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Market Depth
Updated over 2 weeks ago

Access the “Market Depth” module on the left side toolbar of your desktop platform and on the top toolbar by clicking “Quotes” → “Market Depth”:

Market Depth is a module in the EXANTE trading terminal that provides a list of active limit orders grouped by trading side and arranged by price.

The module is rich in visualisation and it allows the trader to analyse the market conditions by discovering price levels and resistance zones.

Market Depth is available for instruments with Level 2 Market Data.

Currently, Level 2 Market Data is offered for the following exchanges:

  • CBOE Options

  • EUREX Futures

  • CME Futures

  • NYMEX Futures

  • COMEX Futures

  • CBOT Futures

Let's examine the window from the top.

The anchor icon next to the name of the instrument allows you to link various modules.

The three icons on the top right of the module allow you to switch between different modes.

The classic mode (Without histogram) has only two coloured lines regardless of volume size (number of outstanding instruments in the respective price category): the lowest ask and the highest bid. It is the simplest Market Depth view.

Histogram by size shows coloured columns next to every line with an order; its width is indicative of size – the longest column corresponds to the greatest number of outstanding instruments.

Histogram by total size factors in the total size of all orders on the buy or sell side, so the longest column would be the uppermost or the lowermost. It sums up the total size starting from best bid and offer (e.g. the price that is closest to the market).

Note! To view information in the Market Depth module for exchanges that require a subscription, you must have an active subscription.

If you don’t have one, you will receive a prompt to subscribe before accessing the data.

You can manage your exchange subscriptions in the Market Data Feed section of your Client's Area.

Trading from the Market Depth module

To begin trading, click on the order icon in the top right corner of the Market Depth module.

Shortcut: You can open/close the trade view just by pressing “T” on your keyboard.

If you have any open position (short or long), you will see it here as well, otherwise the word “Flat” will be displayed.

Once you have filled the quantity, you can place:

  • Market order: just click on “Sell” or “Buy” buttons.

  • Limit order: click on the “Market Depth” cell with the desired price. You will see the word 'Limit'. If everything is fine, click on the word to place the order.

Note: If you press cmd (command, Mac OS) or Ctrl + Alt (Windows) on your keyboard, you can place a Stop order instead of a Limit order.

  • Take Profit or Stop Loss: just fill in the desired parameters in the trade panel before placing the order.

You can alter duration (other than “Day”) if it’s available for the instrument you want to trade.

Note! Double-clicking on the cell will instantly place an order. If you want to avoid misclicks, visit the Settings–General tab and tick the “Show order confirmations” checkbox.

You can also place a stop order. It will trigger once the market reaches the indicated price. To do so:

  1. Specify the quantity in the trade window below the table

  2. Point the mouse cursor at the desired “Market Depth” cell while holding the Alt key (the text in the cell will change from Limit to Stop)

  3. Click and confirm

To place an order with the quantity equal to the price band size, click on a cell while holding the Ctrl/Cmd modifier key.

Drag and drop any existing order in the Market Depth window

This allows you to change the price of the order, whereas the side (Buy or Sell) and the quantity will remain the same. If you want to replace an order changing both price and quantity, select the “Orders” module → right-click on the order → select “Replace” in the context menu.

In case you want to place an order within the spread, press the "S" key.

Note: While you may have orders of other types (i.e. Stop Limit or emulated Stop), you will not see them in the Market Depth module. However, they will still be counted when calculating the total number displayed in the “Sell” or “Buy” column header.

To cancel any order, click on the red cross icon next to an order.

Adjust the quantity or price by clicking on the arrows next to it. Another nifty way to do so is to click the parameter in the field and press the “Up” or “Down” keys.

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