MBO vs. MBP Market Data: What Futures Traders Actually See
MBO vs MBP market data comes down to detail. Market by price (MBP) shows the total size resting at each price. Market by order (MBO) shows the individual orders inside that total, including how many there are and how large each one is. MBP is enough for most traders. MBO adds detail that matters most to scalpers and order flow traders.
What Is Market by Price (MBP)?
Market by price, or MBP, aggregates all resting orders at each price into one total size. You see how many contracts are bid or offered at a price, but not how many separate orders make up that total. Most standard Level 2 displays are MBP, and they typically show a limited number of price levels on each side.
MBP has one blind spot. A total of 300 contracts at a price could be one order or sixty. The number looks identical either way.
What Is Market by Order (MBO)?
Market by order, or MBO, shows each individual resting order at a price instead of one combined total. You see how many orders sit at a level and how large each one is. We describe MBO as a breakdown of working orders and contracts at every individual price, not only the nearest ten levels.
MBO lets traders view the number of orders and the order size at any price level, on any CME Group futures symbol. That is the same exchange feed all CME participants can subscribe to, delivered through the platform.
What Is the Difference Between MBO and MBP?
MBP answers how much is bid or offered at each price. MBO answers what is in the queue: how many orders make up that size, how large they are, and when they arrive or leave. The extra detail helps you judge whether a big number is one large order or many small ones, and whether it is getting cancelled.
Feature | MBP | MBO |
What you see | Total size at each price | Each individual order at each price |
Order count at a level | Shown | Shown |
Order size within a level | Not shown | Shown |
Best for | Reading where liquidity sits | Studying queue structure and order behavior |
Consider a hypothetical level showing 300 contracts offered. MBP shows 300 and nothing more. MBO might show one order of 300, three orders of 100, or sixty orders of 5. One large order can cancel in an instant and remove all 300 contracts. Sixty small orders tend to leave piece by piece. Same number, different behavior.
Why Does MBO Matter to Futures Traders?
MBO matters most for short-term traders who care about queue position and order structure. Seeing how many orders stack at a price helps you tell a single large order from many small ones, and watching orders cancel or refill shows how committed a level is. It adds detail for scalpers, but it does not predict direction.
Queue position is the clearest example. When you place a limit order, it joins the line at that price, and orders ahead of yours fill first. With only a total size, you cannot see where you stand. With MBO you can see how many orders sit at the level and track how the line moves.
MBO also gives context to reading the tape. When size at a level shrinks, the time and sales shows whether it traded. MBO adds whether the shrink came from one large cancel or many small fills. For trade confirmation using volume at each price, see our guide to footprint charts.
How Do You Turn On MBO on the Ironbeam Platform?
On the Ironbeam platform, open the Depth widget and click the MBO slider at the top to switch between standard Level 2 and MBO. MBO is available on any CME Group futures symbol, and you can place orders from the widget with MBO on. Standard Level 2 shows the nearest ten price levels.
Follow these steps:
- Open the Depth widget for your contract.
- Click the MBO slider at the top of the widget.
- Adjust the slider to move between standard Level 2 and MBO detail.
- Read the order counts and sizes at the levels near the market.
- Place orders from the Depth widget if you trade from the ladder.
- Switch back to standard Level 2 if the added detail slows you down.
Which Ironbeam Platforms and Feeds Carry MBO?
Ironbeam supports MBO through its own platform, Sierra Chart, Rithmic, and CQG.
- Ironbeam platform. The Depth widget slider, described above. See the MBO announcement.
- Rithmic. Our Rithmic page covers platforms, market data tiers, and APIs.
- CQG. Our CQG page describes the DOM, charts, and data.
- Sierra Chart serves traders who want deep chart customization
- Bookmap displays market liquidity as a heatmap
Compare every option on the Ironbeam trading platforms page.
Do You Need MBO to Day Trade Futures?
Most beginners don’t need MBO. Standard Level 2, the tape, and volume profile cover most day trading decisions. MBO helps when you scalp, care about queue position, or want to study how orders at a level change. Start with standard depth, learn to read it, and add MBO when you can name the question it answers.
Ironbeam provides free Level 2 market depth on CME/GLOBEX futures, so you can learn the ladder without paying for more.
Whatever data you use, margin does not set your risk. The Ironbeam day margins table shows what you must post to hold a position. Your stop and account size decide what you can lose. For background on the exchange, see CME Group education. As a professional futures broker with a cloud-based futures trading platform, Ironbeam lets you try standard depth first. When you’re ready, open a futures account.
For the full workflow that combines depth, tape, delta, and profile, read our guide to order flow trading.
Frequently Asked Questions
What is MBO market data in futures?
Market by order, or MBO, shows each individual resting order at a price, including how many orders there are and how large each one is, instead of one combined total.
What is the difference between MBO and MBP?
MBP shows the total size at each price. MBO shows the individual orders that make up that total. MBO gives more detail on queue structure and order behavior.
Is MBO the same as Level 2?
Not exactly. Standard Level 2 usually shows aggregated size by price for a limited number of levels. MBO goes further by showing individual orders at every price.
Does Ironbeam offer MBO data?
Yes. Ironbeam’s platform has an MBO slider in the Depth widget, available on any CME Group futures symbol. MBO is also available through its Rithmic and CQG offerings.
Do you need MBO to day trade futures?
No. Most day traders do fine with standard Level 2, time and sales, and volume profile. MBO mainly helps scalpers and traders who study queue position.
About the Author
Mike Murphy is Director of Business Development at Ironbeam, where he’s worked since 2013. He holds a Series 3 license and has spent 15+ years in financial markets, working at the intersection of futures trading and the technology that powers it. He writes about market structure, trading platforms, and what it actually takes to access futures markets efficiently.
Disclaimer: There is a substantial risk of loss in trading commodity futures and options products. Losses in excess of your initial investment may occur. Past performance is not necessarily indicative of future results. Please contact your account representative with concerns or questions. The information contained here is accurate to the best of our knowledge at the time of this writing. However, various circumstances may change over time which could affect the accuracy of the information presented. Ironbeam Inc makes no guarantees and recommends verifying details before making any decisions based on this content.