Ladder
The ladder is the visual interface of the DOM: a vertically stacked display of price levels with bid and ask quantities on either side, used to read depth, place orders, and execute trades directly from the order book.
The ladder (also called the order ladder or price ladder) is the standard visual representation of the DOM in most futures trading platforms. It displays a vertical column of price levels with bid size on one side and ask size on the other, centered around the current market price.
Anatomy of the ladder
| Bid Qty | Price | Ask Qty |
|---|---|---|
| 5,250.50 | 142 | |
| 5,250.25 | 287 | |
| 5,250.00 | 418 | |
| 356 | 5,249.75 | |
| 201 | 5,249.50 | |
| 98 | 5,249.25 |
Price levels scroll as the market moves. Most platforms highlight the best bid and best ask, and show your own working orders directly in the ladder.
Ladder-based order entry
The ladder is not just a display: it is also the primary order entry interface for active futures traders. Clicking directly on a price level places a limit order at that price. A second click (or a dedicated cancel key) removes it. This one-click execution makes the ladder the fastest order entry method available.
Most professional DOM platforms (Sierra Chart, NinjaTrader, Jigsaw) allow:
- Single-click to place limit orders
- Drag to move orders to a different price
- Cancel all with a hotkey
- Bracket orders placed automatically on fill
What to watch on the ladder
Size changes: when a large order appears or disappears at a level, note whether it was consumed (printed in T&S) or pulled (disappeared without a print). Consumed = real; pulled = potentially informational.
Price movement: watch how the ladder moves. A ladder that moves up smoothly with bids supporting each level is different from one that gaps up through several empty levels: the latter suggests a stop run or thin book.
Your own orders: the ladder shows where your working orders sit relative to current price, making it easy to assess whether your stop is about to be hit.