MT4 Buy Stop at Bid instead of Ask | Forex Factory

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MT4 Buy Stop at Bid instead of Ask

  • #1
  • First Post: Aug 18, 2011 2:22pm Aug 18, 2011 2:22pm
When placing a pending buy stop order at the top of a bar like an inside bar, it will trigger when the Ask price reaches that level, which means if the spread 3 pips and the price gets 2 pips away from the top of the bar and reverses, it enters the trade even though the price never broke the bar. Is there a way to get it to trigger when the Bid price reaches a certain level instead of the Ask price?

I know I could just put the entry level higher to account for spread, but the spread is always changing by a tiny amount so it wouldn't be as accurate.
  • #2
  • Aug 18, 2011 3:27pm Aug 18, 2011 3:27pm
You seem to have a good grasp of the situation and have provided the answer to your question. No there isn't a way to do it with the MT4 platform.

A script or EA could handle this for you if you have the coding skills. You could try searching, and I sure you find lots of pending order scripts but handling the variable spread will be a challenge to find.
  • #3
  • Aug 18, 2011 4:06pm Aug 18, 2011 4:06pm
Alright, thanks. I had a feeling I would have to write/find a script, but I wanted to make sure there wasn't a simpler alternative.

Quoting CodeMeister
You seem to have a good grasp of the situation and have provided the answer to your question. No there isn't a way to do it with the MT4 platform.

A script or EA could handle this for you if you have the coding skills. You could try searching, and I sure you find lots of pending order scripts but handling the variable spread will be a challenge to find.
  • #4
  • Aug 18, 2011 7:40pm Aug 18, 2011 7:40pm
That's just one more way "pipettes" give the advantage to the broker!
  • #5
  • Sep 27, 2012 11:42pm Sep 27, 2012 11:42pm
does anyone know of such an EA or would like to code it please?

eg. current price is 1.2900

i want to buy only when, and as soon as, bid hits 1.2910

due to fluctuating spreads i dont know what the first ask price will be when price first reaches 1.2910, so i cant set a buy-stop order; and because i dont know when 1.2910 will be reached, perhaps hours, i dont want to send an at market order

so, the EA i am looking for would trigger a buy when bid hits 1.2910 + current spread

thanks
  • #6
  • Sep 28, 2012 12:15am Sep 28, 2012 12:15am
I would have thought if you are wanting an instant execution buy order your request is very easy to code. But because you are placing a pending order i.e. a future event, you must quote the Ask price when sending the buy pending order, so the only option you have surely, is to estimate what the Bid might be by specifying in inputs the value and used in your trade logic.
  • #7
  • Sep 28, 2012 1:24am Sep 28, 2012 1:24am
yes that's right, the EA would do that for me the moment price arrives at the specified bid price

an EA doing this avoids:
A] staring at a screen for hours
B] missing the best fill should price head immediately north
C] and most importantly, being pulled into a trade before the trade signal, as a result of spread widening just below my trigger price

hopefully there's an EA out there

Quoting Newton51
....you must quote the Ask price when sending the buy pending order,
  • #8
  • Last Post: Feb 5, 2016 1:41pm Feb 5, 2016 1:41pm
Quoting PeterE
yes that's right, the EA would do that for me the moment price arrives at the specified bid price an EA doing this avoids: A] staring at a screen for hours B] missing the best fill should price head immediately north C] and most importantly, being pulled into a trade before the trade signal, as a result of spread widening just below my trigger price hopefully there's an EA out there {quote}
Hello Peter,
Have you found such an EA ? Im also looking for exactly that.
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