Across 5,365 sessions on SPY/QQQ/NVDA/TSLA/AMD, exhaustion-close rate climbs from 27% on calm-volume days to 49% at 1.8-2.5x volume. High relative volume is participation, not sponsorship — and order flow shows which we're looking at.

Liquidity packets — bursts of participation that reveal accumulation or exhaustion before the candle confirms. CVD slope, refresh behavior at price levels, and trade-size distribution separate accumulation packets from exhaustion packets. The chart looks similar; the order flow doesn't.