How to Place a Pending Order on MT4

A pending order is an instruction to open a position when an instrument reaches a certain price pre-defined by you. Follow these steps to place a pending order on MT4:

1. Open the Order Window:

   • Click on the ‘New Order’ button or press F9 to open the ‘Order’ window.

2. Change Order Type:

   • In the ‘Order’ window, change the ‘Type’ from ‘Market Execution’ to ‘Pending Order’.

3. Select Order Type:

   • A drop-down menu will appear allowing you to choose the type of pending order you want to place:
     • Buy Limit: An order to buy at a price lower than the current market price.
     • Sell Limit: An order to sell at a price higher than the current market price.
     • Buy Stop: An order to buy at a price higher than the current market price.
     • Sell Stop: An order to sell at a price lower than the current market price.

4. Set Parameters:

   • Specify the limit price at which the order should be triggered.
   • Set the expiry date and time for the pending order, if needed.

5. Place the Order:

   • Click the ‘Place’ button to submit your pending order.

Important Notes:

• Buy Stops & Sell Limits: Must be placed above the current market price.
• Sell Stops & Buy Limits: Must be placed below the current market price.

By following these steps, you can efficiently set up and manage pending orders on the MT4 platform.