Introduction
If you've been trading with MetaTrader 5 for a while, you know the Depth of Market (DOM) window shows the current order book — bids on the left, asks on the right, with volume at each price level. But starting with build 5800, MetaQuotes added something traders have been asking for: a dedicated L1 data display panel. This isn't a replacement for the DOM; it's a cleaner, real-time snapshot of the top-of-book liquidity that updates faster and takes up less screen space.
In this guide, I'll walk you through exactly what the L1 data display is, how to enable it, and how to read the information it shows. You'll learn the differences between the classic DOM and the new L1 panel, which data sources work with it, and how to avoid the common setup mistakes that trip up most traders on the first try.
Prerequisites
Before you can use the L1 data display, you need three things in order:
- MetaTrader 5 build 5800 or newer. Open Help → About in the terminal. If your build number is lower than 5800, run Help → Check for Updates and restart the platform.
- A broker that provides Level 1 market data. Not all brokers push L1 data. Most ECN/STP brokers do, but some market makers only show synthetic depth. You can test this by opening the DOM on a major forex pair — if you see multiple price levels with real volume, you're good. If you only see one or two levels with the broker's own volume, L1 data may not be available.
- An active chart for the instrument you want to monitor. The L1 panel attaches to a specific symbol. You can have multiple L1 panels open for different symbols simultaneously.
That's it. No special indicators, no DLLs, no paid add-ons. The L1 display is built into the platform.
Step-by-Step Guide to Enabling the L1 Data Display
Let me show you the exact steps. I'm using MT5 build 5900 with a broker that provides real ECN depth, but the process is identical on any build 5800+.
Step 1: Open the L1 Data Display Panel
With a chart open for your chosen symbol (say EURUSD), go to the main menu:
View → L1 Data Display
Alternatively, right-click on the chart itself and select L1 Data Display from the context menu. You'll see a new floating panel appear — it looks like a compact version of the DOM, with a bid column on the left and an ask column on the right, each showing the best few price levels and their volumes.
Note for MT4 users: This feature is MT5-only. MT4 does not have an L1 data display, and it never will.
Step 2: Understand the Panel Layout
The default L1 panel shows:
- Bid side (left column): The top 5-10 bid prices, with the highest bid (closest to the current price) at the top. Each row shows the price and the total volume available at that level.
- Ask side (right column): The top ask prices, with the lowest ask at the top. Same layout.
- Spread indicator: A small bar or number between the two columns showing the current spread in points.
- Last price: The most recent trade price, usually displayed at the top or bottom of the panel, depending on your theme.
You can resize the panel by dragging its edges. It's designed to be small enough to sit next to your chart without covering important price action.
Step 3: Configure the Display Depth
By default, the L1 panel shows 5 price levels on each side. You can change this:
- Right-click inside the L1 panel.
- Select Properties from the context menu.
- In the dialog that opens, find the Depth setting. You can set it from 1 to 20 levels.
- Click OK to apply.
I usually keep mine at 10 levels for forex pairs — enough to see where the liquidity clusters are without cluttering the view. For indices or commodities, 5 levels is often sufficient because the order books are thinner.
| Setting | Default | Range | Notes |
|---|---|---|---|
| Depth | 5 | 1 - 20 | Higher values show more levels but increase CPU load slightly. |
| Show Spread | Enabled | On/Off | Displays the bid-ask spread in points between the two columns. |
| Volume Format | Thousands | Units / Thousands / Millions | Changes how volumes are displayed (e.g., 1.2M vs 1,200,000). |
| Font Size | 8 | 6 - 14 | Adjust for readability on high-DPI screens. |
Step 4: Dock or Float the Panel
The L1 panel can float freely over your charts, or you can dock it to the side of the terminal window. To dock it:
- Drag the panel by its title bar to the left or right edge of the main MT5 window.
- A blue outline will appear showing where it will dock. Release the mouse to lock it in place.
I prefer docking it to the right side of my terminal, with my chart on the left. This keeps the L1 data visible without overlapping price action. You can also save this layout as a Profile (File → Profiles → Save As) so it persists across restarts.
Step 5: Verify Data Is Updating
Once the panel is open, watch the bid and ask prices for a few seconds. They should update in real time as orders enter and leave the book. If the numbers are static or showing "No data", check your broker's data feed — you may need to reconnect to the trade server (File → Open Account → highlight your account → Login).
Tips and Best Practices from Experience
After using the L1 panel daily for several months, here's what I've found works well — and what doesn't.
Use It with the DOM, Not Instead of It
The L1 panel is great for a quick read of the top-of-book liquidity. But it doesn't show the full order book depth that the DOM provides. For scalping or entries near key levels, I keep both open: the L1 panel for a real-time overview, and the DOM (Ctrl+D) for the full picture when I need to see accumulation at deeper levels.
Watch for Volume Spikes at the Top Level
A sudden increase in volume at the best bid or ask often indicates a large order sitting there. This can act as a temporary support or resistance. If you see 500 lots appear at the best bid while price is approaching it from above, that bid might hold — or it might get eaten and the price breaks through. The L1 panel updates fast enough to see this happen in real time.
Adjust Depth Based on Instrument
For major forex pairs (EURUSD, GBPUSD, USDJPY), I use 10 levels. The books are deep and the extra levels show where the next liquidity clusters are. For indices (US30, GER40) or commodities (XAUUSD), 5 levels is usually enough — the books are thinner and deeper levels often show stale orders. For crypto pairs like BTCUSD, I drop to 3 levels because the book changes so fast that more levels just cause visual noise.
Save Your Layout as a Profile
Once you have the L1 panel positioned the way you like, save it. Go to File → Profiles → Save As and give it a name like "L1 Trading". Next time you open MT5, load that profile and the panel appears exactly where you left it. This is especially useful if you trade multiple instruments and want different L1 configurations for each.
Common Mistakes and Troubleshooting
Here are the issues I've seen most often — and how to fix them.
"L1 Data Display" Option Is Grayed Out
This happens when your broker doesn't support L1 data for the selected symbol, or when you're running an older MT5 build. Check your build number first (Help → About). If it's below 5800, update the platform. If it's 5800 or higher, try switching to a different symbol — some symbols (like CFDs on obscure indices) may not have L1 data available.
Panel Shows "No Data" or Static Prices
This usually means the data feed is disconnected. Go to File → Open Account, select your account, and click Login. If that doesn't work, check your internet connection and try switching to a different server in the broker list. In rare cases, the broker may have temporarily disabled L1 data during high volatility — this happened to me during NFP releases with one broker.
Panel Updates Slowly or Stutters
If the L1 panel feels laggy, reduce the depth setting to 5 or lower. Each additional level requires more data to be processed and rendered. Also check your chart's timeframe — having a 1-minute chart with a lot of indicators running alongside the L1 panel can strain CPU resources. Close unused charts and indicators to free up processing power.
Volumes Look Inflated or Unrealistic
Some brokers aggregate volume from multiple liquidity providers, which can make the numbers look larger than what's actually available at a single venue. This is normal for ECN brokers. If the volumes seem suspiciously round (e.g., always 100, 200, 500), your broker may be showing synthetic depth rather than real order book data. There's no fix for this — it's a broker limitation.
Summary / Recap and Next Steps
The MT5 L1 data display is a practical addition for traders who want a real-time view of market depth without the overhead of the full DOM. You now know how to enable it, configure the depth and display options, dock it to your workspace, and troubleshoot the common issues that come up.
Here's a quick recap of the key steps:
- Update MT5 to build 5800 or newer.
- Open the panel via View → L1 Data Display or right-click on a chart.
- Adjust depth (5-10 levels works for most instruments).
- Dock the panel to your preferred position and save as a profile.
If you want to take this further, try writing a simple MQL5 script that reads the L1 data programmatically. The MarketBookGet() and MarketBookInfo() functions can pull the same bid/ask levels into an EA or custom indicator. That's a more advanced topic, but it's the natural next step once you're comfortable with the panel itself.
Frequently Asked Questions
Does the L1 data display work with all brokers on MT5?
No. Only brokers that provide real Level 1 market data (typically ECN/STP brokers) support this feature. Market makers that generate synthetic depth may show limited or no data. Test with a major forex pair first — if you see multiple price levels with changing volumes, your broker supports it.
Can I use the L1 panel for automated trading or in Expert Advisors?
Yes, indirectly. The L1 panel itself is a visual tool, but your EA can access the same data using the MarketBookGet() and MarketBookInfo() functions. You cannot trigger trades directly from the panel — it's a display only.
Why does my L1 panel show different volumes than the DOM window?
The L1 panel shows only the top-of-book levels (the best bids and asks), while the DOM shows the full order book depth. If a large order sits several levels away from the current price, the DOM will show it but the L1 panel won't until that level becomes one of the top few. They should match for the levels both display — if they don't, your broker may be using different data sources for each view.
