Orders on MetaTrader 5 are placed using the order creation window.

As seen from the image below, common parameters include the symbol, order type, volume, stop loss, and so on.

• Symbol: Shows the type of currency pair you are trading.
• Type: Indicates what type of order you want to place, either instant or a pending order
• Volume: the volume of the order you want to trade (in lots).
• Stop loss: Used to indicate the stop loss position for the order.
• Take profit: Used to indicate the take profit position for the order.

The options listed above are true for instant execution orders.

However, more options are present when a pending order type of trade is selected.

Order type: the second type option is used to select what type of pending order you want to place. These include buy limit, sell limit, buy stop, sell stop, buy stop limit, and sell stop limit.

Please note the definitions of execution price and Stop limit price:

• Execution price: the price you want the order to get triggered.
• Stop limit price: this option can only be used for a buy stop limit and sell stop limit orders.

How to access the order creation window in MT5

As specified previously, orders can only be created and fulfilled using the order creation window.

The order creation window can be accessed using 3 different ways:

1. Through the new order option which can be found on the standard toolbar.
2. Double-clicking on a pair, which can be found on the left-hand side of the MetaTrader 5 window
3. Using the new order option from the Tools menu