How to place a Buy Limit order inside the spread by mouse? | Forex Factory

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How to place a Buy Limit order inside the spread by mouse?

  • #1
  • First Post: Mar 2, 2025 4:12am Mar 2, 2025 4:12am
Does anyone know of a way to quickly place a pending order inside the spread by using the mouse? In MetaTrader 4 the option to place Buy-Limit orders is missing. In MetaTrader 5 it seems order commands have been completely removed when inside the spread. Another reason not to switch to MT5.

I can only think of a custom solution per DLL, which adds back the missing functionality. However, it's quite a lot of work for such a little feature. Does anyone know a more simple approach?

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It takes blood, sweat and enough tears to wash away the blood.
  • #2
  • Mar 2, 2025 4:24am Mar 2, 2025 4:24am
Quoting emmzett
Does anyone know of a way to quickly place a pending order inside the spread by using the mouse? In MetaTrader 4 the option to place Buy-Limit orders is missing. In MetaTrader 5 it seems order commands have been completely removed when inside the spread. Another reason not to switch to MT5. I can only think of a custom solution per DLL, which adds back the missing functionality. However, it's quite a lot of work for such a little feature. Does anyone know a more simple approach? {image} {image}
Hi emmzett,
In MT4 you have buy/sell stop & limit orders available on the right click. You just have to make sure you right click above or below current price to see the appropriate type of orders. Or do you mean you want something quicker like a script to drop on there??
Regards.
  • #3
  • Mar 2, 2025 5:14am Mar 2, 2025 5:14am
Quoting emmzett
Does anyone know of a way to quickly place a pending order inside the spread by using the mouse? In MetaTrader 4 the option to place Buy-Limit orders is missing. In MetaTrader 5 it seems order commands have been completely removed when inside the spread. Another reason not to switch to MT5. I can only think of a custom solution per DLL, which adds back the missing functionality. However, it's quite a lot of work for such a little feature. Does anyone know a more simple approach? {image} {image}
Perhaps it's a bug for you, and you may need to reinstall it.
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Theory of Everything is Liquidity...https://www.youtube.com/@FxArt.Trader
  • #4
  • Mar 2, 2025 5:36am Mar 2, 2025 5:36am
Quoting pah
...Hi emmzett, In MT4 you have buy/sell stop & limit orders available on the right click...
Quoting FxArt.Trader
...Perhaps it's a bug for you, and you may need to reinstall it...
Thank you for your quick responses. It seems to me both of you refer to the normal trading commands in the context menu. That's when you right-click outside of the spread. What I am after is the same functionality when you right-click inside of the spread. Especially on cryptos with their large spreads I need it a lot and miss it deeply. Can you both please re-check and confirm that it also works for you inside the spread? Thank you both.

On another note: FxArt's screenshot shows that the MT5 menu doesn't look that ugly when running under Windows 10+. I will put this on my todo list for the MT5Expander when running on Windows 7/Windows 2k8.
It takes blood, sweat and enough tears to wash away the blood.
  • #5
  • Mar 2, 2025 6:25am Mar 2, 2025 6:25am
Quoting emmzett
{quote} {quote} Thank you for your quick responses. It seems to me both of you refer to the normal trading commands in the context menu. That's when you right-click outside of the spread. What I am after is the same functionality when you right-click inside of the spread. Especially on cryptos with their large spreads I need it a lot and miss it deeply. Can you both please re-check and confirm that it also works for you inside the spread? Thank you both. On another note: FxArt's screenshot shows that the MT5 menu doesn't look that ugly when running...
You would need to be below the bid to get a buy limit on and above the bid to place a sell limit so you would only be able to place sell limits in between the spread (between bid and ask) but not a buy limit.

I have tried it here on bitcoin (in demo) and placed a sell limit within the spread.

I notice on the spec for bitcoin on my broker that there is no stopslevel specified which will allow me to place a trade very close to the bid. You may find that you have a minimum value in there which I suspect might be taken into account by MT4/5 when it comes to displaying the appropriate menu items. I don't have access to MT5.

[edit] The quickest way I can see to place it is to set up your buy limit some way below the bid and then drag the order line up and drop it right below the bid when you want it actioned.

Cheers.
  • #6
  • Edited 6:52am Mar 2, 2025 6:35am | Edited 6:52am
Quoting pah
...You would need to be below the bid to get a buy limit on...
You are correct. That's the way it's implemented in MT4 but that's not the way markets/orders work. For a Buy Limit you need to be below the Ask, and that option is missing if you are inside the spread. See my first screenshot. When you are inside the spread, the available order types are Buy Limit and Sell Limit. However, MT4 offers Buy Stop and Sell Limit. In this situation a Buy Stop is an invalid order type. Try it.

You can fix that by hooking up a custom DLL and modifying the invalid "Buy Stop" to a "Buy Limit". That's not rocket science but takes some work as you have to subclass windows, hook into the message queue and fix/modify the broken menu entry. I started this thread to find out whether there's a more simple solution and I could save the work.

Why do I need a Buy Limit via mouse? Many times I have multiple 10s of micro orders open. In this context it's impossible to change the limit of an existing order via mouse because with many open orders it's impossible to select and draw a specific line. The only way to modify such an order ticket is going to the "Trades" tab, looking up the order and changing it from there. I'd like to enter the order directly on the chart but that functionality is missing when inside of the spread.

Now that's for MT4. In MT5 order commands have been completely removed when inside of the spread. What a joke! The DLL solution to add back the missing commands requires even more work.

Hopefully this makes sense to the reader...
It takes blood, sweat and enough tears to wash away the blood.
  • #7
  • Mar 2, 2025 7:02am Mar 2, 2025 7:02am
Quoting emmzett
Can you both please re-check and confirm that it also works for you inside the spread?
I checked two brokers, and in neither of them was the feature you are looking for active in the spread space.
It seems to me that these options can be added to the program menu through coding, but it's not an easy task.
Theory of Everything is Liquidity...https://www.youtube.com/@FxArt.Trader
  • #8
  • Mar 2, 2025 7:03am Mar 2, 2025 7:03am
Quoting FxArt.Trader
{quote} I checked two brokers, and in neither of them was the feature you are looking for active in the spread space. It seems to me that these options can be added to the program menu through coding, but it's not an easy task.
Thank you. Yes, this is also my finding.
It takes blood, sweat and enough tears to wash away the blood.
  • #9
  • Mar 2, 2025 7:16am Mar 2, 2025 7:16am
But even if you were to modify the menu items programmatically I would expect the restrictions to be applied by the trade server (assuming MT4/5 server here) anyway?

https://book.mql4.com/appendix/limits
  • #10
  • Mar 2, 2025 7:33am Mar 2, 2025 7:33am
Quoting pah
But even if you were to modify the menu items programmatically I would expect the restrictions to be applied by the trade server (assuming MT4/5 server here) anyway? https://book.mql4.com/appendix/limits
No. Why should the trade server reject a valid order?

From your link and as I wrote in my post:
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It takes blood, sweat and enough tears to wash away the blood.
  • #11
  • Mar 2, 2025 7:53am Mar 2, 2025 7:53am
Quoting emmzett
{quote} No. Why should the trade server reject a valid order? From your link and as I wrote in my post: {image}
Yes, I see what you mean.
  • #12
  • Last Post: Mar 4, 2025 8:52am Mar 4, 2025 8:52am
Quoting emmzett
{quote} You are correct. That's the way it's implemented in MT4 but that's not the way markets/orders work. For a Buy Limit you need to be below the Ask, and that option is missing if you are inside the spread. See my first screenshot. When you are inside the spread, the available order types are Buy Limit and Sell Limit. However, MT4 offers Buy Stop and Sell Limit. In this situation a Buy Stop is an invalid order type. Try it. You can fix that by hooking up a custom DLL and modifying the invalid "Buy Stop" to a "Buy Limit". That's not rocket science...
Try using an expert to place the trade for you? It could look for a specific horizontal line and enter the limit order.
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