how do you enter buy/sell Stop Limit in MT4?

how do you enter buy/sell Stop Limit in MT4?

Let's say if price goes above 1.0010, place buy limit at 1.0000,

Normally you must buy at 1.0010 immediately using Buy stop.

Has anyone tried to accomplish this?

your question is a little confusing.

are you asking how to do pending orders in code or do pending orders manually via the MT4 platform?

for the latter, you can refer to http://www.alpari.co.uk/en/trading_p...ng_orders.html

I don't understand this statement cos it's self-contradictory. if you buy immediately, that's called a Market Buy. it's not a pending order like a Buy Stop.

Are you aware of the differences between a Buy Stop and a Buy Limit order?

the link provided above describes it in detail.

but in a nutshell,

Buy Stop is a pending order that's going in the same direction.
(RULE: current price must be lower than the intended buy price)

Buy Limit is a pending order you use if you're expecting a reversal.
(RULE: current price must be higher than the intended buy price)


e.g. if price is now 1.3111, and you want to have a buy order if price reaches 1.3122. In this scenario, you MUST place a Buy Stop order at 1.3122.

if you want to execute a buy order when price drops to 1.3000, you MUST use a Buy Limit order at 1.3000.

MT4 won't allow you to use the wrong type of pending order if it does not satisfy the current price rule.

hope this helps.

regards,
Zen

another point to note. some brokers impose a minimum distance rule. meaning you cannot place a pending order if the intended price is too close to the current price.

how close is close is up to the broker.

It is indeed called Buy Stop Limit order. I know there is Buy Stop Market order and Buy Limit order as well.

The buy stop limit order has a little bit different than Buy Stop Market order.
Not sure if you used it on other platform or market.

In Buy stop Market, you set a trigger price that will buy immediately when the price is hit. In buy stop Limit, there are 2 prices, 1 is trigger price, second is limit order price( it is lower than the trigger price, since we talked about Buy Stop), vice versa for Sell.

I read that mt4 manual, it is just part of the basic mt4 order window.

Maybe there is someone have a script that can let you do a little special order type.

Regards

hi guys I know when I want to set a SELL STOP order the price must to be above, but is there any chance I can open sell stop when price is below ??? some script or something ?