The Oanda Order Book is a trading tool that provides insights into market positioning, trader sentiment, and liquidity distribution on the Oanda platform.
The Oanda Order Book helps traders analyze open forex positions, pending orders, and key price levels to make informed trading decisions. This guide covers how to access the Oanda Order Book, its core features, and how to interpret its data, including tools such as the Open Positions Chart and market depth indicators.
Additionally, The Oanda Order Book explores interface layout, charting tools, and FAQs to help traders leverage the platform effectively.
What is the Oanda Order Book?
The Oanda Order Book is a 24-hour summary of trade positions and open orders held by investors and traders on the Oanda trading platform. The Oanda Order Book is a tool that shows real time information about where the orders are situated in the forex market and where Oanda traders have put on their trades in the previous 24 hours.
How to Access the Oanda Order Book?
Accessing the Oanda Order Book is simple and direct. All you need to do is to visit the Oanda website to open a trading account (73.5% of retail CFD accounts lose money). Once you have an active account running, you can log into your account and then navigate to your dashboard. Next, click on the ‘add’ button that’s next to the ‘rates’ button. You’ll find different options, one of them being the Order Book tool.
What are Oanda Order Book Features?
The Oanda Order Book features are listed below.
- Layout of the Interface: Top among the features and characteristics of the Oanda Order Book is the layout of the Interface. It has a user-friendly layout and comes with 2 charts – Open orders and Open positions. You can select the currencies you want to see in the charts. For instance, you can select EUR/USD to be your preferred currencies. Additionally, you can choose the cumulative, non – cumulative, or net mode to check and study the market’s sentiment for the previous 24 hours. You will see the candlestick under the 2 charts, based on the 1 hour time-frames. The candlestick chart offers strong resistance and support levels.
- Charting Tools: Charting tools are another great feature of the order book. It shows all the orders which are currently placed by traders. The graph has two sections – the ‘buy’ section on the right and the ‘sell’ section on the left. You can focus on the orders around the current price at that moment by highlighting with the mouse or by clicking the plus button you see. The blue bars below are buy orders below the current price while the grey-colored bars are sell orders which are above the current market price. What’s more? The charting tool has the stop loss, limit order, take profit and trailing stop orders.
- Open Positions Chart: This chart displays the exact price at which Oanda traders place a buy order. If you want to learn about how other traders trade and make a decision, then the Open Positions chart has got you covered. With this graph, you check how traders react to certain big events in the market. Usually, after a big event, you will see a percentage of traders that have placed trades in the direction of the market.
