What order types are available in MT5?

There are different types of orders that can be executed on MT5.

For most trades, the instant execution order is sufficient since it places your buy or sell order at the current market price. However, it is always good to have a basic idea of how each type of order works, so that you can evaluate whether they may fit your trading strategy.

Market Order / instant execution

As the name implies, a Market Order is used to execute or open a trade at the current market rate. Basically, it is an instant buy or sell trade.

For a successful market order position to be opened, MT5 requires basic information like volume and entry price. Although not necessary, it is good to set a stop loss and take profit when placing a market order.

Pending Order

A Pending Order is used to open positions at a predetermined price.

Types of Pending Orders on MetaTrader 5 are:

  1. Buy Limit - orders placed below the current bid price, anticipating that a price will fall to a certain level at which point the buy will be triggered.
  2. Buy Stop - orders placed above the current bid price, anticipating that a price will keep increasing after reaching a certain level.
  3. Sell Limit - orders placed above the current ask price, anticipating that a price will fall after it rises to a certain level.
  4. Sell Stop - orders placed below the current bid price, anticipating that a price will keep falling after reaching a certain level.
  5. Buy Stop Limit
  6. Sell Stop Limit