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: 2022.08.25
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Place market order on the Depth of Market
Place market order on the Depth of Market
On MetaTrader4 (MT4) / MetaTrader5 (MT5), you can quickly place orders on the Depth of Market window. Also, some brokers are providing the depth of market data on MT5.(*1)
Here we will look at how to place market orders on the Depth of Market window on MT4/MT5. Please note that if you wish to place an order from the Depth of Market window, you must have one-click order enabled.
Related article: Enable one-click trading
Switch between MT4/MT5 tabs to check the steps for each.
(*1)On MT4, the depth of market data is not available. The Depth of Market window only serves as a scalping tool.
Step 1
Set the trade volume in lots on the Depth of Market window. Type the volume or use the ▼▲ marks on both sides. You can also set stop-loss (S/L) and take-profit (T/P) values by specifying the deviation from the current price in points.
Related article: Open Depth of Market
The data is not displayed on MT4
On MT5, some brokers provide the depth of market data, or the real-time numbers of orders placed by other traders. On MT4, on the other hand, this feature is not available. The Depth of Market window still can be used as a scalping tool.
Step 2
Click "Sell" to place a market sell order, or "Buy" for a market buy order. The bid price will be applied for the former, and the ask price for the latter.
Step 3
Once the trade is executed, the order details will be added to the "Trade" tab of the Terminal.
Step 4
To place a close order at market price on the Depth of Market window, set the volume and click "Close".
Step 5
Once the order is executed, the partial position closed can be viewed in the "Account History" tab of the Terminal.
Step 1
Set the trade volume in lots on the Depth of Market window. Type the volume or use the ▼▲ marks on both sides. You can also set stop-loss (S/L) and take-profit (T/P) values by specifying the deviation from the current price in points.
Related article: Open Depth of Market
You can order even if the data is not displayed
If your broker does not provide the depth of market data, it will not be displayed in the Depth of Market window. Placing orders is still available on the window with the same steps.
Step 2
Click "Sell" to place a market sell order, or "Buy" for a market buy order. The bid price will be applied for the former, and the ask price for the latter.
Step 3
Once the trade is executed, the order details will be added to the "Trade" tab of the Toolbox.
Step 4
To place a close order at market price on the Depth of Market window, set the volume and click "Close".
Step 5
Once the order is executed, the partial position closed can be viewed in the "History" tab of the Toolbox.
Last updated
: 2024.01.18
Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.
【Business information】
http://www.fintecs.co.jp/profile/
Supervisor
Akira Takagi
Systems engineer, MetaTrader administrator
After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.
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