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Standard DoM, VWAP DoM, and Price DoM.
Spotware Systems have announced the release of an innovative new Depth of Market for their popular STP trading platform, cTrader, which now has 3 different types of DoM: a Standard DoM, VWAP DoM, and Price DoM.
The Price DoM offers the most in depth view of the market, showing a list of pip by pip prices up or down from the current spot price. Users can enter limit orders and stop orders by clicking on the price lines, and can also continue to manage their trading from within the DoM, with options to cancel and close orders and positions.
Brian Martin at cTrader says, “Price DoM gives traders a close-up view of market liquidity. It’s an excellent tool for traders who need to see details of short-term price action, and those who need to open and close orders quickly, such as scalpers or those who trade news events.”
With cTrader’s VWAP DoM, traders can set a volume amount on each price line, and the platform will update to show tick by tick VWAP prices for each executable volume. Using cTrader’s ‘QuickTrade’ feature, users can then click once or twice on each line to quickly enter a market order.
Speaking on the advantages of the Mr. Martin, said “The VWAP DoM offers a number of advantages to traders. For those who are following a strategy in which different volume amounts are frequently traded, they can set up these volumes as new trading buttons – letting them enter the market with a single click at their usual volumes when the VWAP price is favorable. It’s great for those who trade large ticket sizes as well, as they’ll be able to see the exact VWAP price for the volumes they want to execute.”
cTrader also recently received a revamp of the Standard DoM, which simply displays prices and their liquidity coming in from liquidity providers. The standard DoM now features a graphical representation of available liquidity on each price line.
“Traders will find this extremely useful to see, at a glance, the total available liquidity for a currency or commodity pair, as well the liquidity available for each price relative to another,” says Martin. “Users can reap huge benefits out of this new DoM release. Our new update also includes a Close All button which will let traders close all open positions sequentially with a single click.”