In the forex markets I suppose it is hard to determine the market depth to its absolute value because of its decentralized nature.
not only is it decentralized it just noise completely useless, people think it gives more market information but its always manipulated and is "garbage" information used to distract and mesmerize those that don't know any better players always hide their larger orders or market order them to drive the market their way who cares about small limit orders that goes on market depth list --GARBAGE NOISE
Market depth is a good measure to determine where the price of the security will be going, whether it is on the higher side or the lower side. I think people misunderstand the market depth as the only measure indicator of the price. We have to understand that it is not a stand-alone indicator.
I have been using market depth to analyse the price of a security along with the other trade indicators like the Relative strength index, Stochastic oscillator etc. The market depth helps as a verification tool for my entry points. I have been using MT4 trading platform through IC market and recently switched to MT5 platform through Fxview and as you know automated trades need a solid trading analysis. You cannot stop the trade after you set the script. So, market depth is a very good indicator.
Many people neglect the positive side of things because they have only dealt with negative sides. I suppose not everything works for everyone.
iceberg orders, invisible orders, constantly refreshing orders, spoofing orders, reserve orders, bait n switch etc... they let you see what they want you to see they come on CNBC and pump something their traders are dying to dump truism of wallstreet "make money for the firm, fu**everybody" it's not negative or positive experience it's just the way it is
Calculating the bid and ask prices for all the individual forex pairs is not feasible. A very large pool of traders for EUR/USD pairs is present so practically how can anyone calculate the bid and ask for this pair without market depth. I have been trading forex through many platforms and brokers such as Avatrade, Fxview, Pepperstone, IB etc. with multiple trading platforms; in my view don’t neglect the market depth totally but actually try to inculcate the positive sides of this metric.
There is no such thing as market depth in FX market, at least for retail traders which interact with dealers (sole providers of liquidity)
Most of the reliable brokers have the tools and instruments that help you get the tick data. All you need is to speak with their customer support team.
I also like to trade in MT5 platform because it is faster than MT4 and also richer in functionality especially their backtesting feature.