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Pending execution orders in MT4 for Mac
This type of order allows you to set a level at which you wish to enter (buy or sell) the selected pair. It is useful if you do not wish to monitor the market until your desired pair reaches a set level. You can also select an expiry date.
When you select Pending Order in the main order ‘Type’ drop down window, additional options will appear. You can choose these types of pending orders:
Buy Limit – Places a buy order at a specific ask price. When you place a buy limit, the price should be below the current market price
Sell Limit – Places a sell order at a specific bid price. When you place a sell limit, the price should be above the current market price
Buy Stop – Places a buy order at a particular ask price. When you place a buy stop, the price should be above the current market price
Sell Stop – Places a sell order at a particular bid price. When you place a sell stop, the price should be below the current market price
These are the types of limits you are able to place in this order window:
Take-profit (T/P) – Places an order to exit an active position to capture any existing profits that you may have. It sets a level where the trader is happy to close the trade and walk away with profit
Stop-loss (S/L) – Places an order to exit an active position to minimise any current losses that you may have. It sets a loss you are prepared to take
You can set both stop loss and profit take levels simultaneously in pending orders
The open prices set must differ from the market price by at least 30 points (3 pips)
In the example above, we are about to place a buy order at 1.43440, with a stop loss at 1.42640 and a take profit at 1.4504, for 100,000 Great British Pounds vs.US Dollars. (Note: we have not chosen an expiry date). Click ‘Place’ once you are ready to place the order.
Once the order is placed, the following confirmation screen will appear.
In the example above, it shows a buy order for 100,000 Great British Pounds vs.US Dollars being placed above the market (Buy Stop) at 1.4344. If the buy quote (red) reaches 1.4344, your order will execute. If GBPUSD reaches 1.4504 you will make a profit of 160 pips, if GBPUSD falls to 1.4264 you will lose 80 pips. Once your order has been placed, you will see your entry, stop loss and take profit orders on your chart:
You can also view your order in your Trading Terminal panel. Pending orders are shown underneath the ‘Balance’ line in the ‘Trade’ tab in the lower Terminal panel.