Depth of market (DOM)

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Depth-of-Market window displays market depth, PnL, current positions as well as pending orders and provides one-click trading features. Entry and exit automation can be set up directly in the DOM window making it a unique and self-sufficient tool for manual trading (see Chart Trading Orders and Strategies).

MultiCharts DOM displays up to 10 levels of market depth. 10 levels is the limit, if the broker provides less data, DOM displays fewer levels of market depth.

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Ask and Bid Size is shown in Buy and Sell columns respectively.

Best Bid and Best Ask are marked with white color. Last trade price and size are highlighted in yellow in Price column. Day High/Low prices are marked with yellow lines. Those are default colors that can be changed.

Note: Please check if you have a subscription for depth-of-market data for the particular symbol that you are going to use in the DOM. Dukascopy broker cannot be used for DOM trading since it does not support depth-of-market.

Bid and Ask Volume Sum

Bid and Ask volume sum is calculated summing up the volumes of Bid and Ask respectively and each is shown under Bid and Ask columns. This option is enabled by default and can be disabled if you right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and uncheck Bid/Ask Sum option. Bid/Ask Sum option is shown either in Compact Mode, or in Full Mode of the DOM Window.

Day High and Low Options

Day High and Low green and yellow (by default and can be changed) marker lines are located on the upper and bottom of the corresponding price boxes of the middle grey price column, and indicate High and Low prices of the day. This option is enabled by default and can be disabled if you right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and uncheck Day High/Low option. Day High/Low option is shown either in Compact Mode, or in Full Mode of the DOM Window.

Dynamic and Semi-Static Modes

MultiCharts DOM has two modes: dynamic and semi-static.

Dynamic DOM mode means the DOM window will automatically re-center after each new tick (price update) received. This mode is very useful for scalping strategies.

To enable Dynamic mode right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and check Dynamic Price Scale.

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If Dynamic Price Scale option is disabled, DOM operates in semi-static mode.

Semi-static DOM mode means the DOM window will re-center once the current price hits the upper or lower boundary of the window. A 5 second countdown precedes re-centering.

Static DOM has been patented by Trading Technologies: absolutely static DOM, no auto-recentering. MultiCharts DOM is semi-static meaning that it will move without input from the user (i.e. if the price goes off the screen), which creates the possibility of making an error during input. It was implemented this way in order not to violate the patent.

Regardless of the DOM mode that is selected, to center last trade price double click on the Price column.

Creating New DOM Window

Open a new DOM window by one of following methods:

  • Click the New DOM Window icon DOM icon.pngon the Main toolbar, or:
  • In the main menu select File, then point to New and click DOM Window, or:
  • Use Ctrl+Alt+Ins keys combination on the keyboard

Selecting Broker

To select a broker, click on the arrow next to the Broker Connection button DOM3.png and select a broker from the list.

For more info see Broker Profiles Overview.

Connecting / Disconnecting Broker Profile

When a broker is selected, click on the Broker Connection button DOM3.png to connect/disconnect it. When MultiCharts is establishing the connection with the broker, the Broker Connection button is yellow. Once the connection is established, it becomes green.

You can also right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and click Connect / Disconnect Broker Profile.

For more info see Broker Profiles Overview.

Selecting Account

Select the account number in the Account Selector box DOM4.png

Selecting Instrument

To select the instrument you want to trade with:

  • Type in the symbol name into the Instrument Selector field and press Enter; or:
  • Click on the Lookup button to select the necessary symbol from the database.
Note: To be able to trade the instrument in the DOM, you should add it to the Quote Manager (see Operating Symbol List).

Volume Profile

Volume Profile in DOM.png

Volume Profile in DOM window allows discretionary traders to monitor changes in trade volume while making trading decisions live.
To open Volume Profie window right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and check the Show Volume Profile option.
To see PnL in Volume Profile window right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and check the Show PnL in Volume Profile panel.

Linking DOM by Instrument

When the instrument for any one DOM window or chart of the linked group is changed, the changes will automatically be applied to the rest of the linked charts/DOM Windows:

  • To link a DOM window by symbol, click the Instrument Link button;
  • To assign the series to a Link Group, select the Link Group Color Code from the drop-down list.
  • To un-link the series, select Not Linked.


PnL and Current Position

PnL and Current Position box indicates Current Position and Profit and Loss. Positive value (profit) is colored green, negative value (loss) is colored red.

Profit and Loss can be indicated in: Dollars DOM5.png, Ticks DOM6.png and Percent DOM7.png.

To change indication type, click on PnL and Current position box.

AvgEntry Price of the position is highlighted in white in Price column.

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One-Click Order Placing

DOM window allows you to place Market, Stop, Limit and Stop-Limit orders with just one click.

Require Order Confirmation

To enable order confirmation, right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and check the Require Order Confirmation check box.

When Require Order Confirmation check box is checked you will see Place Order confirmation window every time you place an order. Check the Do not ask me again check box to disable order confirmation.

Placing Market Orders

To place Market orders ,use the Buy Mkt and the Sell Mkt buttons under the price ladder. Order Size is defined by Quantity field, Time In Force (TIF) is defined by the value set in the Time In Force field.

Placing Limit Orders

Place a Limit order by one of the following methods:

  • Click on price scale near corresponding price in Bid Size column (buy order) or Ask Size column (sell order). Order Volume is defined by Qty field (see Setting Order Quantity), Time In Force (TIF) is defined by the value set in Time In Force field (see Setting Time in Force); or:
Note: If you click below Best Ask price in Sell column or above Best Bid price in Buy column, a Stop order will be sent by default. To send Sell limit orders below Best Ask price or Buy limit orders above Best Bid price hold Shift button and click on the price at which you want to send an order.
  • Drag-and-drop Limit order icon to the price scale near corresponding price in Bid Size column (buy order) or Ask Size column (sell order).
Note: If you drag and drop limit order icon above Best Ask price, a Sell Limit order will be placed regardless of the column where you drag the order to (Buy or Sell). If you drag and drop limit order icon below Best Bid price, a Buy Limit order will be placed regardless of the column where you drag the order to (Buy or Sell).
  • Hold the Ctrl (or Shift) key on the keyboard and click Buy Bid/ Buy Ask or Sell Bid/Sell Ask buttons.
Note: When the Ctrl key is held, the Buy Mkt and the Sell Mkt buttons will become Buy Bid and Sell Bid buttons respectively. When the Shift key is held, the Buy Mkt and the Sell Mkt buttons will become the Buy Ask and the Sell Ask buttons respectively.

Placing Stop Orders

Place a Stop order by one of the following methods:

  • Click on price scale near corresponding price in Bid Size column (buy order) or Ask Size column (sell order). Order Volume is defined by Qty field (see Setting Order Quantity), Time In Force (TIF) is defined in Time In Force field(see Setting Time in Force) ; or:
Note: If you click above Best Ask price in Sell column or below Best Bid price in Buy column, a Limit order will be sent by default. To send Sell Stop orders above Best Ask price or Buy limit orders below Best Bid price hold Ctrl button and click on the price at which you want to send an order.
  • Drag-and-drop of Stop order icon to the price scale near corresponding price in Bid Size column (buy order) or Ask Size column (sell order). Order Volume is defined by Qty field (see Setting Order Quantity), Time In Force (TIF) is defined by the value set in the Time In Force field (see Setting Time in Force).
Note: If you drag and drop Stop order icon above Best Ask price, a Buy Stop order will be placed regardless of the column where you drag the order to (Buy or Sell). If you drag and drop limit order icon below Best Bid price, a Sell Stop order will be placed regardless of the column where you drag the order to (Buy or Sell).

Placing Stop-Limit Orders

Place a Stop-Limit order by one of the following methods:

  • Click on price scale near corresponding price in Bid Size column or Ask Size column while holding Ctrl+Shift buttons. Order Volume is defined by Qty field(see Setting Order Quantity), Time In Force (TIF) is defined in Time In Force field (see Setting Time in Force).
  • Drag-and-drop of Stop-Limit order icon to the price scale near corresponding price in Bid Size column or Ask Size column. Order Volume is defined by Qty field(see Setting Order Quantity), Time In Force (TIF) is defined by the value set in the Time In Force field (see Setting Time in Force).
Note: When Require Order Confirmation check box is checked, Stop Limit price level can be customized in confirmation window. When Require Order Confirmation check box is unchecked, Stop Limit price level will correspond to the level where it is placed (see Require Order Confirmation).

Place Order

Place Order menu allows you to place Stop, Limit and Stop-Limit orders as well as to automate certain methods of entering or exiting positions. It’s perfect for avoiding repetitive tasks, increasing your productivity and focusing on trading. Automation is especially useful when you need to apply an order pair quickly (see Orders and Strategies).

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Place Order menu strategies give you competitive advantage over other traders: they allow you to exit the position faster than others. They also reduce the risk of two orders execution and would be especially useful for traders who use pyramiding strategies. Each strategy is an OCO group – if one order is filled, the other is canceled.

Note: Not all brokers support server-based OCO groups. Consequently, there is no 100% guarantee that only one order will be executed (See OCO-Orders Risk)

Orders and Entry Strategies icons are rearranged automatically: the last used icon is displayed in the top left corner of the menu.

To expand or collapse the Place Order menu, use the Expand/Collapse buttons.

To scroll icons in the Place Order menu, use the Scroll buttons.

To select Exit Strategies Average Open Position Price calculation mode:

  1. Select File in the main menu, click Preferences, select the Trading tab
  2. Enable the recived from broker button to use the price received from broker or the calculated based on order(s) execution price button to use the price calculated by MultiCarts based on entry order(s) execution price.

Exit Orders Management

Exit strategies applied to an open position change the number of contracts according to the current position size.

Exit strategies applied to active orders do not change number of contracts regardless of the open position size (do not "jump" onto the active position after the parent order was filled). They remain active and keep protecting orders that were generated by the parent order.

Number of contracts for exit strategies applied to the open position changes taken into account strategies applied to filled orders and their effect on the overall position. In other words, strategies applied to the position protect the remainder that is not protected by strategies applied to individual orders.

If a position was opened by an order that has an exit strategy attached from a flat position, then this strategy is applied to the entire position and “protects” it (see Eaxmple 2 below).

Exit strategies applied to positions and strategies applied to orders are visually different on both on the chart and in the DOM: exits strategies applied to positions have “p” letter to the left of the number of contracts.

Example 1 - Shows exit strategy attached to an individual order:
  1. Open position is -1 contract.
  2. Sell limit order for 1 contract is sent to broker.
  3. Profit Target exit strategy is attached to the sell limit order.
  4. Sell limit order is filled. Profit Target becomes active. Open position is -2 contracts. Profit Target size is 1 (attached to the order, not the position).
  5. Sell market order for 2 contracts is sent to broker.
  6. Sell market order is filled. Open position is -4 contracts. Profit Target size is 1.
Example 2 - Shows exit strategy auto-attached to an order opening the position from a flat position:
  1. Open position is flat.
  2. Buy market order for 100 contracts with a Master Strategy auto attached to it is sent to broker.
  3. Buy market order is filled. Master Strategy becomes active. Open position is +100 contracts. Master Strategy size is 100.
  4. Buy stop order for 200 contracts is sent to broker.
  5. Buy Stop order is filled. Open position is +300 contracts. Master Strategy size is 300 (protects entire position since the position was opened by an order that has an exit strategy attached from a flat position).
Example 3 - Shows exit strategy attached to the entire position:
  1. Open position is +50 contracts.
  2. Buy market order for 100 contracts with a Master Strategy auto attached to it is sent to broker.
  3. Buy market order is filled. Master Strategy becomes active. Open position is +150 contracts. Master Strategy size is 100 (attached to the order, not the position).
  4. Buy stop order for 200 contracts is sent to broker.
  5. Buy Stop order is filled. Open position is +300 contracts. Master Strategy size is 300(attached to the position).
Example 4 - Shows both exit strategy attached to the entire position and exit strategy attached to an individual order:
  1. Open position is +10 contracts.
  2. Stop-Loss #1 exit strategy is applied to the open position. Stop-Loss #1 size is 10.
  3. Buy stop order for 5 contracts is sent to broker.
  4. Stop-Loss #2 exit strategy is applied to the buy stop order. Stop-Loss #2 size is 5.
  5. Buy stop order is filled. Stop-Loss #2 becomes active. Open position is +15 contracts. Stop-Loss #1 size is 10. Stop-Loss #2 size is 5.
  6. Buy market order for 10 contracts is sent to the broker.
  7. Buy market order is filled. Open position is +25 contracts. Stop-Loss #1 size becomes 20 (attached to the position). Stop-Loss #2 size is 5 (attached to the order, not the position).


OCO-Orders

One Cancels Other (OCO) orders are the price orders sent in a group. When any of OCO orders is filled or partially filled, the system cancels or reduces size of other orders in this OCO-group.

Note: Reduce size functionality is supported by Interactive Brokers only: if one order in OCO group is partially filled, others are reduced in size proportionally.

All Entry Strategies are placed with OCO-orders.

There are two types of OCO-groups in MultiCharts: Native and Simulated.

Native OCO-group is used when the broker’s API supports OCO-groups. In this case all OCO orders are sent to the broker directly and unfilled OCO orders will be cancelled by the broker. (Native OCO-group is supported by Interactive Brokers).

Simulated OCO-group means that all OCO orders will be sent to the broker, but once one of them is filled, other orders from this OCO group will be cancelled by MultiCharts. In this case, when one of the OCO orders is filled, MultiCharts will send a command to cancel or reduce size of the second OCO order to the broker.

Please note that in case of high market volatility there may be not enough time to cancel the order and therefore both orders may be filled. Both orders also may be filled in the unlikely event of crash or connection loss.

All OCO-orders of the same group will have the same OCO-ID. You may check it in the Orders tab of the Order and Position Tracker window.

Orders and Strategies


Setting Order Quantity

Set order quantity by one of the following methods:

  • Type in order quantity in Order Quantity box Qbox.png in DOM window; or:
  • Click the Trading Calculator button.

Calculator automatically increases the current trade size setting by one, e.g. if you had 1 in order quantity field, calculator would automatically make it 2.

You can modify the number of contracts by pressing +1, +2, +5 etc. buttons. Zero button resets the number of contracts to zero.

Buttons on the left side of the calculator contain 6 last values.

You may set this number of contracts by pressing those buttons. To apply the modifications click OK, to cancel the modifications click Cancel.

Setting Time in Force

To set time in force of the order, use the Time in Force box in DOM window.

  • DAY – Good for one day
  • GTC – Good ‘Til Cancelled
  • GTD – Good To Date
  • IOC – Immediate or Cancel Order

Order status types

MultiCharts DOM indicates different order statuses with different colors.

  • Order status – Sent DOM10.png
  • Order status – Submitted DOM11.png
  • Order status – Inactive (Tot Triggered) DOM12.png
  • Order status – PreCancelled, PreModified DOM13.png

Order Modification

Order modification allows modifying price level and changing the quantity of the active order that has not been filled yet.

Modifying price levels

To modify an order price, drag and drop the order marker to desired price level.

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To cancel price adjustment, press the Esc button before you release left mouse button.

Changing Quantity

Change quantity of the order by one of the following methods:

  • Click on the order marker on the chart to call context menu, select Modify Quantity and select the quantity; or:
  • Click on volume value on order marker on the chart and modify the quantity in Trading Calculator (see Trading Calculator).

Managing Multiple Orders with the same price

If you place two or more orders of the same type at the same price level, they will be displayed as one order with the actual number of orders shown in brackets. Unlike Chart Trading panel, if you drag and drop such group of orders in DOM, all orders will be replaced.

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To modify quantity or cancel every single order in such group, right-click on the orders group in DOM to see the shortcut menu, select Modify Quantity or Cancel Order and click on the order ID. To cancel all orders in a group, click Cancel All Orders in this Cell.

If you place two or more orders of the same type at the same price level, they will be displayed one above the other showing bottom order color at the right side of the displayed order. To switch between the orders click on this color marker at the right side of the displayed order.

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In case of Entry and Exit strategies to switch between different strategies click on the Switch button.

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Reverse position

To reverse current position:

  • Click the Reverse button; or:
  • Right-click on the Average Entry Price highlighted in white to see the shortcut menu and click Reverse Position.

Close Position

Close the position by one of the following methods:

  • Click the Close button DOM20.png on Chart Trading Panel;or:
  • Click on the X on order/strategy marker; or:
  • Right-click on the Average Entry Price highlighted in white to see the shortcut menu and select Close Position.

Closing the current position cancels the orders associated with it. It also cancels all pending orders.

Cancelling orders

Cancel separate threads or the order/strategy completely by one of the following methods:

  • Click on the X button on order/strategy marker; or:
  • Right-click the order to see the shortcut menu and select Cancel Order.

To cancel all Buy orders, click on the Cancel button DOM21.png at the left of Buy Mkt button.

To cancel all Sell orders, click on the Cancel button DOM21.png at the right of Sell Mkt button.

Resizing DOM

DOM window height can be customized. To resize the whole DOM window or change the depth, drag the bottom of the scale.

Compact Mode and Extended Mode

Extended mode stretches DOM from top to bottom of your screen, and Compact mode shows a more compact trade panel.

To switch between Compact and Extended Mode in Depth Of Market Window

  • Right click on any free space of the DOM window and click Switch To Compact/Full Mode; or:
  • Click the Switch To Compact/Full Mode button Switch To Compact Mode.png.

Always Show Entire Number option

Always Show Entire Number feature affects the type of volume numbers indication.

When Always Show Entire Number feature is enabled, volume quantity in Bid and Ask price scales will be indicated as is, i.e. full-length.

When Always Show Entire Number feature is disabled, and volume quantity in Bid and Ask price scales is more than 999, the quantity will be indicated rounded or abbreviated.

Examples

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To enable/disable Always Show Entire Number feature, right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu, then check/uncheck Always Show Entire Number feature.

How to Change Font Size

Font settings can be easily customized in select font… menu. Right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and click Select Font…

Default Order Colors

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How to Customize DOM Colors

Right-click anywhere on the DOM window except for Buy, Price & Sell columns and control elements to see the shortcut menu and select Format Colors…, then click on the color to customize it.

Select one of the standard 40 colors from the palette box, or click the Other button to choose custom colors.