CFDs are complex financial products and come with a high risk of losing money.
73.8% of retail client accounts lose money trading CFDs with this provider.
You should consider whether you can afford to take the high risk of losing your money.

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Depth of market

Access competitive spreads on a range of instruments with depth of market (DoM).

AU Depth of market hero
AU Benefits depth of market

Benefits of depth of market

Depth of market pricing lets you take advantage of spreads starting from just 0.6 pips for typical EUR/USD CFD pair order sizes. With depth of market, the smaller the size of your trade, the more competitive the spread we can offer to you.

Spreads for typical trade sizes start from just 0.6 pips on EUR/USD CFD pair
Trade large sizes in one transaction
Transparency of pricing and spread

Accessing depth of market

Depth of market is available on OANDA Trade web and mobile, and as a plug-in with MT4.

The OANDA web platform and mobile app provide a comprehensive view of market depth when you open an order ticket. This view includes prices and available sizes for different levels of market depth (DoM), not just those at the Top of Book (first level).

When you enter the number of units on the order ticket, the sell and buy prices at the top of the ticket dynamically update to show the entry price and spread for the requested number of units.

If the requested number of units is greater than the first level of depth, the system will look down the depth of market to calculate the entry price. You can view depth of market by clicking on market depth (or by tapping DoM on mobile) on the order ticket.

Depth of market on mobile

AU Depth of market on mobile (1)

Tap on the highlighted area to open market depth.

AU Depth of market on mobile (2)

After entering a number of units greater than available on level 1, the market depth highlights according to the number of units entered.

This will show a list of prices and the number of units available at each price. If you enter an order where the number of units is greater than the number of units available on the first level (we will execute the maximum number of units available at the first level), the next portion of the order’s units over the first level price will be calculated from the subsequent price level.

This could include multiple levels, depending on the size of the order. The range of levels being used will be highlighted by the order ticket.

If the next level’s number of units is still not sufficient to fill the entire order, the process will repeat, filing down the depth of market until the entirety of the order’s number of units has been filled. If the order being submitted is larger than the total number of units available across all the price levels, the order will be rejected.

For example, if there is a first level with 1000 available units and an order for 1100 units is submitted, the first 1000 units of the order will use the first level price, while the remaining 100 units of the order will use the second level price.

This means that the price of an order filling at depth will be calculated as a “Volume Weighted Average Price” (or VWAP), using prices from the depth of market. Each level being used in the calculation will contribute to the order’s price, weighted by the number of units being filled at each level.

Depth of market is available via the MT4 mini terminal.

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Frequently asked questions

Smart answers to common questions.

Does depth of market apply to all order types?

Yes, depth of market can be applied to all available order types. This includes entry (market, limit and stop) and exit (stop-loss, trailing stop-loss and take-profit) orders.