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Hi folks,

Today we are going to continue our talking about MetaTrader Trading issue. In the previous article we talked about Trade Positions. And today we will take about Orders.

An order is a command you give to your broker through the terminal to carry a trading action.

MetaTrader terminal enables you take one of these Orders types:

Market Order;
Pending Order;
Stop Loss;
Take Profit;
And Trailing Stop.

Let's study each of these orders type.

Market Order:

Market Order means giving the broker instruction to open instant order at the current price and the broker executes the instruction you gave and open to you a trading position.
The order you give to the broker can be Buy order or Sell order. In the Buy order the ASK price used to open the order and in the Sell order the Bid price used to open the order.
You can set Stop Loss and Take Profit levels to the Market Order.
You make the Market Order by going to the Tools menu and choose New Order (you can hit F9 hot key or right click on the chart and choose Trading then New Order).

As you can see in figure 1 the New Order window you can set this option for your new Market Order:

Symbol list: Clicking this list drops down a list with all the currencies pair which you can use from it the currency you want to open the New Order for.

Volume list: this list drops down a list with predefined volumes you can choose from them the volume of the New Order.

Note: Volume here means the Lots value.

Stop Loss combo: A combo box with up and down arrows enables you to set the Stop Loss level for the New Order. Use the up and down arrows or write the value of the Stop Loss in the text box. It’s optionally to set a Stop Loss level.

Take Profit combo: A combo box with up and down arrows enables you to set the Take Profit level for the New Order. Use the up and down arrows or write the value of the Take Profit in the text box. It’s optionally to set Take Profit level.

Comment field: Type here the comment text you want to assign to the New Order (Figure 2). It’s optionally to set the Comment field for the New Order.

Type list: You can choose from this list one of these two options:
Instant Execution;
Pending Order.
We will talk about Pending Orders later in this article. So you have to choose Instant Execution because you want to make a Market Order.

Sell button: Click this button if you want to open a Sell order. Clicking the Sell button will close the New Order window and send the instructions to the broker.

Buy button: Click this button if you want to open a Buy order. Clicking the Buy button will close the New Order window and send the instructions to the broker.

Enable maximum deviation from quoted price option: Enable this option if your server uses price deviation. Enabling this option will activate the list of Pips you can select from it the value of the maximum deviation.

Maximum deviation list: Select the maximum deviation pips value.

If you have set the Stop Loss and Take Profit levels and pressed the Sell or Buy button and these two levels were too close to the current price you will get the message “Invalid Price” (Figure 3). In this case you have to click OK button and set a new Stop Loss and Take Profit levels.

During the pressing of Sell and Buy buttons and because of the fast movement of the price a new quotation has been arrived. In this case the “Requote” window (Figure 4) will appear that enables you to execute your position with the new quotation. The “Requote” window will appear also in the case of closing a position and a new quotation has been arrived.

Pending Orders:

Pending Order means giving the broker instruction to place the order in the queue and when the price you have to set to the Pending Order has been reached the order will be converted from Pending order to Market Order and the broker executes it.

There are four kinds of Pending Orders:

Buy Limit: You are telling to the broker that he have to buy if the future "ASK" price is equal to the price level you have set to the Pending Order. The price level you have set is below the current price.

Buy Stop: You are telling to the broker that he have to buy if the future "ASK" price is equal to the price level you have set to the Pending Order. The price level you have set is higher than the current price.

Sell Limit: You are telling to the broker that he have to buy if the future " BID" price is equal to the price level you have set to the Pending Order. The price level you have set is higher than the current price.

Sell Stop: You are telling to the broker that he have to buy if the future " BID" price is equal to the price level you have set to the Pending Order. The price level you have set is below the current price.

You place the pending order by opening the New Order window and choose Pending Order from the type list (Figure 5).

You can set these extra options:

Type list: Choose from this list the Pending Order type: Buy Limit, Buy Stop, Sell Limit or Sell Stop.

at price combo: A combo box with up and down arrows enables you to set the Price level for the Pending Order you want the broker to open the order at.

Expiry option & calendar: Check the option and choose from the calendar the time you want your Pending Order to expire at. If the price level of the Pending Order didn’t reach yet and the expiry time has been reached, the Order will be deleted.

Place button: Click this button to place the order. Clicking the Place button will close the New Order window and send the instructions to the broker.