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.
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.
Histogram by total size
Histogram by size
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).
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 visualisation modes by pressing a button on the top of the module.
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 confirmation and cancellation icons, as well as the quantity of the order. If everything is fine, click on the green check sign to place the 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.
Example: How a 'Buy' 1,300 instruments @ Market is filled
It results in collecting available volumes on quotes up to the total size exceeding desired quantity, starting from the best price band. In the case shown on screen, it will be filled as follows: 300 @ 176.45 + 500 @ 176.46 + 200 @ 176.48 + 100 @ 176.49
You can also place a stop order. It will trigger once the market reaches the indicated price. To do so:
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, click on the spread icon at the top part of the window.
Shortcut: You can open/close the spread view just by pressing “s” on your keyboard
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.