How Do I Set Buy Limit and Sell Limit in MetaTrader 4?

How to Set Buy Limit Orders & Sell Limit Orders in MetaTrader 4

Setting Buy and Sell Limit Orders on MT4 - Forex Pending Orders in MT4

To set up these Forex trading pending orders in MetaTrader 4 software, Right-click on Forex chart>>> Choose "Trading">>> Then Select "New">>> Then on the popup panel that pops up (illustrated below), under label "Type" select the option of "pending" instead of "market execution">>> Under pending order options choose the pending order type: for This trade select either "Buy Limit" or "Sell Limit" depending on whether you want to place a pending buy or sell order.

Forex Pending Orders - Setting Buy & Sell Limit Orders in MT4

Limit order definition - Entry limit is an order to buy or sell a Forex currency at a certain price which is a retracement level where price is predicted to pull-back to before resuming the original trend. Traders use them to buy or sell at better market price. These types of pending orders are available in most online forex trading softwares, for our example we shall be using the MetaTrader 4 forex trading platform.

An entry pending order of this type can be used to buy below the market level (up trend market retracement) or sell above market level (downtrend forex market retracement).

Buy limit Order - When buying, your entry buy limit is executed when market falls to your set price. (retraces down)

Sell limit Order - When selling, your entry sell limit is executed when market rises to your set price. (retraces up)

Entry forex orders or pending forex orders are placed by traders when they expect price to bounce back after reaching this level.

• Entry Buy Limitbuy at a level below the current market level.

• Entry Sell Limitsell at a level above the current market level.

Buy Limit FX Trading Order Example

In the example below, the buy limit order was placed to buy at a price below the current market price. Point B is point at which it was set.

Limit buy order entry placed to buy below current market price

The forex trend then retraced & went down to hit buy entry limit, and afterwards the forex price continued to move upward in direction of the original Forex uptrend. When limit buy order was hit it changed into a buy.

Price hits buy limit, buy limit order now changes to a buy order

Sell Limit Forex Order Example

In the sell limit pending order example below a the sell entry limit was placed to sell at a price above the current market price. This is the level for the price retracement.

Entry limit sell order placed to sell above current market price

The forex trend then rallied, went up to hit sell entry limit, & afterwards the forex price continued to move downward in direction of the original Forex downwards trend.

Price hits sell limit, sell limit order now changes to a sell order

When currency quote hit the set level the order changed to a sell, this is therefore a nice method to buy or sell at a better price after a retracement.