Vtrender · the desk
Shai Coelho
Reading Indian markets by structure, participation, and acceptance — since 2009.
Derivatives trader on NSE and BSE, working from Market Profile and Order Flow since 2009.
Founder of Vtrender — an NSE- and BSE-authorised market-data platform and charting desk for serious Indian derivatives traders.
Author of Power Trading with MarketProfile and Orderflow.
How I read the market
A few things I hold to
Read the market before you watch the chart.
Watching is passive — price moves, you react. Reading starts from a question: where is value being built, is this price accepted or rejected, who is active. The reading leads; the screen confirms or refutes it.
Watching charts versus reading markets
Information was never the constraint.
A retail trader today has more data before the open than a professional desk had in a week twenty years ago. Outcomes did not improve in proportion. The missing skill is a framework to read what is already on the screen — not a ninth indicator.
A market is an auction, and every session leaves evidence.
Price moves to find where business can be done, builds value where two-sided trade is accepted, rejects prices where it is not. Structure first, then participation, then the decision about whether there is anything to do.
Order flow is confirmation, not a signal on its own.
Flow numbers mislead read in isolation. The structure around the flow is half the information — the same print means different things at accepted value and at a rejected extreme.
Reading order flow with context
Some sessions the honest reading is: nothing to do.
When the market is balancing and value is accepted, there is no edge in forcing a trade. A watcher rarely reaches that conclusion, because every move looks like a signal when there is no framework to filter it.
Noise versus information: a working filter
The Closing Auction Session changed the derivatives day, not just the cash close.
A short cash auction now settles a much larger derivatives book. That is a market-structure event, and the first month of it raised the question SEBI is now reviewing.
The first month of CAS — NDTV Profit
Selected writing
Working notes and columns
The first month of CAS has identified the next market-structure question
Two Sensex expiry Thursdays, a thin auction settling a much larger derivatives book, and the specific gap SEBI is now reviewing.
Watching charts versus reading markets
Information was never the constraint. The missing skill is reading structure, participation, and acceptance — not adding another indicator.
Reading order flow with context
Why order flow numbers mislead as standalone signals, and why the structure around flow is half the information.
AI will be useful in trading, but it can't replace judgment
Indian market structure, weekly options, noise versus information, and where AI fits on a trading desk.
All writing Market Structure Research Coverage and interviews
The book
Power Trading with MarketProfile and Orderflow
A practical workbook for reading auction structure and order flow on Indian markets — the framework this desk works from, set down in full.
Away from the screen
Off the desk
A reading discipline is built as much off the screen as on it. A few things that sit alongside the trading.
Where to go next