Study: absorption in order flow

The first article in Studies is a negative result: heavy taker flow with a flat price does not predict a reversal.

• 144 variants tested on 40 Binance perpetuals over six and a half months and on 30 instruments across three venues in ArcDelta, with a multiple-testing correction and taker costs.
• After a large flow price leans slightly against it over 4 hours, but just as much without the flat-price condition, and less than costs. No alpha comes from this idea.