PC Place limit/stop/stop-limit order on the new order window
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In MetaTrader (MT4) / MetaTrader5 (MT5), you can specify the price when placing a "limit order" and "stop order", as well as "stop-limit order" only in MT5.
The "limit order" will be executed when the rate becomes more favorable than the current rate, and the "stop order" will be executed when the rate becomes less favorable than the current rate. The "stop-limit order" will execute a limit order once the rate reaches a predefined trigger price.
Here we'll take a look at how to place a limit/stop/stop-limit order on the new order window on MT4/MT5.
Switch between MT4/MT5 tabs to check the steps for each.
Step 1
Click "New Order" in the toolbar.
Related article: Open the new order window
Step 2
Click the "Symbol" field to choose the symbol to place an order for.
Step 3
Click the "Type" field and select "Pending Order".
Step 4
Click the "Type" field in the "Pending Order" frame and select a type of limit/stop order.
-
Buy Limit
If you place a buy order by specifying a lower price than the current, select Buy Limit. Enter a price that is lower than the current Ask price.
-
Buy Stop
If you place a buy order by specifying a higher price than the current, select Buy Stop. Enter a price that is higher than the current Ask price.
-
Sell Limit
If you place a sell order by specifying a higher price than the current, select Sell Limit. Enter a price that's higher than the current Bid price.
-
Sell Stop
If you place a sell order by specifying a lower price than the current, select Sell Stop. Enter a price that's lower than the current Bid price.
Stop-limit orders are available on MT5
On MT5, "Buy Stop Limit" and "Sell Stop Limit" orders can also be placed.
Step 5
Set the trade volume in lots in the "Volume" field and the order price in the "at price" field. Set the stop-loss (S/L), take-profit (T/P), expiry time, and comment as necessary.
|
Number |
Item name |
Descriptions |
|---|---|---|
|
1 |
Volume |
Set the trade volume in lots. Type the volume or choose it from the pull-down menu. |
|
2 |
Stop Loss |
Set the stop-loss (S/L) value. Type the price or use the ▼▲ marks on the right side. Related article: Set or change T/P and S/L values |
|
3 |
Take Profit |
Set the take-profit (T/P) value. Type the price or use the ▼▲ marks on the right side. Related article: Set or change T/P and S/L values |
|
4 |
Comment |
You can add comments to an order. Use them as notes for later reference. |
|
5 |
at price |
Set the limit/stop order price. Type the price or use the ▼▲ marks on the right side. |
|
6 |
Expiry |
Set the expiration time for the limit/stop order. Time is based on the server time. |
Step 6
Click "Place".
If "Place" is not activated
When placing limit/stop orders, you have to specify a price that's a certain point away from the current price. The difference between the two is called the stop level and it varies by the forex broker, account type, and symbol. If you can't click the "Place" button, adjust the price according to the stop level.
Related article: Check trading conditions
Tick chart
In MT4's new order window, you can check the tick chart. A tick is the smallest unit of data that represents price. Tick charts detect smaller price changes than any other chart, which will help you execute well-timed orders. From the new order window's tick chart, you can check the order price, Ask, Bid, take-profit (T/P), and stop-loss (S/L) values.
Step 7
Once the order is placed, the order details will be added below the balance line in the "Trade" tab of the Terminal as a pending order.
The order will be executed once the specified price is reached. The order details will be updated as an open position and moved above the balance line.
Step 1
Click "New Order" in the toolbar.
Related article: Open the new order window
Step 2
Click the "Symbol" field to choose the symbol to place an order for.
Step 3
Click the "Type" field and select "Pending Order".
Step 4
Click the "Type" field and select a type of limit/stop/stop-limit order.
-
Buy Limit
If you place a buy order by specifying a lower price than the current, select Buy Limit. Enter a price that is lower than the current Ask price.
-
Buy Stop
If you place a buy order by specifying a higher price than the current, select Buy Stop. Enter a price that is higher than the current Ask price.
-
Buy Stop Limit
Select Buy Stop Limit and specify a trigger price higher than the current. Once the trigger price is achieved, a buy limit order will be placed.
-
Sell Limit
If you place a sell order by specifying a higher price than the current, select Sell Limit. Enter a price that's higher than the current Bid price.
-
Sell Stop
If you place a sell order by specifying a lower price than the current, select Sell Stop. Enter a price that's lower than the current Bid price.
-
Sell Stop Limit
Select Sell Stop Limit and specify a trigger price lower than the current. Once the trigger price is achieved, a sell limit order will be placed.
Step 5
Set the trade volume in lots in the "Volume" field. The volume per lot varies by broker's account type and symbol. Set the stop-loss (S/L), take-profit (T/P), and comment as necessary.
|
Number |
Item name |
Descriptions |
|---|---|---|
|
1 |
Volume |
Set the trade volume in lots. Type the volume or use the ▼▲ marks on the right side. |
|
2 |
Price |
Set the limit/stop/stop-limit price (trigger price to activate the stop-limit order). Type the price or use the ▼▲ marks on the right side. |
|
3 |
Stop Limit Price |
Set the limit price for the stop-limit order. Type the price or use the ▼▲ marks on the right side. |
|
4 |
Stop Loss |
Set the stop-loss (S/L) value. Type the price or use the ▼▲ marks on the right side. Related article: Set or change T/P and S/L values |
|
5 |
Take Profit |
Set the take-profit (T/P) value. Type the price or use the ▼▲ marks on the right side. Related article: Set or change T/P and S/L values |
|
6 |
Expiration/Expiration date |
Set the expiration type for the limit/stop order. To specify the date, select "Specified" or "Specified day" in the "Expiration" field and specify the date and time in the "Expiration date" field. Time is based on the server time. |
|
7 |
Comment |
You can add comments to an order. Use them as notes for later reference. |
Step 6
Click "Place".
If "Place" is not activated
When placing limit/stop/stop-limit orders, you have to specify a price that's certain points away from the current price. The difference between the two is called the stop level and it varies by the forex broker, account type, and symbol. If the "Place" button is blue or not red, check your price and make sure the deviation isn't smaller than the stop level.
Related article: Check trading conditions
Tick chart
In MT5's new order window, you can check the tick chart. A tick is the smallest unit of data that represents price. Tick charts detect price movement faster than any other chart, which will help you execute well-timed orders. From the new order window's tick chart, you can check the Ask, Bid, take-profit (T/P), and stop-loss (S/L) values.
Step 7
Once the order is placed, the order details will be added below the balance line in the "Trade" tab of the Toolbox as a pending order.
The order will be executed once the specified price is reached. The order details will be updated as an open position and moved above the balance line.
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