What Is Market-by-Order Data?

Market-by-price and market-by-order data aren't the same.

Market-by-price data aggregates displayed quantities at each price level.

Market-by-order data, often abbreviated MBO, can provide individual order-level information where supported by the exchange and feed.

For example, an aggregated book might show a total quantity of 100 contracts at a price.

An order-level feed may provide more detail about the individual orders contributing to that displayed quantity.

This additional granularity can be useful for certain market microstructure analyses.

However, MBO does not reveal every hidden order or identify every trader's intentions.

Before paying for order-level data, ask whether your platform supports it and whether your strategy can use the additional information meaningfully.