What is Depth of Market on MT5

by Oct 7, 2022Forex Trading Platform

Depth of Market in MT5 is a trading tool that displays Bid and Ask price for a certain symbol close to the market price.

Depth OMarket is also called DOM so you will see DOM everywhere on the Internet.

DOM shows real volume and allows you to put market and pending orders in a single click.

How to Open Depth of Market Window

To open depth of market in MT5 you can use two ways:

  1. Step #1 – go to the menu and click View -> Depth of Market -> symbol
  2. Step #2 – go to the Market Watch window and then
    1. you need to position yourself on the symbol list in the Market Watch and click right mouse button on the currency symbol you want to see DOM
  3. Step #3 – go to the chart of the currency pair you want to use and click the right mouse button. In the option list select Depth of Market and new window will show
  4. Step #4 – use Metatrader shortcut command Alt+B and new window will show with DOM for the currency pair that is currently active on the chart

Read more: Metatrader 4 Shortcuts

How do I Enable Depth of Market in MT5?

Here is an explanation on how to enable Dept of Market in MT5.

But, have in mind that you need to enable One Click Trading to enable trading instant market orders with one click.

If you do not enable One Click Trading you will need to click several times for each order like in the normal way of opening a new order.

To enable one click trading in Depth of Market go to Tools -> Options. Inside the Options window go to Trade tab and click on the checkbox next to One Click Trading option and activate it with OK button.

Enable One Click Trading in DoM

You will receive a message that you accept terms and conditions of One Click Trading.
If you agree, confirm it and proceed further.

Accept One Click Trading in DoM

Open Depth of Market in MT5 Through View Menu

Go to the menu list in the upper left corner of the MT5 and select View menu.

Inside the View menu click on the Depth of market and you will see a list of symbols you can use to see DOM.

I will use EURUSD in this example and a new window will appear on the right side inside MT5.

How to open Depth of market_1

Open Depth of Market Through Market Watch

Second way to open the depth of market in MT5 is to open the Market Watch window where all symbols are listed.

Inside the list select which currency pair you want to see DOM.

Click the right mouse button and you will have a list of options you can select. In the option list select depth of market and new window will show with DOM.

How to open Depth of market in market watch

Open Depth of Market On the Chart

Third way you can open DOM is to open a chart of the certain symbol and click the right mouse button.

You will get the list with options and inside that list you will see Depth of Market option.

Click on it and the DOM window will show.

How to open Depth of market on the chart

What is the Depth of Market in Forex?

Depth of market in MT5 is a tool you can use in Forex trading in scalping. Because DOM allows you to put market and pending orders with a single click which is really important in scalping.

These are two operations available within DOM in MT5. This allows you fast trading without spending too much time clicking.

Buying and Selling Using DoM

Market operations like buying and selling are available inside DoM. You have two options how to use buy and sell inside DoM:

  • #1 – instant market orders
    • Instant market orders are buying and selling at the current market price
  • #2 – pending market orders
    • opening an order with desired price that is different than current market price

Dept of Market in MT5 have Bid and Ask price from the chart which you can use to quickly open an order at desired price.

Read more: Show Bid and Ask Price in MT4

The price you can open an order is close to the market price so you do not need to manually set the desired price which can take time if you want to open an order quickly.

DoM offers you several prices that are close to the market price.

Bid and Ask price in DoM

Inside the DoM window below you can see that you have an option to change Stop Loss and Take Profit levels and Volume or Lot size for the order you want to open.

With these settings you predefine what Stop Loss and Take Profit and Volume will be on the next order you open.

Increase order volume or TP and SL pips

DoM Price Above and Below Market Price

Here you can see that DoM window has two areas.

Area above the black line represents the prices that are higher than the market price.

It is colored in Pink so it is easy to distinguish it from the prices below the black line which are prices lower than the current market price.

Prices below current market price are colored in blue.

DoM Window overview

You can see that the prices above the black line colored in Pink represents Sell limit and Buy Stop price.

The sell limit and buy stop represents pending orders you can open if the price is above current market price.

The prices below the current market price represents Sell Stop and Buy Limit price.

Instant Market Order in DoM

If you want to open an instant market order you can do that by using BUY and SELL buttons at the bottom of DoM window.

Above Buy and Sell button you have the option to change stop loss and take profit levels by adding a certain number of pips from the current market price.

If you put Sl = 100 that will represent Stop loss 10 Pips from the current market price.

If you put TP = 200 that will represent Take Profit 20 pips from the current market price.
I will show you Stop loss and Take profit levels later in an example.

You can also change Volume and set desired lot size. You can change it and put 2.00 as 2 standard lots for each order you open. You can change that each time you want to open a new order.

Dept of Market instant orders

I will click on the sell button at the market price 0.99116 with Volume = 1.

Immediately you will see the sell order on the right side where the chart is. On the chart you can see the sell order with the open price.

Sell order over DoM

Close Market Order in Dept of Market Window

Now, when you have open order you can close it from the DoM window by simply clicking on the Close button which is yellow colored.

If you have more than one order open you select which order you want to close. When you select the order it should be blue colored as in the image below.

Then go to the DoM window and click the close button which will close that order.

Close open order over DoM

Pending Orders In DoM

Inside DoM you can open four pending orders:

  • Sell Limit
  • Buy Stop
  • Sell Stop
  • Buy Limit

These are orders that you can open in front and then wait for the price to come to the defined price and open an order.

Buy Limit Order in DoM

Here is an example of a Buy Limit order where the Buy limit price is below current market price.

If you want to quickly open the Buy limit order you can do that by clicking the arrow in blue below current market price. It is pointing UP which means you want to open a buy order where you expect the price will rise from that price upwards when the order is activated.

Below you can set Stop loss and Take profit and Volume for each order you open.

As soon as you open a new pending order you will see BL 1 in the Trade column.

This represents:

Buy Limit = BL

Below the Toolbox window where you have all orders listed you will see this Buy limit order open with details defined at the start. This means I have not set any Stop Loss and Take Profit levels. But I have defined 1.00 Volume which is 1 Standard Lot.

Buy limit order over BoM

Sell Stop Order in DoM

Below the current market price you have an arrow that is pointing down and represents Sell Stop order in DoM.

If you click on it you will open the Sell Stop order which means you want the price to continue moving down when it reaches the sell stop price.

When I click on the arrow button I will get a new pending order in the list of orders inside the Toolbox window.

Sell Stop open over DoM

Buy Stop Order in DoM

Above the current market price you have a blue arrow pointing UP which represents buy stop order.

That means if you click on it you will open a buy stop order where you expect the price will continue to move UP after it reaches this price.

Buy Stop over BoM

Sell Limit Order in DoM

The red arrow above current market price represents the sell limit order.

If you click on this arrow you will open the sell limit order where you expect the price will reverse and decline in value when it reaches this level.

If you click on it you will open the sell limit order at the price you have clicked on and a new order will appear below in the Toolbox window.

Sell Limit over BoM

Pending Order With Stop Loss and Take Profit in DoM

In this example I will change stop loss and take profit and volume.

When I change them I will open the pending buy limit order so you can see how it works.

Order Open Volume and SL and TP

You can see that the new order is open with predefined stop loss and take profit levels.

You can change these values inside the DoM window for each new order you plan to open.

Cancel Pending Order Over DoM

There are two ways how to cancel pending order created inside DoM:

  1. Hold SHIFT + click mouse button on x
  2. click on order row in Toolbox window and delete order

If you want to use a fast way to close order in DoM you need to hold the SHIFT button on your keyboard.

And then you will see x sign next to the open pending order. If you want to cancel that order you can simply click that x.

If you have more pending orders you will see them in the DoM window and you can close each one by one.

If the order price is not visible in the DoM, because the order price is higher or lower than the price that is visible in the DoM window you will not be able to close it with the SHIFT + x option. Because you would need to wait until that price shows on the DoM window.

If you do not want to wait for the price to change to pending order price then you can simply click on the order inside the Toolbox window and delete order.

Cancel pending order in DoM

A note for you – if you have opened two or more orders at the same price, but at different times you will have two orders visible on the Trade column. Next to each other.

If you want to cancel an order with the Shift button you will close first the oldest order. And you can cancel only one by one.

Move Pending Order and Change Entry Price

If you have set a pending order you can easily change the entry price by modifying the order.

That means you can simply drag and drop the order from the DoM area.

To do that when you open a pending order you will see the pending order type in the column “Trade“. In my case I have an open Buy Limit with 10 lots.

When I hover with the mouse arrow over that row you can see a double arrow which represents a possibility to make changes.

Now, I have clicked on that BL 10 and held the mouse button.

Then I have moved upwards the mouse and immediately I see slightly greyed out the BL 10 which represents I can drag and drop pending order.

The pending order was open at 0.98071 and when I dragged the order to the new price  0.98074 I released the mouse button.

Move pending order drag and drop

Immediately the entry price has changed in the row where the order is visible.

That way you can simply and quickly change the entry price level if you want.

Changed pending order drag and drop

If you move the pending order from the Buy Limit area into Buy Stop area which is above current market price you will change that order type.

So, if you have a Buy Limit order open and you move it up you will change that order into Buy Stop order.

Does MT4 Have Depth of Market?

MT4 has depth of market which you can access with right mouse button click on the chart or in the market watch window on any symbol listed there.

MT4 depth of market is a light version of market MT5 with less functionalities, but the main function about order opening is available.

MT4 Dept of Market Window

Conclusion

Depth of Market in MT5 or MT4 gives you a quick trading tool that you can use in scalping or day trading.

DoM as it is called has options like pending orders and market orders you can use with one click which enables you fast order open.

This article is part of MT4 tutorial which you can find here: Metatrader 4/5 Tutorial

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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