Available order types for Exness accounts
For all standards and majorsAccount type, there are two standard order types, namely market order and pending orders , and two types of order execution, namely market execution and Instant execution.
There are two types of orders, market orders and pending orders.
Market order executed upon activation and includes “buy and sell” as the main order.
- Buy: Purchase order and open ask price and close bid price.
- Sell: Sell and Opentenderprice and close at ask price.
For a more in-depth look at ask and bid prices, please click this link.
Pending order used to set conditions to automatically execute orders based on order type.
Pending order types give you the tools to trade automatically; they automatically activate an action when a certain price or level is reached, so you don’t have to.
- Buy limit
- Set the bid price below the current ask price.
- Sell limit
- Set an ask price higher than the current bid price.
- Close the order as soon as the profit level set by the user is reached.
- Buy stop
- Set the bid price higher than the current ask price and execute the order when that price is reached.
- Stop sell
- Set a sell price lower than the current bid price and execute the order when that price is reached.
- Stop loss
- Orders are closed as soon as the loss level set by the user is reached.
- Buy Stop Limit (MT5 only)
- A combination of Buy Stop and Buy Limit, this order requires you to set two prices, both of which must be reached before this order can be executed.
- Stop Limit Order (MT5 only)
- A combination of stop limit and sell limit orders, this order also requires you to set two prices that must be reached at the same time before this order can be executed.
These orders provide you with more flexible trading control and it is strongly recommended that you become familiar with these orders to mitigate and manage risk.
Order execution type
In an Exness account, there are also two types of order execution:market executionandInstant execution .
- Instant Execution
- A method by which a broker executes an order at the price requested by the trader or does not execute the order at all.
- Market Execution
- The method by which a trader executes an order at the current price in less than a second while the order is being processed. As the price is constantly changing, the price can be higher or lower than what the trader sees in the terminal window.
Order Execution Type Details
There are 2 main types of order execution, including instant execution and market execution . The two types of operations are slightly different, and each has its own characteristics and disadvantages.
instant executionIs the method by which the broker executes the order at the price requested by the trader or does not execute the order at all.
Give a new price (re-quotes)
As prices are constantly changing, the order may not match the trader’s order price, which will result in a new price. A new price is a way to tell traders that the price they requested is no longer available and give them about 3 seconds to accept or reject the new price. If accepted, the order will be executed at the new price, but if they reject the new price or do not respond to the new price, then the order is cancelled entirely.
Traders can also choose settings to automatically execute orders when the order price falls within a certain range (or deviation) of their requested price. If the price changes, but still falls within the deviation set by the trader, the order will execute a price correction. If the deviation is exceeded, the trader will receive a re-quote which can be accepted, rejected or ignored with the same results as before.
For example, a trader’s request price for 1 lot of GBPUSD is 1.30442, and its deviation is set to 0.5. If the price changes to 1.80442 or 0.80442, the order will automatically be executed at 1.80442 or 0.80442. However, if the price changes to 1.80443 (or higher) or 0.80441 (or lower), a requote will occur.
Market execution is a method by which a trader executes an order at the current price in a fraction of a second. As the price is constantly changing, the price can be higher or lower than what the trader sees in the terminal window.
The main difference between market execution and instant execution is that requotes do not occur with this execution. However, especially during periods of market volatility, it does increase risk as prices can fluctuate wildly over short periods of time.
The strength of this type is that it is the fastest method of execution and provides traders with 100% access to the market.