Definition TP Orders in MetaTrader 4 Explained with Examples
TP orders are commodity orders used to close open trades at a profit - Take Profit orders take profit & close the trade once the specified TP level specified by a trader is reached.
TP orders automatically close trades at a profit once the set Take Profit level is reached on the commodities trading chart.
Setting TP When Opening New Order on Tools Menu on MetaTrader 4
To open a new commodity order to buy or sell a trade use tools menu within MT4 Commodity Trading Platform as shown below.
The New order button key for placing a new commodities trade is displayed below. (ShortCut "F9")
What is TP on MT4 Platform? - How to Set TP When Opening Commodity Orders on MetaTrader 4
Once you've selected the new order button key as illustrated above the following commodity trade order window pop up will appear and you as a trader can use this trade order window pop up to set the TP Level for your new commodity trade.
This pop up includes settings for placing a new commodity trade order as well as settings for setting Take Profit Level.
How to Set Commodity Trading TP Orders in MT4 Platform - Set TP Order on MT4
Following Take Profit Order Settings are specified for setting up and placing a new Take Profit commodity order:
TP - Set TP, This option can also be set up after opening the trade, or for a pending commodity trading orders
Open the Buy or Sell Trade by Clicking the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current commodity price & open new commodity order select Buy by Market commodity order button
To Sell at current commodity price & open new commodity order select Sell by Market commodity order button
After opening the new trades use the TP Window Above to Set TP order for the New Commodity Trading Order.
You can also get this window so that to modify an already open buy or sell commodity trade - To find this order panel for a buy commodity trade, right-click on the opened buy or sell commodity trade, then after that you click the "Modify Order" after you click on modify order button key the above order settings button key will pop up and appear and you can set the Take Profit Order using the method explained above.
