Place New Order in Tools Menu on MT5
A new order to buy or sell a trade can be found on the tools menu that is within the MT5 Platform. Button key for placing a new trade is displayed below. (Keyboard ShortCut Keys 'F9')
Placing a New Crude Oil Order
As a oil trader, once you select the new order button key as displayed above the following pop up panel will appear. This pop up panel includes the settings for placing a new trade.
The Following Settings are specified for placing & setting a new order:
- Quote - Specify the instrument to be traded.
- Volume - The Number of Lots to be transacted
- Stop Loss Crude Oil Order - Set StopLoss Oil Trading Order, This option can be set after opening trade, or for the pending oil trading orders
- Take Profit Crude Oil Trade Order - Set Take Profit Oil Trading Order, This option can be set after opening trade, or for the pending oil trading orders
- Type: Market Execution or Pending Oil Trading Order
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current crude oil price hit the Buy by Market button
To Sell at current crude oil price hit the Sell by Market button
Setting Pending Oil Trading Orders
To Set a pending trade at another oil price, Change the 'Type' option from 'Market Execution' to "Pending Oil Trading Order" as shown below.
A menu list will pop-up and illustrate the following options.
- Buy Limit Oil Trading Order
- Sell Limit Crude Oil Trading Order
- Buy Stop Oil Trading Order
- Sell Stop Crude Oil Trading Order
These options are shown below:
To learn how to set up these pending oil orders read courses:
Setting up Buy Limit Oil Order and Sell Limit Oil Trading Order in MetaTrader 5
Setting up Buy Stop Oil Trade Order & Sell Stop Oil Trading Order in MetaTrader 5
Once you choose the type of pending oil trading order to place: then tap and click the 'Place' button as shown on the above screenshot to complete the setup.
