How to Use the MT5 Market Depth Window

The MT5 market depth window shows the available bid and ask price levels for a given symbol, along with the volume offered at each level. It is one of the platform features that distinguishes MetaTrader 5 from MetaTrader 4, which does not include a native equivalent.

This article covers how to open the market depth window on MT5, how to interpret what it shows, how to place orders directly from the ladder, and what to keep in mind when the data refers to OTC instruments such as forex CFDs rather than centrally traded markets.

What Is the Market Depth Window on MT5?

The market depth window, formally labelled "Depth of Market" in the MT5 menu, is a real-time view of the buy and sell orders available for a specific symbol at different price levels. It displays bid prices (with corresponding volume available to sell) and ask prices (with corresponding volume available to buy), arranged in a ladder format.

Some traders refer to the same window as the order book or the price ladder. On MT5 at TIOmarkets, the feature is available on the desktop platform. MT4 does not have an equivalent built-in window.

How to Open the Market Depth Window

There are two ways to open the market depth window in MT5.

The first is via the Market Watch window. Open Market Watch with Ctrl+M if it is not already visible, right-click the symbol you want to view, and select "Depth of Market" from the context menu. The window opens for that specific symbol.

The second is the keyboard shortcut Ctrl+B. Select the symbol in Market Watch first, then press Ctrl+B to open the depth window for that symbol.

You can have multiple market depth windows open at once, one per symbol, and arrange them anywhere on your workspace.

Reading the Market Depth Window

The window displays a price ladder with several columns. The two most important columns are Price and Volume.

Price shows the bid and ask levels available for the symbol. Bid levels appear in one colour (typically blue or green, depending on your theme) and represent prices at which buyers are willing to buy. Ask levels appear in another colour (typically red) and represent prices at which sellers are willing to sell.

Volume shows the quantity available at each price level. For forex CFDs at TIOmarkets, volume is denominated in lots.

The spread is the difference between the best bid and the best ask, displayed at the centre of the ladder. The window updates in real time as prices change.

Buy and Sell buttons typically appear at the top of the window for quick order entry, with a Volume field where you can set the lot size before clicking.

Placing Orders from the Market Depth Window

The market depth window supports direct order entry. Set the volume you want to trade in the Volume field at the top, then click either the Buy or Sell button. The order is sent at the current best bid or ask, subject to platform execution.

You can also place limit and stop orders directly from the ladder. Right-click a specific price level in the depth window and select the order type you want to place at that price.

Orders placed from the market depth window go through the same execution path as orders placed via the New Order dialog or the chart. Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions.

Hedging is supported on all TIOmarkets accounts, so positions in opposite directions on the same symbol are permitted via the market depth window.

What the Market Depth Window Does Not Show for OTC Instruments

This is an important distinction. For exchange-traded instruments such as some futures contracts, the depth of market window can show the consolidated order book maintained by the exchange. For OTC instruments such as forex CFDs, there is no centralised exchange order book.

For forex CFDs and similar OTC instruments at TIOmarkets, the market depth window shows the broker's quoted depth at different price levels. This is useful for seeing available liquidity at and around the current price, but it does not represent a centralised order book in the same way exchange-traded instruments do.

If you are using the market depth window primarily as a liquidity assessment tool for forex CFDs, treat the figures as broker-quoted depth rather than a market-wide consolidated view.

Customising the Market Depth Window

Right-click inside the market depth window to access display options. You can adjust the number of price levels displayed, toggle column visibility, and change cosmetic settings such as colour schemes.

The window's price step (the increment between displayed levels) can be configured via the right-click menu in some MT5 builds. For most forex CFD symbols, the default price step matches the symbol's smallest price increment, which on TIOmarkets forex pairs typically corresponds to 5-digit pricing (1 pip = 10 points). JPY pairs use 3-digit pricing.

Market Depth on Mobile

The MT5 mobile app does not include a full market depth window equivalent to the desktop version. Traders who rely on the market depth window for order entry or liquidity assessment will need to use the desktop platform.

Mobile trading on MT5 supports order placement via the standard Quotes and Charts interfaces, with bid and ask displayed for each symbol. The full ladder view is desktop only.

Practical Considerations

The market depth window is most useful when you want to see available liquidity at and around the current price rather than just the best bid and ask. For larger lot sizes, it can help identify whether sufficient liquidity exists at nearby levels.

Spreads are variable and are typically higher than minimum figures shown. The bid-ask spread visible in the market depth window will widen during low-liquidity periods and around high-impact news events.

For OTC instruments such as forex CFDs, remember that the displayed depth represents the broker's quoted liquidity rather than a centralised exchange order book. For exchange-traded instruments, the depth shown more closely resembles a consolidated order book.

Right-click any symbol in Market Watch and select "Specification" to view the contract specification, including the stops level (minimum distance) that applies to stop loss, take profit, and pending orders for that symbol.

Trading at TIOmarkets

TIOmarkets offers MetaTrader 5 and MetaTrader 4 on desktop, web, and mobile, across four account types. The Standard account is created automatically on registration with a minimum deposit of $20 or currency equivalent. The Raw and VIP Black accounts are opened separately through the client area. The Nano account is MT5 only with a $20 minimum deposit, USD only. Hedging is supported on all accounts. A swap-free Islamic account is available; contact TIOmarkets for eligibility and instrument requirements. Copy trading is available on both MT4 and MT5.

Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions. Spreads are variable and are typically higher than minimum figures shown. Leverage on each instrument is subject to change depending on market conditions and applicable regulatory requirements. You can review the full list of account types on the TIOmarkets accounts page.