DIFFERENT MARKET ORDER TYPES OF MT4 & MT5

Market Execution

Market Execution means that you would like the market to execute the orders immediately at the current price.

Pending Order

There are 6 different types of pending order:

1. Buy Limit
2. Sell Limit
3. Buy Stop
4. Sell Stop
5. Buy Stop Limit
6. Sell Stop Limit

Buy Limit

A buy limit is a pending order placed below market price. Take for example, if Eur/Usd quotes 1.12141/1.12151 and you placed a buy limit at 1.12051. In this scenario, if Eur/Usd ask price reaches 1.12051, the buy order will be executed.

 

Sell Limit

A sell limit is a pending order placed below market price. Take for example, if Eur/Usd quotes 1.12141/1.12151 and you placed a sell limit at 1.12251. In this scenario, if Eur/Usd bid price reaches 1.12251, the sell order will be executed.

 

Buy Stop

A buy stop is a pending order placed above market price. Take for example, if Eur/Usd quotes 1.12141/1.12151 and you placed a buy stop at 1.12351. In this scenario, if Eur/Usd ask price reaches 1.12351, the buy order will be executed.
The rational for doing this is that some traders think that prices will continue to rise if it rises above a certain price.

Sell Stop

A buy stop is a pending order placed below market price. Take for example, if Eur/Usd quotes 1.12141/1.12151 and you placed a sell stop at 1.12041. In this scenario, if Eur/Usd bid price reaches 1.12041, the sell order will be executed.
The rational for doing this is that some traders think that prices will continue to fall if it falls below a certain price.

 

Buy Stop Limit

Buy stop limits triggers a buy limit order for you when prices hit a certain target. Take for example, if Eur/Usd quotes 1.12141/1.12151 and you place a buy stop limit at 1.12301 if offer price hit 1.12501.

 

Sell Stop Limit

Sell stop limits triggers a sell limit order for you when prices hit a certain target. Take for example, if Eur/Usd quotes 1.12141/1.12151 and you place a sell stop limit at 1.11901 if bid price hit 1.11801.