume. Hit enough bids and the inside bid ratchets down → price falls.
Key takeaways
- Maker = limit order (passive, adds liquidity). Taker = market order (aggressive, removes liquidity).
- Lifting the offer = aggressive market buy → recorded as Ask volume (right, green).
- Hitting the bid = aggressive market sell → recorded as Bid volume (left, red).
- The footprint tags volume by the aggressor, not by who placed the resting order.
Check your understanding
Pick an answer to reveal instant feedback. Answer every question to complete the lesson.
Why that's off: Hitting the bid is the action of an aggressive seller, not buyer.
Why that's off: A market order removes liquidity, so this trader is a taker, not a maker.
Why that's off: Market orders execute immediately; they don't rest in the book.
A market buy lifts the offer (takes the resting sell limits at the ask). Because it prints at the ask, it is recorded as ask volume — and the trader is a taker (aggressor).
Why that's off: Size doesn't change the classification; a market order is a taker by definition.
Why that's off: Limit orders normally rest as makers; only a marketable limit acts as a taker.
Why that's off: They are opposite roles on every venue, including futures.
A market order is always a taker — it crosses the spread and removes resting liquidity immediately. A limit order is usually a maker, though it can become a taker if priced to cross the spread.
Educational content only. Nothing here is financial or trading advice. Order-flow and options patterns shift probabilities; they never guarantee outcomes.