What Is the Order Book (Itayomi)?

The order book (ita, or the quotes shown as kehai) is a listing of the buy and sell orders placed for a given stock, organized by price level.

How it works

Buy orders are listed from the highest price down, and sell orders from the lowest price up, showing how many shares are on order at each price. This listing is called the "order book" (ita), and the individual price-and-quantity information is called a "quote" (kehai).

Points to watch for

The information in the order book reflects only the orders outstanding at that moment and is constantly changing. A "thicker" order book, meaning more orders, tends to indicate higher liquidity, but it should be kept in mind that it does not predict future price movement.

This article is provided for general informational purposes only and does not recommend or solicit the purchase or sale of any specific investment method or security. Final investment decisions are your own responsibility.

Frequently Asked Questions

What can I learn from the order book?
You can see how much buy and sell interest exists at each price level. However, this does not guarantee that the price will move in a particular direction — it is simply one piece of reference information about order activity.
Does everyone see the same order book information?
The number of price levels a brokerage displays (such as best-quote or special-quote information) can differ from one brokerage to another.