I'm demo-ing Ninja Trader with MBtrading and I've using NT FX Pro order window. Surprising, you can have an option for looking at Level two quotes which includes time, price and volume. I've never heard of level two for FX and I'm vaguely familiar with stocks having level two quotes, which I've never tried to trade with. Is level 2 for scalping for gauging momentum? Dunno How to read level two FX? Any pointers?
Unlike stock level 2 quotes, what you are looking at is really DOM on the pair from your particular provider. What you are looking here is the totals (cumulative) of the bids and asks of this pair at that price. On Level 2 (which is for stocks, not futures or forex) you can see the individual bid/ask and from where. DOM screens like this on fx platforms are not complete as they don't display the "full" market depth, only what is being bid and offered by your broker There is a Level II option in NT, but it displays pretty much the same thing as the FXPro feature.
What is 'full' market depth? I thought that prices with the volume for FX shows the true market going through as the broker is ECN?
unlike stocks, there is no central clearing for fx trades so you don't see all the bids and asks of the market, only those that are with your broker. MBT's depth will not resemble IB's or Hotspot's.