A pending order is an instruction to open a position when an instrument reaches a certain price pre-defined by you.
You can place a pending order via the main ‘Order’ window.
Proceeding with any of the below options will open up the ‘Order’ window. This will let you adjust the parameters of the position you are about to open.
- Click on the ‘New Order’ button on the ‘Standard’ toolbar
- Select ‘New Order’ from the ‘Tools’ drop-down menu
- Press F9
- Right-click an instrument in the ‘Market Watch’ window and select ‘New Order’
- Double-click an instrument in the ‘Market Watch’ window
- One-click trading
Then simply change the ‘Type’ from ‘Instant Execution’ to ‘Pending Order’.
A drop-down menu will then appear that will ask you to specify whether the pending order you are about to place is a Buy Limit, Sell Limit, Buy Stop or a Sell Stop Order, and will allow you to set limit price and expiry date and time.
You can’t place Pending Orders? – Parameter setting mistakes
It is a common mistake to set the Stop Loss and Take Profit price contrary.
In this case, you can not place the order, but the order buttons would be grayed out.
In that case you may simply switch the prices then the order buttons will been enabled.
Or if you are not sure how to set up Stop Loss and Take Profit in the order screen, you can simply place the order without any SL or TP then in the price chart, simply click & drag the position line up or down.
It will automatically set Stop Loss and Take Profit as you wish, as the system will automatically decide SL and TP depending on the prices.
SL/TP and Trailing Stops when your MT4/MT5 is closed
The information of Stop Loss and Take Profit are sent to the trading server and your broker and MetaQuotes will know at all time.
Thus even if you close out the MT4 trading platform or logged out of your trading account, Stop Loss and Take Profit will work continuously, and when the price reaches the point, the trading server will automatically execute the order as you have set.
But “Trailing Stop” order doesn’t work if you don’t have your account and MT4 opened, because the information of trailing stop orders will not be sent to the trading server.
If you set up a “trailing stop” order and close your MT4, then the “trailing stop” will be cancelled.
To close a “Pending Order”
Should the need arise for you to modify or delete a pending order that you have placed, locate the order in the ‘Terminal’ window at the bottom of your MT4 screen.
Open orders appear above your account details, while orders that haven’t yet been executed appear below them.
Right-click or double-click on the order you wish to modify or delete.
A pop-up menu will appear that will allow you to select ‘Modify or Delete Order’.
The ‘Order’ window will appear and enable you to change the price at which the order is triggered, to re-set the expiry date of the order, to set stop-loss and take-profit levels or to delete the order altogether.
If a “Pending Order” is not executed
If your pending order has not been executed, it may be because you did not have sufficient funds to open the position when the pending order was triggered.
Alternatively, your pending order may not have been executed if the specified price has not yet been reached.
Please note that for pending Sell Orders, the bid price must reach your specified level; for pending Buy Orders, the ask price must reach your specified level.
Are you still having trouble placing orders on FXPro’s trading platforms? Contact FXPro’s support team from the Official Website.