Placing a Pending Order in MT5 should come after adequate research and knowledge of how Pending Orders work.
The different types of Pending Orders available on MT5 include Buy limit, Sell limit, Buy stop, Sell stop, Sell stop limit, Buy stop limit.
A Pending Order is a buy or sell order which is placed but not yet executed. It only becomes a trade once certain conditions are met.
To place a Pending Order in MT5, open the new order window.
This can be done by one of the following methods:
- Using the Market Watch window – by selecting the symbol or pair to be traded and choosing the “New order” command from the menu.
- By double-clicking on the symbol to be traded.
- From the new order window.
Select “Pending Order” from the “type” options.
The parameters which will be shown are:
- Volume – this is used to input the volume of the order in lots, which can be set manually.
- Symbol – this is the symbol of the pair you are placing a Pending Order for.
- Trade type – this is used to choose the type of Pending Order to be opened, select the type from the available list, which is:
- Buy limit
- Sell limit
- Buy stop
- Sell stop
- Buy stop limit
- Sell stop limit
- Price – this is the price where the Pending Order triggers and becomes a trade.
- Stop Limit Price – this space is only available for stop-limit orders, which activates a limit order when the price triggers.
- Stop-Loss (SL) & Take Profit (TP) – use these fields to input stop loss and take profit values respectively.
- Expiration – this field is to set the conditions of the order expiration.