Pending Order: How to open a Buy Stop Limit Order and Sell Stop Limit Order on MetaTrader?

A pending order is when an order is set up by the trader to open at a later time when the price reaches a certain quote. 

To place a Buy Stop Limit order a trader needs to enter two (2) quotes: the Price followed by the Stop Limit Price. The Price has to be above the current market price while the Stop Limit Price has to be below the Price. The trade believes that once the price rises to a certain level it will retrace down and then start rising again.

Example of BUY STOP LIMIT ORDER:

To place a Sell Stop Limit order a trader needs to enter two (2) quotes: the Price followed by the Stop Limit Price. The Price has to be below the current market price while the Stop Limit Price has to be above the Price. The trade believes that once the price drops to a certain level it will retrace up and then start decreasing again.

To place a Stop Limit Order select the: 

• Symbol - financial instrument (currency pair, commodity etc.). In the example below the symbol is the EUR/USD currency pair.  
• Type - select Pending Order
• Pending Order Type - select Buy or Sell Stop Limit. 
• Volume - the size of your position (order volume) in lots.
• Price - the quote / level at which the trader expects a retracement. 
• Stop Limit Price - the quote at which you would like the order to open. 
• Stop Loss (SL) and Take Profit (TP)- you can set a Stop Loss quote for the order to close if the price starts moving in the opposite direction of your position to minimize losses. You can set a Take Profit quote for the order to close once the price reaches a certain level in the direction of your position to secure the accumulate profit. 
• Expiration - you can select date when the pending order will expire causing it to be cancelled if the order was not activated (the price did not reach the selected level/quote). 
• Comment - optionally you can add a comment to the order. 
• Click "Place"