Question: What is "Sell Stop Limit" order on MT4/MT5 platforms? How does it work?
“Sell Stop Limit” order is a stop order to place a Sell Limit order.
This type of order combines both “Sell Stop” and “Sell Limit” in one order.
In order to understand the mechanism of this order, please refer to the chart at the bottom right side of the photo below.
In the photo above,
- The red point is the current market price
- The green point is the level(price) where the next “Sell Limit” order will be placed(the “Sell Limit” order will not be placed without the market price reaching to this point)
- The blue point is the level(price) where the “Sell Limit” level is set
After the market pricing reaching to the green point, the “Sell Stop Limit” order becomes simple “Sell Limit” order.
The above 6 pending order types in the photo are executed on your broker’s side.
Thus these pending orders will be executed even if the account is disconnected or the platform is closed.
*Only trailing stop order and EAs will stop working when the platform is closed or account is disconnected.
For the list of MT4 and MT5 brokers, please visit the page below.
