Market Depth is a specialised module in the EXANTE trading terminal that provides a list of active limit orders grouped by trading side and arranged by price. The feature that makes the Market Depth stand out is rich visualisation. It allows the trader to analyse the market conditions by discovering price levels and resistance zones. We do not aggregate data from multiple exchanges thus allowing you to compare trading situations.
To switch between the modes, click on the icon in the top part of the Market Depth window:
The Classic mode (Without histogram) has only two coloured lines regardless of volume size: 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 size.
Histogram by total size takes the total size of all orders on the buy or sell side into consideration, 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). For example, total volume size for the price up to 198.30 would be the sum of the volumes for prices 198.81, 198.70, 198.40 and 198.30.
Cycle through visualization modes by pressing a button on the top of the module!
You can trade right in the Market Depth window. If you do not see a trade panel, click on the corresponding button.
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 either a market or a limit order. Market orders are placed when you click on ‘Sell’ or ‘Buy’ buttons.
You can alter duration (other than ‘Day’) if it’s available for the instrument you want to trade.
To place a limit order with a specific price, fill in the quantity, point at a Market Depth cell with this price and click on it. You will see the confirmation and cancellation icons, as well as the quantity of the order. If everything is fine, click the green check sign to place the order.
Please note: Double-click on the cell will place the order instantly! If you want to avoid l misclicks, visit the Settings – General tab and tick the ‘Show order confirmations’ checkbox.
Let’s look at another example explaining how a Buy 1300 @ Market order will be filled. It results in collecting available volumes on quotes up to total size exceeding desired quantity, starting from the best price band. In the case shown on screen, it will be filled so: 300 @ 176.45 + 500 @ 176.46 + 200 @ 176.48 + 100 @ 176.49
You can place a stop order instead of a limit one. It will trigger when the market reaches the stop price you specified. To do so, point the mouse cursor at the Market Depth cell while holding the ‘Alt’ key (text in the cell will change from Limit to Stop), 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.
You can drag and drop any order in the Market Depth window to replace it, changing the price. The side (Buy or Sell) and the quantity will remain the same. If you want to replace an order changing both price and quantity, please find it in ‘Current Orders’, right-click on the order and choose ‘Replace’ in the context menu.
In case you want to place an order within the spread, expand it first by clicking an icon at the top part of the window.
Please 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 you see there, click on the red cross icon next to an order.
You can also add Take Profit or Stop Loss orders to your initial order to secure your profits or minimise losses. Just fill in the desired parameters in the trade panel before placing the 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.