Sadly market depth seems to be one of the most manipulated areas of the market. It is all too easy for the big players to put on a big buy or sell order to scare the smaller traders. We've seen it countless times and been panicked into selling more than once only to see the market depth change drastically without any new trades.
I'm not saying don't look at depth but be aware that it is easy to manipulate. I can't remember the stock but we were watching the depth on one particular stock sometime last week and it was changing so quickly and so often you couldn't read it. At the time the stock wasn't actually trading. It could of course have been a bot having a nervous breakdown or perhaps there was a more sinister purpose but I don't know what it was.
