The Market Depth panel allows traders to trade on Level II quotes.

To open a new Market Depth panel, select Terminal > Market Depth.

The Detail Quote section includes the latest quotes information and is equal to the data in the Watchlist for this instrument. Right-click on Detail Quote field to Enable Edit Mode - you will be able to choose what options you would like to be shown, also you can drag and drop them to set appropriate order.

The Market Depth section includes two parts: ask and bid. Each these two sections has subsections. The default values are:

• MPID - the market participant ID.
• Price - the BUY or SELL price.
• BSize or ASize - the BUY or SELL size.
• Time - the time of offer.

Right-click on the header to bring up the context menu. The list of available columns will be displayed. You can add a Source column, for the source of the information. You can add an Avg. Price column, for information on the average price for trade operations. You can add a Total Volume column, that shows the sum of all previous BID or ASK columns; The Order column is just the number of the column.

Offers with equal prices are grouped with one color. There are five available color groups. The quotes with the best offer price are placed at the top and regrouped with each new quote. Completed trades are shown on the right side.

Market Depth is also available in a special Ladder view. To switch the view of the table click on the view type in the panel header.

Ladder view differs from standard view. There is one Price column for both BIDS and ASKS. The Table is sorted by Price. For this reason ASKS are always at top and from the right, and BIDS are always at the bottom and from the left.

The Order Entry section includes an interface to create orders. The Account field shows the account for trading. This field can have several values (for linked accounts or brokers). Under the Account field is the Instrument field that represents the instrument for creating the order. The Quantity field represents the quantity of instruments for trading (BUY or SELL). Note also, to the type of order (field Type):

Left-clicking changes the type of the order: Market > Limit > Stop > OCO > Market > ... For special order types the Limit Price and Stop Price fields will be unlocked and you can change these values.

Left-clicking changes the type of order in the order like for order types. Underneath the Type field the duration of the order is shown (Day): right-clicking shows the list of available time durations for trading:

Left-clicking changes the type of order: Day > GTC > IOC > Day > ... The Buy and Sell buttons send an order. If you have open positions, you can close them from Market Depth. To do this, click the Close Position button. The window with the list of all open positions for the selected instrument appears, so that you can check positions for closing and then press OK.

Located under these fields in Order Entry are information fields like Pos, Basis and Avg. Price. The Pos. field represents the number of open positions for the current instrument and Basis shows the average open price for these positions.