Placing a pending order is a valuable tool that allows traders to enter the market at a specified price level in the future. Pending orders are a popular strategy for traders who prefer to avoid the uncertainty of waiting for a specific price level to be reached before entering a trade. In this guide, we will provide you with a step-by-step process on how to place a pending order on the MetaTrader 4 platform (MT4).
After logging into your Mt4 account, select which instrument you would wish to trade from the Market Watch window, this can be found on the left-hand side of the platform.
Click and drag the instrument into the graph area to the right of the Market Watch window to render the graph for that instrument.
In the toolbar menu above the graph, there will be a “New Order” button, click this button to open up the Order window.
In the Order window, there will be options for you to change the currency pair, the lot size, and importantly, the Order Type. When the settings are at your desired values you can place your trade by clicking on the “Sell by Market” or “Buy by Market” buttons.
Select “Pending Order” from the Type drop-down menu, then select whether you want to set a Buy Limit, Sell Limit, Buy Stop or Sell Stop. This can be selected from the Type of Pending Order drop-down menu.