The order type of MT5 is consistent with that of MT4, which can be divided into [Market Order] and [Limit Order].
【Market order】:
Refers to the type of order that is traded according to the current buying and selling quotation of the trading product.
【Limit order】:
It refers to the type of order to open or close a position according to a specified price.
Among them, the limit order of MT5 includes 6 types of pending order transactions. Compared with the 4 types of pending orders of MT4, MT5 has 2 more types of pending orders, which are:
3.2.1. Buy Stop Limit Buy order breaking through the price limit
If the price breaks through a certain price level, a Buy Limit order will be created below the price. This type of pending order needs to meet the two conditions of breaking up and stepping down before the market order can be filled.
For example, the trend of USDJPY in the following figure:
a) The current price is 136.86, the upper resistance is line A, and the lower support is line B;
b) Investors expect that USDJPY will break through the resistance level of line A, and then step back on line B to get support and then rise, so they can use the Buy Stop Limit order type;
c) When the price of USDJPY touches line A upwards, the Buy Limit order on line B is activated, and when the price falls from line A to line B, a Buy order is executed at the price of line B;
3.2.2. Sell Stop Limit break through the limit sell order
If the price breaks down a certain price level, a Sell Limit order will be created above the price. This type of pending order needs to meet the two conditions of breaking down and rebounding before the market order can be filled.
For example, the trend of USDJPY in the following figure:
a) The current price is 136.77, the lower resistance line A;
b) Investors expect that USDJPY will break through the resistance level of line A, and then rebound and fall again when line B is blocked, so the order type of Sell Stop Limit can be used;
c) When the price of USDJPY touches line A downward, activate the Sell Limit order on line B, and when the price rebounds from line A to line B, a Sell order is executed at the price of line B;