What is SL in MetaTrader 4 Platform?
What is a Set SL Order on MT4?
A SL order is an order used in oil trading to close an open trade if the trade moves against the trader's position by a certain number of pips.
Once the Stop-Loss order is set at a particular level, this SL order will automatically close-out the open trade once the chart gets to this Stop-Loss order crude oil price level. SL order is used in oil trading money management in order to prevent further losses if a trade is going against the direction of the trader's open trade position.
Set SL Setting When Opening New Order in Tools Menu on MetaTrader 4
To open a new oil order to buy or sell a trade use the tools menu that is within the MT4 Oil Trading Platform as shown below.
The New order button for placing a new trade transaction is shown below. (Keyboard ShortCut Keys "F9")
What is SL in MetaTrader 4 Platform? - How to Set SL When Opening Oil Orders in MT4
Once you select the new order button as shown above the following oil trade order pop up window panel will pop-up and as a trader you can use this trade order popup window to set the SL Level for your new oil trade.
This pop up includes the settings for placing a new oil trade order as well as settings for setting SL Level.
How to Set Oil Trading SL Orders on MetaTrader 4 Software - Set SL Order in MetaTrader 4
The Following SL Order Settings are specified for placing & setting a new Stop-Loss oil trading order:
SL - Set SL, This option can be set after opening the trade, or for the pending oil trading orders
Open the Buy or Sell Trade by Clicking on the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current crude oil price and open new oil order select the Buy by Market oil order button
To Sell at current crude oil price and open new oil order select the Sell by Market oil order button
After you open the new crude oil trades use the SL Window Above to Set The SL order for New Oil Trading Order
You can also get this panel in order to modify an already open buy or sell oil trade - To get this order window for a buy oil trade, right click on opened buy or sell oil trade, then after that click "Modify Order" button key after you click the modify order button the above order settings button will appear & you as a trader can use set the SL Order using the step by step procedure described above.
