There are different types of orders in MetaTrader 5. These orders are requested from traders to brokers to execute trading operations in the future after a particular point has been reached. Even in the mobile version of this trading platform, it still allows performing such orders so traders can either control or manage their open positions easily. The different types of orders in MT5 are Market Orders, Pending Orders, Take Profit Orders and Stop Loss Orders. But this type, let’s get to know the two types of pending orders in MetaTrader 5 – the Market Orders and the Pending Orders.
It is a set of instructions that are given to the brokerage company to either buy or sell a financial asset. To execute an order, one must be able to commit a deal. The price of the deal is identified at the type of execution where the result is based on the symbol type. In this order, the asset is bought at the Ask price while it is sold at the Bid price.
This type of order is commonly used in trading. Pending orders are a set of instructions given to the broker to either buy or sell an asset at a pre-defined condition. The types of pending orders in MetaTrader 5 are Buy Limit, Buy Stop, Sell Limit, Sell Stop, Buy Stop Limit and Sell Stop Limit.
Buy Limit – this pending order is a request to buy at the Ask price when it becomes equal to or less than the amount which is specified in the order. This is an order where the current price level should be higher than the value of the order. Most of the time, this type of order is used in case the security price that has fallen into a particular level will increase.
Buy Stop – this is a type of pending order to ‘Ask’ the price that is equal to or greater than the amount specified in your order. Most of the time, this order is used in case the security price that has reached a particular level will still keep on increasing.
Sell Limit – this is a pending order that sells at the ‘Bid’ price which is equal to or greater than the ones stated at the order. Most of the time, this order is used to prepare for the security price that has increased to a particular level to fall down.
Sell Stop – this pending order is used when selling at the ‘Bid’ price that is equal to or less than the amount specified at the order. Most of the time, the order is used to a security asset that has reached a certain level and it keeps on falling.
Buy Stop Limit – this type of pending order is the combination of Buy Limit and stop order. By the time the Ask price reaches a particular stop level that is indicated in the order, a buy limit order will be automatically placed at the specific Stop Limit price field.
Sell Stop Limit – this type of pending order is used when you place a sell limit. By the time the Bid price gets into the stop level that is specified in the order, the sell limit order gets automatically placed at a particular level that is specified at the Stop Limit price field in the MT5 trading platform.