Introduction
The Order Book shows, by tick level, where traders have placed orders at the price they are willing to trade. Not all orders are placed here, but it can give an idea of the acceptance prices for a large part of the traders. These are not direct orders to the market. They are simply orders waiting to be executed when the price reaches their level. Whether or not they are executed depends on the price movement. This indicator will not provide all the information, as many traders choose to execute their orders only when the price reaches their chosen level, which is not publicly displayed. However, the indicator can give a closer idea of where liquidity is and can give an idea of where trends might change, etc.
Order Book Settings
Automatic Cryptocurrency Volume
When using a cryptocurrency instrument and this option is active, the volume of the orders is converted to the unit of the cryptocurrency. For example, satoshis are converted to bitcoins.
Font
The font for the Order Book text.
Do not reset level II
Sometimes the exchange sends the order to reset the order book. This option allows ignoring that order and maintaining the levels even when the exchange orders to reset. This allows that for exchanges with few levels in level II, more levels can be maintained. For example, some exchanges only maintain 10 levels, with this option more can be kept although perhaps a little outdated since the information is not received from the exchange.
Set Chart Margin
It automatically creates a margin when loading the indicator. It should not be used when saving in templates as the templates include a margin, this automatic margin would be added to the template one.
Right Margin
This is the pixel offset from the edge of the chart to the order book.
Use Metric Suffix
It is used to group very large values with a decimal metric suffix. Example Kilo, Mega, Giga.
Metric suffix decimals
The number of values after the comma. The default is 2 but it can be set to 4 for example.
Order Book Width
This is the pixel width of the largest bar displayed in the order book. The others are smaller or equal to this number.
Volume divisor
This value is used to divide the values shown and obtain more readable values. For example, a value of 1000 divides all the values of the book by 1000, rounds them off and shows the result. This option has preference over metric grouping.
Min Text Size
The order book is capable of varying the size of the texts displayed according to the width of the level II bars it displays. This would be the minimum size of the texts it displays. A smaller bar causes them not to be displayed.
Max Text Size
This option defines the maximum cap of the texts to display. A wider bar does not cause the displayed text to be larger. Use it with care as it can cause performance problems.
Text Margin
Margin to the right to separate the text.
ZOrder
Order on the Z axis to draw the order book. This allows placing it below or above other indicators.
Colors
Ask Text Color
The color of the text for the Ask bars.
Bid Text Color
The color of the text for the Bid bars.
Ask Color
The color of the Ask bars.
Bid Color
The color of the Bid bars.
Border Color for Ask
The color for the border of the Ask bars. Set to transparent to disable.
Border Color for Bid
The color for the border of the Bid bars. Set to transparent to disable.
Order Filter
Minimum Order Size
This is a filter to eliminate market noise. It will cause the order book to discard values with a volume smaller than the value in this setting.
Maximum Order Size
This is a filter to eliminate orders above the predefined size. It is here for completeness, but this feature is likely to be removed from the toolkit.