Placing orders using the order window is one of the few ways to trade via MT5.
The parameters needed to trade via the order window in MT5 include:
- The symbol – the type of currency pair you are trading
- Stop-loss – the stop loss level, this field is optional, but to minimize risk, it is advised to set a Stop Loss.
- Take profit – the take profit level (optional)
- Volume – used to define the size of the trade in lots.
These parameters can be used for instant executions. For pending orders, however, there are many more options.
- Order type: use this field to define the type of pending order to be placed.
- Execution price: the trigger price for the order.
- Stop limit price: this option can only be used for buy stop limit and sell stop limit orders. It is used to input stop limit price.
Accessing the order creation window in MT5
The order creation window can be accessed 3 different ways:
- Through the new order option which can be found on the standard toolbar.
- Double-clicking on a pair, which can be found on the left-hand side of the MetaTrader 5 window
- Using the new order option from the Tools menu
