Order Book and Position Book and MetaTrader Indicator
Understanding how traders are positioned in the markets can be essential in forming a robust trading strategy. Gaining visibility into positions others hold and orders they have open can help you determine your trade entry and exit levels or understand what the levels others are considering.
What is the OANDA Order & Position Book?
As a means of technical analysis, understanding how other traders are positioned in the market can help form a better picture of overall market conditions.
Introducing the OANDA Order Book, a tool that helps traders make more informed decisions and show how OANDA traders are currently positioned within the market. This tool shows how pending orders and open positions are distributed at different price levels.
The OANDA Order Book tool consists of Open Orders and Open Position information, showing how OANDA traders are currently positioned within the market. With this tool you can see how pending orders and open positions are distributed at different price levels.
You can switch between Open Orders and Open Positions relating to one of 16 instruments, zoom in and out of the chart, and hover over each bar to get more information.
The information presented includes client data from both OANDA Corporation and some clients from other OANDA entities globally (specifically entities based in UK, Singapore, Australia, Canada and Japan).
Past performance is not indicative of future results. This data is provided for general informational purposes only. It is not to be construed as a recommendation or investment advice. We recommend that you seek independent financial advice and ensure you fully understand the risks involved before trading.
Note that the prices and instruments in this tool refer to the product offerings of OANDA Global Markets self-funded trading account. The data can be used by OANDA Prop Trader Challengers and Signal Providers for educational purposes only.
How to Read the OANDA’s Order Book and Position Book?
How to Check OANDA Clients’ Open Orders
The open orders chart shows the pending buy and sell orders of OANDA clients worldwide, arranged by price level.
The bars at each price level reflect the proportion of buy and sell orders as a % of total buys and sells across all levels.
- Orange represents sell orders at specific prices (below and above the current market).
- Green represents buy orders at specific prices (below and above the current market).
The chart shows data from the last 24 hours and is updated every 30 minutes.
The highlighted horizontal lines display the current price. The chart splits into four areas which relate to buy orders below the current market (buy limit), buy orders above market (buy stop), sell orders above market (sell limit), and sell orders below market (stop orders).
Viewing Open Positions Held by OANDA Clients
The Open Position chart provides data from the perspective of the open positions of OANDA clients globally. Depending on the price level on the chart, you can see the distribution of long and short positions held, the profitability (unrealized P&L), and the proportion of total longs and shorts across all price levels.
By seeing how OANDA’s client orders and net positions are distributed across price levels, users have an additional tool that helps analyse potential support and resistance levels at various price points.
OANDA Order Book Indicator for MetaTrader 5
The OANDA Order Book Indicator is a plugin for MetaTrader 5. This indicator exposes OANDA traders’ orders and positions as an extra layer of information right at the MT5 Terminal Chart for your current or upcoming trade.
The image above shows the OANDA Order Book Indicator, a plugin for MetaTrader 5.
Key Benefits of the Order Book Indicator for MetaTrader:
- Compatible with MT5:
The Order Book Indicator is available for MT5 - Automatic indicator update:
OANDA’s functionality automatically downloads and installs updates, saving you time and effort. - System parameters:
Functionalities controlled by system parameters let you customise and tailor the indicator's display to match your unique trading strategies and gain more focused insights into the markets.
Get Your OANDA Order Book Indicator Package
A straightforward and user-friendly installation method is outlined step by step in the user guide, which is provided with the installation file.
Download the indicator
Premium clients receive access to all instruments accessible in their location, with data updates every 5 minutes.
Non-premium clients gain access to a limited range of currency pairings, and Order Book data is updated every 15 minutes.
Summary
The OANDA Order Book is a useful tool for all traders, at all experience levels. Whether used as a standalone tool or as part of the Metatrader Terminal, it adds depth to your trading arsenal while complementing your trading strategy.
