How do we say whether a futures contract is liquid or not? I want to do this to see if the commodity futures in MCX are liquid or no?

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see the difference in price between Buy and Sell. if it is less mean more liquid. if difference is very high then it is less liquid.

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If I had to qunatitaively judge. Is it fair to take the bid ask spread as a % of the price. If this percentage is low then it is liquid. Would that be a good method ?