“Buy Limit Order” is a trade request to buy at the Ask price that is equal to or less than that specified in the order.

When you make use this order type, normally the current price level is higher than the value specified in the order.

MetaQuotes provides very simple and summarized picture on MT5 platform, please refer to the upper-middle chart in the below photo.

As you can see, usually “Stop Limit” order is placed in anticipation of that the security(market) price will fall to a certain level and then will increase.

This type of pending order will be executed on your broker’s side, so once you set the “Buy Limit” order, it will be executed when the market price reaches to the level even if the trading platform itself is closed.

Please note that the position will be opened with the “Buy Limit Order”, but will not be closed until you set the next pending order or order “market execution”.

For the list online brokers with MT4 or MT5 trading platforms, please visit the page below.

List of Forex Brokers