Order Book Oscillator

Order Book Oscillator

Looking for a tool beyond price action and traded volume to confirm your next trade entry? Many scalpers, myself included, use Level II depth of market order book volume as a key go/no-go filter before placing a trade. This indicator calculates order book volume cumulative bid/ask ratio in real-time and plots the values in a “candlegram” format . . . a cross between a candle and a histogram for easy identification. Similar to a candle bar, the “candlegram” wick informs you about the extreme intrabar moves in the oscillator.



  • Displays cumulative bid/ask ratio for up to five levels of the order book volume.
  • Realtime indicator for use on live data or market replay.
  • Candlegram bars show value at the close of bar while the wicks show intrabar extreme moves.
  • Candlegram color and width attributes can be modified.
  • Can be used with the NinjaTrader ChartTrader and eliminates the need to monitor and compute ratio values on the DOM.
  • Extreme values can help predict market reversals.


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Usage Suggestions

  • The Order Book Oscillator (OBO) is best used on small interval bars for trend or counter-trend scalp trading.
  • Avoid or defer entries that do not coincide with the direction of the OBO.
  • Each market and time frame will have it own characteristics so plan on spending time to observe the OBO over different market condition before trading.
  • Like any oscillator, its important to focus on transitions from high extremes and momentum reversals when the oscillator crosses the zero line.
  • Generally, ratio values between +/- O.5 are noise unless transitioning from an opposite extreme.
  •  Values between 0.5 and 2.5 indicate bias in the direction of the oscillator.
  •  Extreme values at values at 2.5 often suggest a price reversal is imminent.


  • As a real-time indicator the OBO cannot be backtested and the plotted values will be erased when the chart is reloaded (F5).
  • Some data services will require an extra fee to provide real-time Level II data.

Terms of Use

  • Unless otherwise expressly permitted, this indicator is for the sole use of the named licensed user for up to two devices (e.g., desktop or laptop computers).

Free Trial Download

  • The Order Book Oscillator (OBO) indicator is available for a 7-day trial period.  To download the indicator, please click the link below.

Download the Order Book Oscillator for NinjaTrader 7.0

  • If you performed a trial of an earlier release that has since expired and would like to try out this latest release, please email your Machine ID to info@whitmarkdevelopment.com.
  • To install the OBO, simply:
    • Download the WMOrderBookOscillator.zip at the link above to your download folder or Windows desktop.
    • Navigate to the NinjaTrader Control Center and select File > Utilities > Import NinjaScript.
    • Select the zip file you just downloaded (no need to unzip it) and click “Open”.
    • The platform will confirm a successful import.
  • To continue your usage following the trial period, you will need to return to this page to supply your machine ID to lease and activate the indicator.
  • The OBO can be readily uninstalled if you choose not to lease by selecting from the Control Center > File > Utilities > Remove NinjaScript Assembly.

Price: $95 USD

Licensing for this product is managed by the NinjaTrader License Management System. To gain access to the product, you will need to cut and paste the 32-digit Machine ID that can be found from the NinjaTrader Control Center > Help > About dialog box.

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for additional information on finding your NinjaTrader Machine ID.

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Please note, you may purchase this product without supplying the NinjaTrader Machine ID, but we will need to follow-up with you via email to obtain this information before activating the product. Please allow 24 hours for the activation from the time we receive your Machine ID.