Entry Stop Orders - How to Add a Pending Order on MT4 Platform
Buy Stop Orders & Sell Stop Orders are entry stop pending orders that are provided for on the platform. Traders can then use the platform to set these stop orders on the charts. This tutorial will explain what are entry stop pending orders - buy stop order & sell stop order. This tutorial will also explain how to use the software to set these pending stop orders when trading with charts.
Entry stop orders mean buying above the current market or selling below it.
- Buy Stop An order to open a buy position at a point which is above the market price.
- Sell Stop An order to open sell position at a point below market price.
Buy Entry & Sell Entry Orders
These orders are also called waiting orders. Traders use entry stop waiting orders when they want to trade a setup like the consolidation pattern, but they don't want to wait and watch the prices all day for a price breakout. So, traders will put these waiting orders above and below the price, and a price breakout in either direction will start one of these waiting orders, and a buy or sell trade will happen automatically.
Buy Stop
The images show a buy stop order. It triggers a buy above the current market price.
The price then rose to hit the buy stop order, and afterwards continued to ascend.
Setting Buy Stop Order above Resistance Level - How to Add a Pending Order Buy Stop Order on the MT4
Setting a Buy Stop order during breakout scenarios - learn how to add a pending Buy Stop Order in the MT4 trading platform.
A buy order was generated following a price breakthrough above a resistance line in the initial example. This upward breakout occurred after a period of consolidation within a market pattern.
Sell Stop
In the example here, an order to sell was set to happen when the price dropped to a certain point below where it was trading at the time.
Price dropped to trigger the sell stop, then kept falling.
Setting a Sell Stop Order Below a Support Level - How to Add a Pending Order Sell Stop Order on MT4 Platform
Pending Sell Order Set in a Price Break-out - How to Add a Pending Order Sell Stop Order in MetaTrader 4 Platform
A sell signal came from the stop order above. It triggered after support broke in a consolidation pattern.
How to Differentiate Between Pending Stop Orders & Pending Limit Orders
It helps to first learn one idea. The simpler idea to learn is that Stop Orders are placed above and below the current price.
In the interim, secure the MT4 application and dedicate time to simulating the placement of these orders using a Demo Practice Account.
Setting Buy and Sell Stop Orders in the MT4 - How to Add a Pending Order on MT4
To initiate a new order, open a chart, right-click on it, choose "New Order," and then follow the outlined instructions below.
Step1: Choose Pending order just as is displayed below
Step 2: Choose/select the Pending order menu as illustrated below.
Step3: Choose Buy Stop or Sell Stop
Step4: Click "Place" Order
Instructions for Setting Pending Entry Orders on MT4 - A Detailed Explanation of How to Add a Pending Order in MT4
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