Pending orders
Greetings, everyone! Today we will be discussing pending orders. Any platform, including in this instance, the Meta Trader 4 interface, allows you to make two sorts of orders: immediate execution (market) and pending order.
The benefit of pending orders
The key benefit of pending orders is that they are executed automatically by the broker. When the price hits the set level, the transaction will be initiated.
You may place a pending order, shut the terminal, switch off your computer, and continue with your day.
You don’t have to keep an eye on the market all the time. The order will be carried out. When the price hits these levels, the transaction will be completed.
As a result, take profit and stop-loss orders are also included in such orders, and you can also specify an expiry period after which the order will be canceled if it has not been executed.
The essential prerequisite for placing a pending order is that it be at the minimum distance established by the broker from the current price (see your broker’s account rules).
How do you activate it?
Select the kind of pending order by clicking the “New Order” tab.
Consider all types of pending orders:
Buy limit: An order to purchase at a lower price than the current one. Buy it cheaper. The trader places an order based on the fact that the price will fall to a certain level and then go up:
Sell limit: An order to sell at a price higher than the current one. Selling more The trader places an order based on the fact that the price will rise to a certain level and then start to fall:
Buy stop – An order to buy at a price higher than the current one. The trader places an order based on the fact that the price will rise to a certain level, breaking through it, and continue to grow:
Sell stop – An order to sell at a price below the current one. The trader sets an order based on the fact that the price will fall to a certain level, breaking it, will continue to fall:
Deleting an unfilled pending order is simple; double click on it with the left mouse button, a window will appear, then click delete.
Join our Telegram channel for market updates
