A pending order is a type of trade instruction that allows you to set a position to be automatically opened in the future when the market reaches a specific price level. Unlike market orders, which execute immediately at the current price, pending orders are triggered only when certain conditions are met.
📊 The Six Main Types of Pending Orders:
Buy Limit: To buy below the current market price.
Sell Limit: To sell above the current market price.
Buy Stop: To buy above the current market price.
Sell Stop: To sell below the current market price.
Buy Stop Limit: To buy above the current market price, but only within a specified limit price or lower.
Sell Stop Limit: To sell below the current market price, but only within a specified limit price or higher.
How to Determine the Minimum Distance for a Pending Order:
To ensure your pending order meets platform requirements, you'll need to check the minimum distance—known as the "Stop Level"—between the current price and your order price. Here is how to find it step-by-step:
1. Access Market Watch： Log in to your MT4 or MT5 trading platform.
2. Select Your Instrument： Right-Click Menu. In the Market Watch window, right-click on the desired trading instrument.
3. Open Specifications： View Contract Details. Select "Specification" from the drop-down menu.
4. Locate Stop Level： Check Point Value. In the pop-up window, find the value listed next to "Stop Level" – this indicates the minimum number of points required between the current market price and your pending order.
💡 Why this matters:
By checking the Stop Level setting before configuring your strategy, you can completely avoid common platform errors and place pending orders that align perfectly with the trading engine's rules.