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Depth of market (DOM) offers transparency of pricing and lets you take advantage of lower spreads on some of our popular MT5 products. With DOM, the smaller the size of your trade, the tighter the spread we can offer.
To access the DOM, please follow the instructions below:
1. Under Market Watch, right click on the desired instrument.
2. Click on Depth Of Market.
3. Alternatively, you can click on the Open Depth of Market icon located at the top left corner of the chart or press Alt +B on your keyboard as a shortcut.
4. DOM quote and volumes : the DOM window displays the real time buy and sell price and order volume available at each market depth level.
5. One click sell limit : click on an arrow to place a sell limit order at that specific DOM level with the preset values of steps 7-9.
6. One click buy limit : click on an arrow to place a buy limit order at that specific DOM level with the preset values of steps 7-9.
7. Preset SL : add the preset stop loss for your DOM orders in points. For example, type in 200 for a desired stop loss of 20 pips.
8. Preset order size : type in the preset order size for your DOM orders in lots.
9. Preset TP : add the preset take profit for your DOM orders in points. For example, type in 200 for a desired take profit of 20 pips.
10. Order selector : select the open order when there are multiple open orders of the same instrument for step 12’s close order function.
11. Sell : places a sell order at market with the preset values of steps 7-9.
12. Close : closes the only open order for this instrument or close the selected order in step 10 when there are multiple open orders of the same instrument.
13. Buy: places a buy order at market with the preset values of steps 7-9.
How does the DOM function
On the DOM window, the buy and sell prices and volume offered at each depth level dynamically update to show the real time ask and bid price offered byOANDA.
If you enter an order where the volume is greater than the number of lots available on the first level, the remaining portion of the order beyond the first level will be filled at the subsequent price level.
If the next level’s available volume 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 has been filled. If the order being submitted is larger than the total volume available across all the price levels, the order will be rejected.
For example, if there is a first level with 10.00 available lots and an order for 11.00 lots is submitted, the first 10.00 lots of the order will be filled at the first level price, while the remaining 1.00 lot of the order will be filled at the second level price.
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 order volume being filled at each level.