Question: What is "Good till canceled" order on MT4 and MT5 trading platforms?
In case, the order type for a symbol is specified as “Good till canceled”, then all pending orders will be carried over to the next day until you manually cancels them on MT5.
It is actually the standard setting among many Forex brokers, and you can check what “type of order” is applicable for trading by right clicking on “Market Watch” window and select “Symbol”.
For your information, there are 2 other “types of orders” available on MT5 which are:
- Good till today including SL/TP
- Good till today excluding SL/TP
And both of the above types of orders will cancel certain pending orders at the end of the day(in MT5 server time).
This setting cannot be changed by yourself, but can be adjusted only by your Forex broker.
If your trading account uses either “Good till today including SL/TP” or “Good till today excluding SL/TP” types of orders, normally you will be notified before start trading.
For the list of MT4 and MT5 brokers, please visit the page below.
