How Do You Set Buy Stop Order and Sell Stop Order on MetaTrader 4?
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
Setting Buy & Sell Stop Orders on MT4
Open a Forex trading FX Trading Chart - Right-Click on the Forex Chart, Select New Forex Order, then Follow the steps below:
Step1: Choose Pending order as illustrated and illustrated below
Step2: Choose Pending order Menu as Show below
Step3: Select Buy Stop or Sell Stop
Step4: Click 'Place' Order
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
Pending Stop Orders Forex Trading Orders
These are pending orders to buy above the market or to sell below the market.
- Buy Stop Forex OrderAn order to buy at a level above the market forex price.
- Sell Stop FX OrderAn order to sell at a level below market forex price.
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
These pending orders are used by traders wanting to trade a set up like the consolidation chart pattern but they don't want to wait & watch the forex prices all day long until there is a forex price breakout. Therefore forex traders will set these pending orders above & below the forex price & a break out in any of these direction will execute one of these pending orders and a buy forex trade or a sell FX trade will automatically be executed and opened.
Buy Stop Forex Trading Order
In the examples shown below a buy stop order was placed to buy at a level above the current market forex price.
The forex price then went up to hit the order, and afterwards forex price continued to move upwards.
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
A Buy trade was generated from the above pending forex order when the price broke a resistance line in first example & when there was an upward break out after a forex market consolidation.
Sell Stop FX Trading Order
In the example below a sell stop order was placed to sell at a level below the current market forex price.
The FX price then went downwards to hit the order, and afterwards the downward move continued
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
A Sell trade was generated from the above pending sell stop order after support line is broken after a forex consolidation chart pattern.
How Do You Set Buy Stop Order and Sell Stop Order on MT4?
