Are you an Oanda user and wondering how to use Oanda the popular Order book? Then you are in the right place. Oanda is a leading online broker offering financial services to a wide range of retail investors and traders. Its order book provides information where orders are situated in the forex market. It also shows where traders and investors have placed their trades in the last 24 hours. You can read more about Oanda in our oanda review to fully understand other features of the broker.
In this post, we will walk you through the features of the Oanda Order Book, how to access the book, as well as the characteristics of the order book.
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. In other words, it 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. That’s how easy it is to access the Oanda Order Book.
Oanda Order Book Features and Characteristics
In this section, we will take a look at the different features of Oanda Order Book and how the features can benefit you.
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 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.
How to Use Oanda Order Book – FAQs
Before you reach out to a member of the Oanda’s customer support team, please go through the FAQs properly.
What is an Oanda order book?
The Oanda Order Book provides information where orders are situated in the forex market. It also shows where traders and investors have placed their trades in the last 24 hours.
Can I Trust Oanda?
Absolutely, you can trust Oanda. Oanda is a highly regulated and reputed broker that provides good customer support and safety for your data or money.