How To Place Pending Order In Metatrader 4
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Pending order is an instruction to open a position when the current price reaches the order level. There are four types of pending orders:
- Buy Stop - an order to open a Buy position at a higher price than the price at the moment of placing the order;
- Sell Stop - an order to open a Sell position at a lower price than the price at the moment of placing the order;
- Buy Limit - an order to open a Buy position at a lower price than the price at the moment of placing the order;
- Sell Limit - an order to open a Sell position at a higher price than the price at the moment of placing the order.
Look at pic. 39 for better visual understanding of Pending Order strategy.
Pic. 39 – Pending order MT4
In order to place a pending order, open the "Order" window (Pic. 40) by any way described below:
- Right click on the "Market Watch" window or on the "Trade" tab of the "Terminal" window and select New order from then context menu
- Press the F9 button
- Use the Tools -> New order menu sequence
- Right click on the chart window and select Trading -> New Order from the context menu
- Double click on the currency pair in the "Market Watch" window
Then choose the Pending order item from the drop down list:
Pic. 40 – Pending Order window
The following options may be changed in this window as well:
Once the “Place” button is pressed, the instruction is sent directly to the PaxForex. Once PaxForex confirms the order, it appears in the "Trade" tab of the "Terminal" window.
- Symbol - currency pair or CFD;
- Volume - transaction size in lots;
- Stop Loss - Stop Loss order level which will be activated once the pending order has been executed;
- Take Profit - Take Profit order level which will be activated once the pending order has been executed;
- Comment - your comments for the pending order;
- Type - the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit;
- At price - pending order level;
- Expiry - if the box has not been checked the order is valid up to the time when you cancel it or when it is executed. If the box is checked the order is valid up to the moment specified in the box.
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