Pending orders are orders set to be executed when a desirable price is reached. Before we look at how to set them up, let us see what are the options we have available.
Pending order types available are:
MT4 | MT5 |
---|---|
Buy Limit | Buy Limit |
Sell Limit | Sell Limit |
Buy Stop | Buy Stop |
Sell Stop | Sell Stop |
Buy Stop Limit | |
Sell Stop Limit |
Now, let us take you through the steps for setting up pending orders on mobile terminals.
iOS (MT4 and MT5)
On an iOS platform, follow the below steps:
- First, locate the Trade option. There are three ways to do this:
- Go to the Quotes tab and tap on an instrument of your choice.
- Go to the Chart tab and tap anywhere to bring up the menu.
- Go to the Trade tab and click on the + symbol on the top right corner of the screen.
Note: In the Trade window, the dropdown menu on the top of the screen will list all the instruments added to your Quotes tab. You can pick an instrument to place a pending order.
- Once you have located the Trade window, click on the execution type displayed and select a pending order.
- After you select a pending order, set up the following parameters:
- Order Volume
- Price for the pending order (you will need to set up an additional price for Buy Stop Limit and Sell Stop Limit)
- Stop Loss (optional)
- Take Profit (optional)
- Expiration
Android (MT4 and MT5)
On an Android platform, follow the below steps:
- First, locate the New Order option. There are three ways to do this:
- Go to the Quotes tab and tap on an instrument of your choice.
- Go to the Chart tab and tap the + symbol on the top right corner of the screen.
- Go to the Trade tab and tap the + symbol on the top right corner of the screen.
Note: In the New Order window, the dropdown menu on the icon at the top-right corner will list all the instruments added to your Quotes tab. You can pick an instrument to place a pending order.
- Once you have located the New Order window, click on the execution type displayed and select a pending order.
- After you select a pending order, set up the following parameters:
- Order Volume
- Price for the pending order (you will need to set up an additional price for Buy Stop Limit and Sell Stop Limit)
- Stop Loss (optional)
- Take Profit (optional)
That’s it. Your pending order is now set up.