Closing an order in the trading terminal

There are many different ways to close an order, which we’ll list here with steps for your convenience.

• Closing an order
• Partial close of an order
• 'Close by’ function

Closing an order

This is the typical approach to closing an order, and the most commonly used method. Some steps may be skipped by enabling one-click trading.

To enable one-click trading: Tools > Options and then ticking the One-Click Trading box under the Trade tab; note the disclaimer and tick ‘I Accept the Terms and Conditions’ before clicking OK to enable.

To close an order:

1. Find your open order in the Trade tab in your trading terminal.
2. Here are multiple ways to initiate the close:
1. Double-click on it to open up the Order window, then select the yellow Close button.
2. Click the X icon next to the entry in the trade tab; this method closes the order instantly with one-click trading enabled.
3. Right-click the entry in the trade tab to open the Order window, then select Close Order; this method closes the order instantly with one click trading enabled.

3. The order is now closed.

Partial close of an order

This approach allows you to close a specific volume of an open order.

To partially close an order:

1. Find your open order in the Trade tab in your trading terminal.
2. Double-click on it to open up the Order window.
3. Set the amount you wish to close under Volume then click the yellow Close button
4. The amount set to close in your order will now be closed.

Partial orders are archived in the History tab as any closed order would be.

‘Close by’ function

The close by function allows the simultaneous closing of hedged orders, or even multiple pairs of hedged orders. The advantage is that only one spread is paid when closing multiple spreads, rather than spread being charged twice (once for each side of the hedged order).

Example:

Trader A and Trader B both have a pair of hedged orders open.

• Trader A closes each half of the hedged order individually, resulting in 2 spread charges.
• Trader B closes both halves of the hedged order at once using the close by function, which results in a single spread charge (as both halves are closed at the same time).

Remember: if two hedged orders are closed individually, 2 spreads will be paid. In contrast, Close By lets you close two hedged orders simultaneously resulting in a single spread paid.

Close by lets you use the price of the order you close with, so you can control the spread charged by ensuring you close against the desired price. Close by is only available when there are opposite positions of the same instrument with matching suffixes.

Full and multiple close by

Close by can be used to close fully or partially, as required, with an option to close multiple pairs of hedged orders at once. Close by functionality is available in MT4 and MT5, but multiple close by is exclusive to MT4.

Full close by:

1. Double-click on either hedged order in the Trade tab to open the Order window.
2. Under Type, select Close By and then select the order in the area that has appeared.
3. Click the yellow Close button.
4. The hedged orders are now closed.

Multiple close by:

This only works when there are 3 or more hedged positions open in MT4.

1. Double-click on any hedged order in the Trade tab to open the Order window.
2. Under Type, select Multiple Close By, then click the yellow Close button.
3. ALL hedged orders will be closed; any remaining unhedged orders will stay open.

For the closure of both orders, the spread is shown to be charged by the open price, while spread is shown as zero for second hedged order. If there is remaining volume after partial closing of hedged order by close by function, this will be displayed as a new order and assigned a unique ID number and when this is closed it will receive the comment ‘partial close’.