Depth of market

Access tighter spreads on a range of instruments with depth of market (DoM).

Depth of market is a native feature of the MT5 platform.

OGM Depth of market hero
OGM Depth of market - Benefits
Benefits of depth of market

Take advantage of competitive spreads.

Trade large sizes in one transaction
Transparency of pricing and spread
See the bid and ask prices for available liquidity
Place pending orders directly in the depth of market window
Complete transparency of pricing and spread
Accessing depth of market on MT5

Simply right click on a symbol in ‘market watch’ and choose 'Depth of Market’.

Requested number of lots

If the requested number of lots is greater than the equivalent volume available on the first level of depth, the system will look down the depth of market to calculate the entry/closing price. After entering a number of lots greater than those available on level 1, the market depth is highlighted according to the number of lots entered.

List of prices

This will show a list of prices and the number of units available at each price. If you enter an order where the number of units is greater than the number of units available on the first level (we will execute the maximum number of units available at the first level), the next portion of the order’s units over the first level price will be calculated from the subsequent price level.

Multiple levels

This could include multiple levels, depending on the size of the order. The range of levels being used will be highlighted by the order ticket.

If the next level’s number of units is still not sufficient to fill the entire order, the process will repeat, filing down the depth of market until the entirety of the order’s number of units has been filled. If the order being submitted is larger than the total number of units available across all the price levels, the order will be rejected.

How it works

For example, if there is a first level with 1,000 available units and an order for 1,100 units is submitted, the first 1,000 units of the order will use the first level price, while the remaining 100 units of the order will use the second level price.

Orders filling at depth

This means that the price of an order filling at depth will be calculated as a ‘Volume Weighted Average Price’ (or VWAP), using prices from the depth of market. Each level being used in the calculation will contribute to the order’s price, weighted by the number of units being filled at each level.

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Frequently asked questions
Smart answers to common questions.

Does depth of market apply to all order types?

Yes, depth of market can be applied to all available order types. This includes entry (market, limit and stop) and exit (stop-loss, trailing stop-loss and take-profit) orders.

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