When opening a position in MT4 or MT5, you must choose how you want the order to be entered:

• Use a market order to request execution immediately.

• Use a pending order to wait until the market reaches a specified price condition.

What is a market order?

A market order is an instruction to buy or sell at the next available price.

Because market prices can move quickly, the final execution price may differ from the price displayed when you submit the order.

What is a pending order?

A pending order is an instruction to buy or sell only after the market reaches a predefined price level.

The four common pending order types are:

• Buy Limit: Placed below the current market price.

• Sell Limit: Placed above the current market price.

• Buy Stop: Placed above the current market price.

• Sell Stop: Placed below the current market price.

MT5 also supports Buy Stop Limit and Sell Stop Limit orders.

Example

Suppose an instrument is trading at 1.1000:

• To buy immediately, you could place a market order.

• To buy only if the price falls to 1.0950, you could place a Buy Limit order.

• To buy only if the price rises to 1.1050, you could place a Buy Stop order.

The main difference is when you want the platform to act.

Will a pending order always be executed?

No. Placing a pending order does not guarantee that it will result in an open position.

If the market does not reach the required price condition, the order may remain pending until it is cancelled or expires. Execution may also depend on market conditions and available liquidity.

It is helpful to understand these three stages:

• Order placed: The instruction has been submitted.

• Order triggered: The specified price condition has been reached.

• Order filled: The transaction has been executed.

Where can I view pending orders?

MT4

Open the Trade tab in the Terminal window to view:

• Open positions

• Pending limit and stop orders

• Account information

MT5

Open the Trade tab in the Toolbox window to view similar information.

This allows you to review both open positions and orders that are still waiting to be triggered.

What should I check before placing an order?

Before submitting an order, review the following information in the order window:

• Instrument

• Buy or Sell direction

• Trade volume

• Order type

• Pending-order price, if applicable

• Stop Loss and Take Profit settings, if used

Selecting the wrong order type can significantly affect when the platform attempts to execute your instruction.

Key takeaway

• Market order: Requests execution now at the next available price.

• Pending order: Waits for a specified price condition before becoming eligible for execution.