MetaTrader Order Types Explained: Market Orders, Pending Orders, Stop Loss and Take Profit
What Is an Order in MetaTrader?
In Forex trading, an order is a command sent to the market to open or close a trade.
On the MetaTrader platform, traders can place different types of orders depending on their trading strategy and market conditions.
Understanding order types is essential for executing trades accurately and managing risk effectively.
1. Market Orders (Instant Execution)
A Market Order is executed immediately at the current market price. This is the fastest way to enter or exit a trade.
Buy Order
A Buy order is placed when a trader expects the price to rise.
Sell Order
A Sell order is placed when a trader expects the price to fall.
How to Place a Market Order in MetaTrader
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Open the New Order window (F9)
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Select the trading symbol
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Choose the trade volume (lot size)
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Set Stop Loss and Take Profit (optional)
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Click Buy or Sell
2. Pending Orders (Entry at a Future Price)
A Pending Order allows traders to set a trade at a specific price level that is not yet reached. When the market hits that price, the order is triggered automatically.
Types of Pending Orders
Buy Limit
Buy when the price drops to a lower level, expecting a reversal upward.
Sell Limit
Sell when the price rises to a higher level, expecting a reversal downward.
Buy Stop
Buy when the price rises above a certain level, expecting a breakout.
Sell Stop
Sell when the price falls below a certain level, expecting a breakout downward.
How to Place a Pending Order
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Open New Order
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Select Pending Order
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Choose the order type (Buy Limit, Sell Limit, Buy Stop, Sell Stop)
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Enter the target price
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Set expiration time (optional)
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Click Place
3. Stop Loss and Take Profit (Risk Management Tools)
Take Profit (TP)
Take Profit is an automatic order to close a trade when a target profit level is reached.
Stop Loss (SL)
Stop Loss is an automatic order to close a trade when the market moves against your position, limiting losses.
How to Modify an Order in MetaTrader
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Open the Terminal/Trade window
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Double-click on the active trade
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Enter new Stop Loss or Take Profit levels
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Click Modify
Why Understanding Order Types Is Important
Knowing how to use MetaTrader order types helps traders:
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Enter trades with precision
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Automate trade execution
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Protect capital with Stop Loss
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Secure profits with Take Profit
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Execute advanced trading strategies
