What is TP in MetaTrader 4 Platform?
TP orders are oil orders used to close open trades at a profit - TP orders TP & close the trade once the specified TP level specified by a trader is reached.
TP orders automatically close trades at a profit once the set TP level is reached on the crude oil trading chart.
Setting TP When Opening New Order in Tools Menu on MT4
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 TP in MetaTrader 4 Platform? - How to Set TP 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 TP 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 TP Level.
How to Set Oil Trading TP Orders on MetaTrader 4 Software - Set TP Order in MetaTrader 4
Following TP Order Settings are specified for placing & setting a new TP oil trading order:
TP - Set TP, 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 trades use the TP Window Panel Above to Set TP order for the 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 TP Order using the step by step procedure described above.
