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An order book is a real-time list of all outstanding buy and sell orders for an instrument at various price levels. It shows market depth — how much volume is available at each price. In the interbank forex market, the order book is fragmented across multiple liquidity providers. ECN platforms may provide partial order book visibility (known as depth of market or DOM), letting traders see pending limit orders above and below the current price. For off-exchange CFDs, the Depth of Market window in MetaTrader 5 shows the prices and volumes in the broker’s own price feed, not a central exchange order book.
You open the Depth of Market window in MT5 for EUR/USD. You see 5 lots of buy orders stacked at 1.1048, 12 lots at 1.1047, and 3 lots at 1.1046. On the sell side, there are 4 lots at 1.1052.
