Home > Forex > OrderBookFX offers great insight into market order depth

OrderBookFX offers great insight into market order depth

May 16th, 2011

A while ago I beta tested a product called OrderBook FX that basically gives you a tool to understand the current market order depth (or depth of book) for currency pairs. The company behind the product collects its underlying data from multiple institutions and aggregates it into what it calls a “global depth of book for all major currencies“. During the beta test there where many problem with non-us installations and such, but all where fixed and they are now live accepting customers. I very much like the chance to see market depth in MT4 as this is very poorly implemented in the standard MT4 terminal (better in MT5 if your broker offers the service, but still not a “global” view, just the brokers book or the ECNs book). Using the global book you can take advantage of selling or buying pressure to speculate in coming price movements in a totally different way than with other indicators. I only had very little time to experiment with this during the beta test and following 7 days free trail, but I will¬†definitely¬†work on some filters for my current EAs to use OrderBookFXs API. It is excellent for a Asian session scalper to know when there is a selling / buying bias in the market to wait for channel bounces and even break outs. And of course this API could be used as base of a new strategy also, buying/selling when others do and chances are that prices will move.

I will very likely (90+ %) sign up for the service once my major trading capital is returned from JadeFX by the helping NFA and CTFC. Hopefully that is soon…

OrderBook FX offers a 7 day free trail. Make sure to use it well. After that there are two choices depending on the amount of pairs you would like to follow at the same time for $49 and $79 per month. Money that better entry and exits by just fractions of a pip will get you back over a month of successful scalps I think :)

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  1. Henrik Santander
    May 16th, 2011 at 18:07 | #1

    Very nice blog the one you have here. Very instructive. I found it yesterday and in less than 24 hours I already read all the articles. Good knowledge here, I think this confirms my main theories, first that Scalpers take a lot of patience and most dont work over long periods. Second that there is no forex broker that meets all the expectations. Third tht robots competitions are a joke, they are held for too short periods of time to draw any valid conclusions. I also knew about the cashback thing that you mention in several posts. Man, all the information I have had access to and the time you have saved me in my life are priceless. You could probably add a donate button somewhere for your efforts for blogging, and people like me for sure would be able to donate something for your free contributions to the community. Thank you very much and have a nice day.

  2. May 17th, 2011 at 00:11 | #2

    @Henrik Santander
    Thank you very much Henrik. That was a very nice summary of my posts over the last two years I think. I probably would have added also that any strategies which doesn’t use stops and trades in a grid based on historical highs and lows is a very dangerous thing. Lost me quite some money last spring/summer when AUDNZD broke its 10 year high at the same time as EURCHF broke its 10 year low… Based on history it shouldn’t happen, but it sure did anyway. Reminds me of a phrase from ‘When genius failed’, “When markets panic, correlation goes to one”.

  3. Henrik Santander
    May 17th, 2011 at 19:55 | #3

    hehe sure it does. And as for the no stop loss strategies and grid based trading I think I already learned that lesson hehe. True, that is another valuable one that anybody reading your blog can learn.

  1. June 3rd, 2013 at 10:29 | #1
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