> ## Documentation Index
> Fetch the complete documentation index at: https://docs.fx.meme/llms.txt
> Use this file to discover all available pages before exploring further.

# Read the market

> Make sense of prices, candles, volume, liquidity, and wallet values.

FX shows several views of the same market. Each answers a different question. Before comparing two numbers, check the currency, pool, time, and scope behind them.

## Start with the quote currency

A TOKEN/EURC chart measures the token in euros onchain. A TOKEN/USDC chart measures it in dollars onchain. Their numeric prices can differ while representing similar relative values.

Changing the chart currency selects a market view. The trade currency selects what you spend or receive. The execution route can pass through another currency when its quote is better.

| View               | Read it as                                               |
| ------------------ | -------------------------------------------------------- |
| Chart currency     | The quote asset of the selected token pool               |
| Trade currency     | The selected input or output currency                    |
| Route              | The complete sequence of pools used for execution        |
| Pool-liquidity row | The canonical token pool for the selected trade currency |

## A chart price is not your average fill

FX's candles use prices recorded by the selected pool's swap events. They describe the pool state after swaps, rather than each trader's average execution price.

For example, a trade might receive 10,000 tokens for 100 USDC, giving a gross average of 0.01 USDC per token. The pool can finish at a different price because the trade moved through liquidity.

Always compare your expected received amount and transaction limits with the [execution quote](/guides/read-a-quote).

## Read a candle

| Field  | Meaning in the selected interval                                                                     |
| ------ | ---------------------------------------------------------------------------------------------------- |
| Open   | The preceding known pool close, or the first available observation when earlier state is unavailable |
| High   | The highest observed pool price                                                                      |
| Low    | The lowest observed pool price                                                                       |
| Close  | The last observed pool price                                                                         |
| Volume | The absolute quote-side amount from that pool's native swaps                                         |

The high and low cover observed swap prices. They do not reconstruct every intermediate price traversed inside a trade.

Intervals use UTC. Empty intervals remain empty. An unfinished candle can still change, and a limited history view is not the token's complete trading history.

The closing-price line holds an observed close until the next observation. A flat segment does not imply that trades occurred continuously.

## Volume depends on the view

Chart volume measures the selected pool's quote-side swap amounts. It excludes separately collected hook fees and the other legs of a currency route.

Broader activity totals can use gross quote notionals across multiple token-pool fills. A multihop operation can contribute to more than one fill.

These quantities can differ without an accounting error. Compare the same pool, currency, time window, and fee basis. Volume measures exchange activity; it does not count unique buyers.

## Valuation is a price estimate

Fully diluted valuation, or FDV, applies a token price to the full supply:

```text theme={null}
1,000,000,000 tokens × 0.00002 USDC per token
  = 20,000 USDC FDV
```

The result is not a pool balance, money raised, or the proceeds available from selling the entire supply. A large sale changes execution prices.

In the current market overview, FX launches use their dollar-side market for the display estimate. The euro-side and dollar-side pools can temporarily disagree.

## Liquidity and portfolio scope

The selected-pool liquidity figure estimates principal across its ranges, including inactive ranges. Uncollected fees and unreinvested custody credits are excluded. See [liquidity and price](/markets/liquidity-and-price).

Portfolio values cover tokens launched by the selected FX factory. Currency balances and creator claims are separate. An empty page does not establish an empty wallet, and a sold position can still have unpaid holder rewards.

Missing data should remain unavailable rather than silently becoming zero.

## After a confirmed trade

A transaction receipt and the market-data view can update at different times. The interface refreshes toward a snapshot at or beyond the receipt block.

If the display lags, check the confirmed receipt and refresh the data. A data-refresh failure does not change a successful onchain transaction into a failed trade.

Continue with [transaction troubleshooting](/guides/troubleshooting) or the developer [market-data contract](/developers/market-data).