How to place a limit order
Welcome to OW Markets Tutorials
You can place limit orders on metatrader 5 by clicking New Order button at the toolbar, a pop up window will appear which contains Market execution orders by default.
Click the drop down menu and choose pending order
You can choose between six types of limit orders compared to only 4 types of limit orders on meta trader 4
Buy limit order
A buy limit order can only be executed at the limit price or lower than the market price.
For example, if you want to buy EURUSD from 1.18 compared to the market price at 1.20 then you would place a buy limit order at 1.18. If the price falls to 1.18 or lower, the order would be executed.
A Sell Limit is the opposite of a Buy Limit, meaning if you want to sell at a price higher than the market price.
Buy Stop
a buy stop is an order to buy a security at a higher price than the current market price
For example, let’s assume that the EURUSD that you’re trading is coming up against a resistance level at 1.20, and you’re only interested in buying if it can break the resistance level so you place a buy stop order at 1.22.
A Sell Stop order is the opposite of a Buy Stop, for example, if you want to sell at a price lower than the market price.
Buy Stop Limit order
It is a buy Limit order at a price lower than the market price, but after the incline to a specific price is achieved.
For example, if the EURUSD is trading around the 1.20 level and you want to buy it from the level of 1.18, but only if it rises to the level of 1.22 and then falls to 1.18.
That is, if you expect the pair to rise, fall, and then rise from the level at which you placed the order.
Sell Stop Limit Order
It is a sell limit order at a price higher than the market price, but after the decline has been achieved.
For example, if the EURUSD is trading around the 1.20 level, and you want to sell it from the 1.22 level, but only if it falls first to the 1.19 level rise to the 1.22 level.
That is, if you expect the pair to fall, rise and fall again from the level at which you placed the order.
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