What Depth of Market is
Depth of Market (DOM), also called market depth, is a price ladder. It shows the prices where buy and sell orders are waiting and the volume available at each price.
- Bid: the price buyers offer. You sell at the bid.
- Ask: the price sellers want. You buy at the ask.
- Spread: the gap between the best bid and the best ask.
MetaTrader 5 has a built-in DOM window. You can read prices from it and also place orders from it.
DOM on an exchange versus a CFD broker
The data in the MT5 DOM depends on where the prices come from. The window looks the same in both cases.
| Exchange instrument | CFD or forex from a broker | |
|---|---|---|
| Source of orders | Central order book of the exchange | The broker's own price feed and liquidity providers |
| What volume means | Real resting orders from many participants | Volume the broker shows it can fill, often indicative |
| Number of price levels | Usually many | Often few, sometimes only best bid and ask |
| Whole market visible? | The book of that exchange | No. Forex is over the counter and has no single central book |
On an exchange, the DOM can show where large orders sit. With CFDs, the ladder only shows the liquidity your broker offers. It is not the whole market, so do not read it as an exchange order book. If you trade with Exness, look in your own terminal to see which symbols show depth data.
Ready to try it on a real or demo account?
Partner link · trading carries a high risk of loss
How to open the DOM in MT5
Menu names can change slightly between builds. In current MT5 versions:
- In Market Watch, right-click a symbol and choose Depth of Market.
- Or select a symbol and press Alt+B.
- Or open the depth panel directly on a chart from the chart's context menu, if your build has this option.
You can open several DOM windows, one for each symbol. Use Market Watch and chart setup to organise your workspace.
How to read the ladder
- Sell orders (asks) are shown above the current price, usually in red.
- Buy orders (bids) are shown below it, usually in blue.
- The volume column next to each price shows how much is available at that level.
- The bars help you compare volumes between levels at a glance.
Points that matter in practice:
- Thin levels: small volume near the price means a large market order can fill across several prices. This is slippage.
- Changing volumes: orders appear and disappear quickly. A large level can be removed before the price reaches it.
- Spread changes: watch the gap widen around news and at session opens.
For CFDs, treat the ladder as a guide to the current spread and execution, not as a forecast of direction.
Trading from the DOM
The DOM window has a volume field and buttons for market orders.
- Market order: set the volume and press Buy or Sell. See how to open a trade.
- Limit or stop order: click a price level in the ladder. Below the market, a buy order is a Buy Limit. Above the market, it is a Buy Stop. Sell orders work the other way round. Details are in pending orders.
- Modify: your orders appear on the ladder. In current builds you can drag them to a new price.
- Protection: add levels with stop loss and take profit.
With one-click trading enabled, a click sends the order with no confirmation window. This is fast, but a misclick also becomes a live order. Practise in a demo account first.
Risk
Fast order entry does not reduce risk. Leveraged CFD and forex trading can lose money quickly, and you can lose more than you planned if the price jumps past your orders. Read risk management before trading from the ladder. Pakistani residents should also read law and regulators.
Frequent questions
Why does my MT5 DOM show only a few levels?
Your broker's feed for that symbol provides limited depth. For many CFDs this is normal.
Is the DOM volume for forex real market volume?
No. It reflects your broker's liquidity, not a central market, because forex has no single exchange.
What is the shortcut for Depth of Market in MT5?
Alt+B opens it for the symbol selected in Market Watch.
Can I place pending orders from the DOM?
Yes. Click a price level to place a limit or stop order, then drag it on the ladder to change the price.
Does the DOM tell me where the price will go?
No. It shows current orders, and they can change at any moment. It is not a signal.
