This overview is devoted to the main types of orders used on MetaTrader platforms. Orders serve to open and close positions, limit losses and take the profit.<\/p>\n\n\n\n
For trading in financial markets, there are two main types of orders used:<\/p>\n\n\n\n
Based on these two orders, there have been creates several order types on MetaTrader platforms. On other platforms, things might work differently.<\/p>\n\n\n\n
Here are the main order types for opening positions.<\/p>\n\n\n\n
This is a limit order to buy the asset at a price no worse than the specified one. Also, this order can be used when you need to limit the price of a not most liquid asset you are buying.<\/p>\n\n\n\n
For example, when Brent<\/a> oil<\/a> price is $80, while the trader wants it cheaper — at $70 — they can place a pending Buy Limit<\/a> order at the desirable price level. The position will open as soon as the Ask price reaches the specified level.<\/p>\n\n\n\n This is a limit order to sell the asset at a price no lower than the one set in the order. This type can be used when you need to limit the selling price of a non-liquid asset.<\/p>\n\n\n\n For example, if gold<\/a> now costs $1,800, and the trader wants to sell it when the price reaches $2,000, they can place a Sell Limit order at this level. As soon as the Bid price reaches the desired level, a selling position will open.<\/p>\n\n\n\n Buy Stop is a pending order to buy the asset at a price above the current market one. This order is used by the trader to open a buying position when the price grows and reaches a certain level.<\/p>\n\n\n\n For example, if the trader expects EUR\/USD<\/a> to keep growing after it overcomes 1.1700, they can place a Buy Stop a bit higher than this level. As soon as the Ask price rises above the specified level, a buying position will open.<\/p>\n\n\n\n Sell Stop is a pending order to sell the asset at a price below the market price. This one is used for opening a selling position when the quotations go down and reach a level specified by the trader.<\/p>\n\n\n\n For example, if the trader expects GBP\/USD<\/a> to keep falling after it breaks through the support level<\/a> of 1.3700, they can place a Sell Stop order a bit lower than this level. As soon as the Bid price reaches it, a selling position will open.<\/p>\n\n\n\n Find more about placing and using Buy Limit, Sell Limit, Buy Stop, and Sell Stop pending orders in a separate article in such orders in the R Blog:<\/p>\n\n\n\n<\/span><\/a>Sell Limit<\/span><\/h3>\n\n\n\n
<\/span><\/a>Buy Stop<\/span><\/h3>\n\n\n\n
<\/span><\/a>Sell Stop<\/span><\/h3>\n\n\n\n