Pending Order is an instruction to open a position when the current price reaches the order level.
- Buy Stop – an order to open a Buy position at a price higher than the price at the moment of placing the order;
- Sell Stop – an order to open a Sell position at a price lower than the price at the moment of placing the order;
- Buy Limit – an order to open a Buy position at a lower price than the price at the moment of placing the order;
- Sell Limit – an order to open a Sell position at a price higher than the price at the moment of placing the order.
In order to place a pending order, open the “Order” window by any way described below:
- right click on the “Market Watch” window or on the “Trade” tab of the “Terminal” window and select New order from the context menu; or
- press the F9 button; or
- use the Tools -> New order menu sequence; or
- right click on the chart window and select Trading -> New Order from the context menu; or
- double click on the currency pair in the “Market Watch” window.
Then choose the Pending order item from the drop down.
The following options may be changed in this window as well:
- Symbol – currency pair
- Volume – transaction size in lots
- Stop Loss – Stop Loss order level which will be activated once the pending order has been executed
- Take Profit – Take Profit order level which will be activated once the pending order has been executed
- Comment – your comments for the pending order
- Type – the type of pending order: Buy Stop, Buy Limit, Sell Stop, Sell Limit
- At price – pending order level
- Expiry – if the box has not been checked the order is valid up to the time when you cancel it or when it is executed. If the box is checked the order is valid up to the moment specified in the box.
Once the Place order button is pressed it appears in the “Trade” tab of the “Terminal” window.
In order to modify or delete a pending order highlight it in the “Terminal” window, then right click to produce the context menu:
Select the Modify or Delete Order menu item. Press the Modify button or the Delete button depending on your choice in the dialog window:
That does it for this guide. I hope it has been of use to you. Thanks for reading my blog.
