Real time forex order book

So going against the market in this situation was not effective. Until of course, the peg was taken away. Tradeciety_Oanda2. click to enlarge. OANDA Order Book.
Table of contents

Each order shows the number of shares or dollar amount of the asset being bid or offered, the price, and the trader or firm placing the order, although some buyers and sellers prefer to remain anonymous. The order book enables market participants to gauge the buy and sell interest in an asset and therefore potential support and resistance price levels. If there are many buy orders for a stock at an increasing price, that could indicate a bullish opinion on the stock.


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By contrast, an abundance of sell orders could indicate a lack of support and therefore a falling price. By seeing who the prospective sellers and buyers are—either smaller retail investors or large institutions—traders can further determine which way the stock's price is likely to move and therefore how to place their trade. However, investors who wish to hide their identities and their market moves can make their trades through dark pools , which does minimize to some degree the usefulness of the order book as a market intelligence tool.

Order books—and therefore asset prices—are also subject to manipulation that goes beyond the bounds of legality. In spoofing, for example, a rogue trader places a large phony buy or sell order for a stock hoping to influence the price up or down. Then, they place multiple orders at the opposite end of the trade to capitalise on the price movement while cancelling the original order.

Time Your Forex Trades To Perfection With Open Orders And Positions

Similarly, in layering, the trader places a series of small orders at different prices to create the appearance of wide buying or selling interest in a stock with no intention of actually executing the orders. They then make the opposite trade to profit on the price manipulation. Both spoofing and layering have been determined in the U. However, both are difficult to prove, since buy and sell orders can be cancelled by the trader for any number of legitimate reasons, either because they don't like the way the market for the stock is moving or because they simply changed their mind.

That's why the information in the order book should be used as one of many criteria in choosing to buy or sell an asset at a given price. Depending on the level of market information they require, traders can subscribe to different order books through their broker. Level 1 and Level 2 data are available from brokers at different prices. An order book is a real-time, continuously updated list of buy and sell orders on an exchange for a financial asset, such as a stock, bond, ETF or currency.

Level I Market Data

Traders use this information to determine the price support for the asset; for example, an abundance of buy orders could mean the asset price is about to go up, while many sell orders could have the opposite effect. The order book also shows who has placed the orders, although investors in dark pools can hide their identity. Again, this is a really useful tool for looking inside the dynamics of the market, instead of just looking at price action alone.

Together with the historical order book these charts show collections of buy and sell orders in the market. So these areas are likely to offer really strong support and resistance levels to take note of.

Live, Historical and On-demand Market Data Feed and API

On the left shows all the open orders and you can see that there was a large cluster of blue, open sell orders right underneath the 0. A lot of these orders will have been stops, and some will have been break-out orders.

So we know from looking at the order book that this 0. If the market stays above this level then we are probably going to stay higher and trade upwards. But once the market touches this level, we are going to see a lot of sell orders come in and overpower the buys. That could easily lead to a strong downward move.

Market Data Services & Solutions

So the following graphic shows the order book and the price chart, around 22 hours later. The two tools described here are useful for picking reversals and finding strong support and resistance levels in the market. They require some skill to identify and they should not be used on their own. But every now and then, these tools show great insight and can help traders find an edge in their forex trading.

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