Depth of Market
The Depth of Market (DOM) displays bids and asks for a particular instrument at the best prices (closest to the market) at the moment. The DOM window also shows the volume of each order.
Depth of Market (DOM) is only available for the symbols traded in the exchange execution mode. Trade operations are sent to an external trading system (stock exchange). To open the Depth of Market window of a financial instrument, click "Depth of Market" in its context menu in "Quotes".
The number of bids and offers displayed in the DOM is determined by the symbol parameters set by the broker.
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Trade
Trading activities performed from the Depth of Market are directly connected with the peculiarities of the exchange execution of operations in MetaTrader 5 for iPhone. There are two types of trade operations:
Market Operations
A market operation is buying/selling a financial instrument at the best price currently offered on the market. Market operations can be performed via the Depth of Market using Buy and Sell buttons below.
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From the Market Depth – execute the appropriate trading command in the Market Depth of the required symbol while specifying the required volume. This request to execute a trade operation will be immediately sent to the server without specifying any extra conditions.
The volume must be specified before performing an operation.
After clicking Buy or Sell, an appropriate request to execute a trade operation will be immediately sent to the server without specifying any extra conditions.
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AN example of a market operation
Below is an example of a market operation: buying 50 lots of EURUSDCIT.
Sending the Request
Specify the volume of 50 lots and press Buy.
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Executing the Request
The above screenshot shows that only 3 lots at 1.20842 were available at the moment of execution. "Fill or Kill" execution mode is used by default when sending market requests from the Depth of Market. It means that the request should be performed in the specified volume. If the specified volume is not available in the market, the request will not be executed.
The necessary volume is available in the market but at a higher price. The requested volume will be reached using the best price offers. You can view the history of order execution in the "History" tab.
The above screenshot shows that the order was executed by three deals: 3 lots at 1.20842, 20 lots at 1.20843 and 27 lots at 1.20844.
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- When executing market deals you agree in advance to buy/sell a symbol at the current market price in a specified volume. Therefore, one order can be executed by several deals at the best market price.
- Pending orders should be used to execute trade operations at a specified price.
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Closing Positions
The Depth of Market allows you to view open positions by their symbol, as well as close them quickly if necessary. Position status is shown at the upper section of the Depth of Market.
To close a position, tap Close at the bottom part of the Depth of Market. Click on it to close your position without any further confirmations.
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Closing Positions in Hedging Mode
If an account uses the hedging mode, a user can have multiple open positions of the same instrument. Therefore, to close a position from the Depth of Market, it must be explicitly selected. Only after that the "Close" button will become active.
Trader Requests
Placing a trader request means creating a pending order to buy/sell a financial instrument at a specified price. 4 types of pending orders: Buy Limit, Sell Limit, Buy Stop and Sell Stop can be placed from the Depth of Market. The conventional way of performing trade operations should be used to place Buy Stop Limit and Sell Stop Limit orders.
Placing an Order
To place a pending order, click on the bid/ask volume cell having a required price:
After you tap on the appropriate field, a request for placing a pending order will be immediately sent to the server. The order will be displayed in the Depth of Market upon successful placement. As soon as there is a market participant ready to sell the financial instrument at the specified price, the order will be filled and will turn into a position.
Transferring Orders to an External Trading System
Pending orders may or may not be transferred to an external trading system depending on broker's symbol settings. For example, a broker may transfer Limit orders directly to an external trading system while other order types (Stop and Stop Limit ones) will be processed in MetaTrader 5:
- When reaching the stop price specified in a Buy Stop or Sell Stop order, an appropriate market operation is executed.
- When reaching the stop price specified in a Buy Stop Limit or Sell Stop Limit order, an appropriate limit request is executed, which will be visible to other market participants.
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Interface: Current Position
The upper section contains the data on the current open position, if there is any.
- Position direction – Buy or Sell
- Symbol name
- Profit/loss
Use the "Close" button at the bottom of the Depth of Market to close the current position.
Lots/Amount button allows you to switch quotes volume display mode in the Depth of Market.
Interface: List of Requests
The main part of DOM is occupied by the list of trade requests which are closest to the market. The upper part (colored in red) displays bids, while the lower part (colored in blue) displays asks. List of requests is divided into three columns:
- Volume – total volume of requests at a specified price;
- Price – request price;
- Trading – this column displays trader's current trade requests and stop levels (Stop Loss and Take Profit). For example:
- BL 10 – Buy Limit order of 10 lots;
- SL 5 – Sell Limit order of 5 lots;
- BS 1 – Buy Stop order of 1 lot;
- SS 3 – Sell Stop order of 3 lots;
- sl 1 – a 1-lot Stop Loss level of a position;</t1>
- tp 2 – a 2-lot Take Profit level of a position.
Interface: Trading Commands
Traders can send market and limit (Buy Limit and Sell Limit) orders.
Pending Orders
Buttons for placing pending orders are located at the right side of Trading column. The order is placed at the price with a pressed button.
 – if this button is pressed in the Bid prices area, a Buy Limit order at a specified price will be placed; in case it is pressed in the Ask prices area, a Buy Stop order will be placed; – if this button is pressed in the Ask prices area, a Sell Limit order at a specified price will be placed; in case it is pressed in the Bid prices area, a Sell Stop order will be placed.
Trading Settings
The lower part of DOM contains trade operation settings:
- sl – Stop Loss level is set for placed limit orders. This parameter is specified in points from the current price;
- vol – the volume of created market and limit orders in lots;
- tp – Take Profit level is set for placed limit orders. This parameter is specified in points from the current price.
Market Orders
Market order commands are located below:
- Sell – make a Sell deal in the size specified in "vol" field at the best available price.
- Close – this button is enabled only if there is an open position for a selected financial instrument. It allows you to close the entire position at the best available price.
- Buy – make a Buy deal in the size specified in "vol" field at the best available price.
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