price ladder trading india

The Depth of Market (DOM), popularly known as the “Price ladder”, is an advanced user interface integrated with Fyers Web Platform. Professional day traders, scalpers and prop-trading firms around the world use the price ladder for executing their trades. It is a refined and improvised version of the Order Book/Snap Quote. So far, we’ve seen a horizontal form of Snap Quote to check the best 5 bid/ask. With the introduction of Fyers Web, Indian traders are now going to experience the unique vertical form (ladder form) of the Snap Quote window. In this post, we will instruct you upon the various functionalities of Price Ladder (DOM).

1. How to access Price Ladder (DOM) on Fyers Web?

• Log in to Fyers Web platform (trade.fyers.in)
• Click the ↑↓ button at the top right corner of the chart panel
• Price Ladder (DOM) window will open on the platform
The main parts of Price Ladder (DOM) window explained in the below picture:

2. Placing and changing orders.

a. How to place an order: To place a market order simply click “Buy Market” or “Sell Market” buttons beneath the price ladder.

To place an order with a specific price i.e. a limit order, click the cell at a price you want to trade in the price ladder. For buy orders, use the left column and for sell orders, use the right one. These orders will be Limit or Stop orders by default. Logically, if you want to buy below current price it will be a Limit order, and to buy above will be a Stop. For selling – above price will be a Limit, and below is a Stop. The picture below illustrates this.

If you want to place an order which is different from the defaults described above, hold the CTRL button on your keyboard and click the cell you want. The order type will be reversed Stop ↔ Limit. You can use the right-click menu to place an order:

b. How to modify an order:
There are a few ways to modify your working order.
i. Click the tag with the number next to the Price Ladder (DOM) – this is your order tag. You can then change any settings that you like, and click Modify.

ii. Click and drag the order tag to another price level. The same dialog box will open.

c. How to cancel an order:
I. To cancel only one specific order, click the “X” next to the order’s tag.
II. To cancel all buy orders, click the “X” under the blue buying column on the left.
III. To cancel all sell orders, click the “X” under the red selling column on the right.
IV. To cancel all orders, click the “CXL ALL” at the bottom of the Price ladder.
The picture below illustrates this:

3. Some additional things about Price Ladder (DOM):
a. Marker colors in the Price Ladder (DOM) and their meaning:
i. Active “Limit Buy” and “Limit Sell” orders are Green.

ii. Active “Stop Buy” and “Stop Sell” orders are Red.

b. Reverse and Flatten:
The “Reverse” and “Flatten” buttons are used to execute quick actions on the platform.

To explain Reverse button, it helps you reverse your existing traded position with the same volume/quantity. For e.g. Assume you’ve taken a short intraday position on AXIS Bank for 100 quantities considering the price would decrease in some time. However, the trend which you’ve predicted went adverse and suddenly, the price curve started moving upwards. Here, you can use the Reverse button to square off your current short position of 100 quantities at market price and enter a long position with the same volume for AXIS Bank to recover the losses and capitalize the opportunity. Now to explain Flatten button, it is just a square off button that lets you close your open position for a selected security at market price.

c. Price Ladder Optimization:
In some scrips, due to a smaller tick size and a large gap between bid/offers, the price ladder can seem distorted with zero values. You can remove empty spaces between the best 5 bid/ask spreads by making a change in the settings window. Upon doing so, your view will be much better. The picture below illustrates this.

d. Volume representation with histogram:
As we know that the Price Ladder (DOM) shows 5 best bid/ask spreads for a selected security. It also shows the total volume demanded/supplied at each price level with the histogram. So as shown in the screenshot below, each number on the price ladder shows the demand/supply. For instance, the highest supply of shares, in this case, are at 324.8 and the highest demand for them is at lower levels at 324.35.

A boon for intraday traders in India: We are proud to be the first brokerage in India to introduce this feature in 2017. The Price Ladder functionality is especially designed for those traders who are very particular about speed and order execution price. It is widely used internationally by professionals and full time traders. The reason it is superior to the traditional snap quote window is because it gives you a real-time feel of the price action. It is the modern equivalent of the ticker tape. I have personally used price ladders on international exchanges. Jobbers, price action traders and basically all types of intraday traders will find this feature very valuable. Do empower us with your feedbacks. Let’s discuss what you like, what you don’t and improve the overall trading experience for everybody. We have created a video tutorial to explain this feature in detail. If you believe that we genuinely providing what traders really need, then feel free to refer your friends to us.

Tejas Khoday

Tejas Khoday

Tejas is the Co-Founder & CEO at FYERS, the youngest team to get NSE’s broker license. He has a specialization in finance and has over 10 years of work experience spanning across proprietary trading, risk management, and broking. Tejas & his team started FYERS, a technology-focused brokerage as a mission to transform the trading/investment landscape in India.

46 Comments

  • Manoj Narang says:

    Hi Tejas, I am very happy to come across FYERS which is giving great platform for trading with best data. I am a serious day trader looking to start a small fund with my other trading friends. I want to know if you have the facility where we can access each other’s positions and edit them whenever required. If yes, what is the charge to develop something like this?

  • Sumeet says:

    Hi. Tejas. When we make templates in FYERS WEB, we have an option to save to the cloud. Does FYERS protect the privacy of their clients? Where are those settings saved? Who has access to those templates and settings in FYERS – is it in the browser we use, saved as cache? What does FYERS do to protect our privacy and intellectual property?

    • Tejas Khoday Tejas Khoday says:

      Hi Sumeet, Happy to know that you are concerned about your privacy and safety of information. We want you to be aware of the following:

      1. We don’t have any vested interest in using your data/settings. We don’t do proprietary trading like other brokers.

      2. Settings are saved on our servers.

      3. We have a high level of security protection built into our systems so you don’t have to worry about that.

  • Suyog Patil says:

    Hello Tejas,

    I have been trading for long time, I known stock symbols for years. But when i type symbol name i have to select the symbol from drop down menu always.
    Example – Now if press SBIN and Enter it says wrong symbols. Have to select symbols from drop down always. Do have symbol list of fyers.
    Due to this, making custom watch list with 20-30 symbols is very cumbersome. (type symbol, select from dropdown, click add to watch list) for each symbol.

    Also when I type the whole name symbol from the drop down and press enter. it says wrong symbol. Compulsorily I have to select from drop down.

    Please make the symbols addition simple.

    • Tejas Khoday Tejas Khoday says:

      Suyog, if you type the symbol name, the scrip appears which you can then select by either clicking on it with your mouse or hitting the enter button. This is as quick as it gets. In fact, we have optimized it in such a way that the scrip appears by symbol short form and full form. It’s much much quicker than other trading platforms. I hope you acknowledge this. At least, there are no buttons to select by segment etc.

  • Madan Gopal says:

    Freak show! This is the best feature I have seen on any trading platform in India. Good one and great efforts by your team. I have heard from my friends in US that they use this to trade very fast and I have asked many times to ICICI and Sharekhan but till today I did not get it. I am very happy that Fyers is doing so many good things for us traders and you will definitely be the No. 1 in the near future. All the very best.. Happy to see such a beautiful feature by an Indian broker.

    • Tejas Khoday Tejas Khoday says:

      Thanks Madan Gopal! It was my dream to launch price ladder trading in India and we finally did so in July 2017. Do tell your friends about its benefits too. We looking forward to have active traders such as yourself on our platforms. Happy Trading!

  • Pavan says:

    Hello team can one use price ladder and trade from charts feauture using Heikin Ashi type charting method .? Is this possible with the ladder system .?

  • Srinivasan K says:

    Sir,
    will the bracket order be available soon in fyers web??

    regards

    Srinivasan K

  • Indrajit Mishra says:

    I am glad that now we can use TradingView Charts plus place orders using the same platform. Thanks Fyers for making this available to us.

  • Chandan Shetty Raj says:

    Is there any video Tutorial on this? Please share

  • Souro says:

    Hello, The introduction of cover orders have made trading quite comfortable, however there is only one issue with the newly introduced cover orders which limits its functionality , as of now as it seems the stop can only be trailed until the break even point. As traders we generally get into trades to maximize our profit potential but when the stop cannot be trailed in the profit zone it certainly affects traders when there is abrupt/sudden movement in the price, i hope trailing stop beyond the breakeven point would be introduced soon, as this will tremendously help traders to protect their earned profits. Excited for the introduction of Bracket orders and hope this new upgrades will sort out the issues for good.

    Thanks you to Tejas and your team.

    • Tejas Khoday Tejas Khoday says:

      Glad you like the cover order functionality Souro! The issue you reported is not an issue at all. You can trail your stop loss to any level. For example, if you are long on a stock at 100 and the stop loss is at 97 and the market price moves in your favor to 105, you can trail the stop loss to any level below 105. If you are not able to do this, do write to us on support@fyers.in. We’ll look into this. This is working for everyone.

      • Suyog Patil says:

        Agreed with Souro, the process we require is automatic trailing stoploss.
        Also please introduce live screener of trading view and trading by scripting.

      • Tejas Khoday Tejas Khoday says:

        Hi Suyog, some features may not be available exactly like TradingView however, since we work together, will make as many things possible. Just letting you know that there may be some features which will be exclusively available on TradingView only.

  • D. karthikeyan says:

    ​Hi…good to see price ladder functionality in India .”Do we get to level 2 bid and ask prices in the price ladder”

  • Mayank Agarwal says:

    That’s a very unique feature. Good. By the way when are you guys integrating R&S on Fyers web?

    • Tejas Khoday Tejas Khoday says:

      Maybe in the next round of developments. Currently, we are focused on Cover Orders & Bracket Orders. Out of these 2, cover orders have already been launched successfully. The difference between using this on our platform and other is that on Fyers Web, you can drag and drop the stop loss without having to re-enter manually modify the stop loss. This is really useful for day traders as it helps save time and visualize the position much better. By the way, we are the only broker in India to have this feature.

  • Gagan says:

    Can we place multiple orders on the price ladder like basket order at the same time?

  • varsha says:

    One of the great initiation from the team keep going this is one particular feature every trader looks for. And no brokerage firm provides this type of platform or a feature looking for the advanced updates.

  • shashank says:

    I am an amateur in this field and I started trading few months back. But this particular feature made it so easy ( which is not available with any brokers ) . A very good step for smooth trading.

  • Shubhashish Ghosh says:

    I want to know whether this price ladder provides the level 1 or level 2 data?

  • ASHOK PAL says:

    thanks for explanation tejas sir. i want to see more explanations of different tools.
    i have a question suppose i buy 100 quantity of sbi share by using co order with stop loss of .50% then i see trend reversal so if i click on reverse button then will it be reverse with same .50% stop loss?? what will ne scenario..

    • Tejas Khoday Tejas Khoday says:

      Hi, Cover Orders cannot be reversed because it’s not just the open position that counts but also the stop loss. What I mean is, that when you enter a BUY trade using a cover order with 100 Shares of SBI at 274 with a 0.5% stop loss which will be at 272.63. How will the system recognize what area to place the stop loss at for the reverse position? It need not necessarily be 0.5% right? So, we haven’t given that functionality yet. But hey, you can exit the postion and re-enter a short trade using CO order type anyways.

      • ashok pal says:

        i think it can work with definite points and %.when trade reverse stop loss should be reverse with defined %. if we can not reverse trade with cover order then there is no use of reverse position. if you can provide reverse position in co order .it will be boon for intraday trader.thanks

      • Tejas Khoday Tejas Khoday says:

        You can reverse a regular position. But you got to understand that CO is a specific order type. It is not meant to be reversed. If you really want to reverse the position place another cover order in the opposite direction. It’s really simple.

  • Abhishek says:

    Hi, when I cancel my order, is there special tab or space where I can see my all cancelled orders?

    • Tejas Khoday Tejas Khoday says:

      Abhishek, You can see it in your order book. Same thing, no changes to all that. All orders will be reflected in the Order Book under sub-sections.

  • Chandan Gupta says:

    Can I trade from Pip as like international application?

    • Tejas Khoday Tejas Khoday says:

      You can place orders based on pips/points/ticks using the price ladder and also the order entry window (Stop losses & Targets).

  • Kumar says:

    Why can I see only 5 bid and asks? Why not more?

    • Tejas Khoday Tejas Khoday says:

      The data we show on our trading platforms is what is made available to us by the exchanges. Currently, NSE gives the real-time Level 2 order book data to stockbrokers. We display the same data via price ladder as it is much more useful than the traditional snap quote.

  • Giri says:

    Can I cancel cover orders from price ladder or do i have to do it only from orderbook?

    • Tejas Khoday Tejas Khoday says:

      Yes you can. All you need to do is click on the close button, the cover order will be cancelled if it is pending. If the cover order is already executed, by clicking on the close button, your position will be exited at the market price.

  • Saurabh says:

    Does pl show the total MTM or only the unrealized pl?

  • pradeep says:

    this is gr8!! is this a seperately charged?

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