Reading the order book
What the two sides of the book tell you before you place an order.
The order book lists the limit orders currently resting on both sides of the market.
- Asks — sell orders, at prices above the market. Buying into the book takes from here.
- Bids — buy orders, at prices below the market. Selling into the book takes from here.
- Spread — the gap between the best bid and the best ask. A wide spread means a market order will cost you more.
- Depth — how much sits at each price. Thin depth means a large order moves the price against you.
Using it
- Before a market order, check the depth near the top of the book. If your order is large relative to what is there, expect a worse average price.
- A wide spread is a reason to use a limit order instead.
Last price
The row between the asks and the bids shows the last traded price. It turns green with ↑ after a rise and red with ↓ after a fall, with its value in rand beside it.
Buy/sell ratio
The bar under the book shows the bids' (B) and the asks' (S) share of the quantity in the levels currently shown. A large B share means more is waiting to buy than to sell near the price. It describes the book at this moment — orders can be added or removed at any time, so it is not a prediction.
Alongside the book, Recent Trades shows what has actually executed — useful for judging whether the market is genuinely active at these prices.
Related
- Spot trading basics How the Exchange works, and what happens when you place an order.
- Order types explained Limit, Market, Stop Limit, Stop Market and Trailing Stop — what each one does.
- Trailing stop orders A stop that follows the price and triggers when it reverses by your chosen percentage.
- Take Profit and Stop Loss (TP/SL) Attach a take-profit and a stop-loss to a limit order in one go.
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