Do not invest more money than you can afford to lose.
TradingView, the online charting tools developer and social trading platform has expanded the offering by adding the Depth of Market (DOM) trading tool.
The new tool, also known as the Order Book is a window that shows how many buy and sell orders are open for a certain instrument at different prices and is a convenient tool for getting an idea about the supply and demand levels. For example, if the current price is $1, the DOM will show how many orders are there at $0.9, $1.05, etc.
The DOM uses data streamed from CQG – a US-based company creating financial software solutions for market technical analysis, charting, and electronic trading, with which TradingView teamed up in May.
The data in DOM, which may be slightly different than that in the chart, because comes from different source, is shown in a semi-static format. This means that the price rows are fixed, while the price moves within the shown range. Whenever the price moves above or below the visible range, it is recentered in 5 seconds. There is also the option to recenter it manually, without waiting, by clicking the price.
Buying and selling is also available from the DOM window. Users can place orders at a specific price, chosen by clicking in the respective column. Such orders will be Limit or Stop orders by default, but this setting can be changed manually by the user. Orders can also be modified or canceled.
DOM is the second tool TradingView adds to its charts in the past several days, after last week it introduced the Stock Screen filtering tool.
TradingView is one of the major providers of charting tools and real-time market data. It offers a wide array of features, drawing tools, technical indicators, technical analysis tools, etc. It also provides a trading platform, used by more than 1 million active traders who use the social trading tools to share and discuss ideas and strategies. TradingView offers charting widgets for embedding free real-time quoting and charts, free charting library, front-end trading terminal and publishing and social tools.
