Modify and Delete Pending Orders

You don’t have to trade at the current market price. Instead, you can place a pending order, which will be triggered once the price reaches the level you specify. The order will be executed even if you aren’t logged in to the MetaTrader 4 terminal.

Placing a pending order

To place a pending order, you must open a new order first. You can do this using any of the following methods:
  • Select ‘New Order’ from the ‘Tools’ menu
  • Press F9
  • Double-click on the symbol you want in the ‘Market Watch’ window
  • Select ‘New Order’ from the ‘Market Watch’ window’s context menu
  • Select ‘New Order’ from the ‘Trade’ tab’s context menu in the ‘Terminal’ window
  • Press the New order icon in MT4 button in the ‘Standard’ toolbar

Once the ‘Order’ is open, you must fill in the order parameters, as shown in the following table.

Parameter Description Mandatory/Optional
Symbol The market instrument you want to trade. Mandatory
Volume The amount you want to trade in lots. Mandatory
Stop Loss The price to close at if you’re making a loss. Note that this is the bid price for long positions and the ask price for short positions. A value of ‘0’ indicates no stop loss. Optional
Take Profit The price to close at if you’re making a profit. Note that this is the bid price for long positions and the ask price for short positions. A value of ‘0’ indicates no take profit. Optional
Comment Text up to 25 characters. You can’t change this once your order is placed, and we may modify or overwrite it. Optional
Type Set this to ‘Pending Order’. Mandatory

Modifying pending order
Figure 1. ‘Order’ Window

Once you set the ‘Type’ to ‘Pending Order’, further parameters will appear in the bottom half of the ‘Order’ screen. Fill these in as well.

Parameter Description Mandatory/Optional
Type The type of pending order you want to place – see below. Mandatory
At price The price at which you want to execute the order. Mandatory
Expiry The time to cancel the order if it hasn’t been triggered. Optional

Pending order types

You can place pending orders to buy or sell, and these can be either stop orders or limit orders. You need to select the right type, depending on what you think will happen to the price.

Type Current Price Trigger Price Prediction
Buy Limit Ask > ‘At Price’ Ask = ‘At Price’ If price falls to ‘At Price’, it will then rise.
Buy Stop Ask < ‘At Price Ask = ‘At Price’ If price rises to ‘At Price’, it will continue to rise.
Sell Limit Bid < ‘At Price’ Bid = ‘At Price’ If price rises to ‘At Price’, it will then fall
Sell Stop Bid > ‘At Price’ Bid = ‘At Price’ If price falls to ‘At Price’, it will continue to fall.

Modifying and deleting pending orders

You can modify or delete a pending order before it has been triggered. First, open the pending order:
  • Right-click on the pending order in the ‘Trade’ tab of the ‘Terminal’ window
  • A context menu will appear
  • Select ‘Modify or Delete Order’
Once the order window appears, do one of the following:
  • Press the ‘Delete’ button
  • Modify the parameters and press ‘Modify’
Modifying or deleting pending orders

Figure 2. Modifying or Deleting Orders