Order Types

The mobile terminal allows traders to prepare and give orders to the broker to execute trade operations. Besides, the terminal allows controlling and management of the open positions statuses. There are several types of trade orders used for these purposes. Order is a command or an instruction of the customer to his or her broker to make a trade operation. The following orders are used in the terminal: Market order, Pending order, Stop Loss, and Take Profit.

  • Market Order
    Market order is the instruction given to broker in order to buy or sell a security at the current price. Execution of this order will result in opening a trade position. The buying will be performed at the Ask price, the selling — at the Bid price. Stop Loss and/or Take Profit orders (described below) can be attached to the market order. The execution mode of market orders depends on the symbol.

  • Pending Order
    Pending order is the instruction given to broker in order to buy or sell a symbol at a preset price in future. This type of orders is used to open a trade position provided the quotes comply with the preset level. There are four types of pending orders:

    1. Buy Limit — buy provided the “Ask” price is equal to the preset value. The current price level is higher than the value of the order placed. Orders of this type are usually placed with a view to that the symbol price, after it has fallen to a certain level, will start growing;

    2. Buy Stop — buy provided the “Ask” price is equal to the preset value. The current price level is lower than the value of the order placed. Orders of this type are usually placed with a view to that the symbol price will exceed a certain level and continue to grow further;

    3. Sell Limit — sell provided the “Bid” price is equal to the preset value. The current price level is lower than the value of the order placed. Orders of this type are usually placed with a view to that the symbol price, after it has reached a certain level, will start falling;

    4. Sell Stop — sell provided the “Bid” price is equal to the preset value. The current price level is higher than the value of the order placed. Orders of this type are usually placed with a view to that the symbol price will fall under a certain level and continue to fall further.

    Metatrader Mobile schema pending orders Order Types

    Orders Stop Loss and Take Profit can be attached to a pending order. After a pending order has triggered, its Stop Loss and Take Profit will be attached to the open position automatically.

  • Stop Loss
    This order is intended to minimize losses if the symbol price starts to move in an unprofitable direction. If the symbol price reaches this level, the position will be closed automatically. Such order is always connected to an open position or a pending order. It is required to be placed by the broker only together with a market or a pending order. Bid price is used to check this order’s condition for long positions. For short positions, Ask price is used.

    To automate Stop Loss order’s following the price, one can use the Trailing Stop.

  • Take Profit
    Take Profit is intended to gain profit when a symbol price reaches the forecasted level. Execution of this order results in closing of the position. It is always connected to an open position or a pending order. The order can only be placed together with a market or a pending order. Bid price is used to check this order’s condition for long positions. For short positions, Ask price is used.

Attention:
  • Execution price for all trade operations is determined by the broker;
  • Stop Loss and Take Profit are only executed for an open position and are not executed for pending orders;
  • historical charts in the terminal are built on only Bid prices. Some of orders displayed in the charts are built on Ask prices. To display the Ask price of the latest bar, it is necessary to flag “Ask Line” in the “Chart — Properties”.

Order Types