Opening the Order Window
The MetaTrader 4 Order window is used to place trades. The Order window can be opened using any of the following methods (see Figure 2): 1. Right-click on a currency pair in the Market Watch window and select “New Trade”; or
2. Right-click on an active chart and select Trade > New Order; or
3. Click on the “New Order” button in the toolbar, or
4. Press the F9 hot key on the computer keyboard.
|Figure 2 – There are four ways to open an Order window: 1) In the Market Watchwindow; 2) On an active chart; 3) In the toolbar; or by pressing the F9 hot key on the computer keyboard.|
Any of the four methods will open the same Order window, shown in Figure 3.
|Figure 3 – A MetaTrader 4 Order window.|
Placing an Order
Once the Order window has been opened, traders can enter information into fields and make selections from drop-down lists to prepare the trade order. Traders must specify the:
- Symbol from the drop-down list at the top (this will automatically be set to the symbol on the active chart). A corresponding tick chart appears in the left pane that displays current prices.
- Volume in terms of lot size. 1.0 is equal to 1 lot, or 100,000 units. Many traders elect to trade in smaller volumes, such as 0.1.
- Stop Loss and Take Profit if the platform supports this option. If MT4 is downloaded through certain brokers, these fields will be user-definable. Otherwise, these fields will remain blank (but these orders can still be entered later).
- Comment, if desired. Traders can enter text in the Comment field that will be assigned to the order.
- Type, either Market Execution (a market order) or Pending Order (a limit order; discussed more in the Pending Orders section) where the trader can specify the desired entry price.
After these fields have been specified, the trader can:
- Click “Sell by Market” or “Buy by Market”, depending on the desired trade direction, to place the trade.
- Click “Okay” to close the window.
If a Pending Order is selected, select the type of order from the drop-down menu. Available order types include:
- Buy Limit
- Sell Limit
- Buy Stop
- Sell Stop
Next, specify the price at which the order will trigger by entering the value next to the at price field, as shown in Figure 4. To avoid manually entering the price, click on the up or down arrow next to the price field to fill in the current price, and make adjustments as necessary.
|Figure 4 – When placing a Pending Order, specify the type of order (such as Buy Limit) and the price at which the order should trigger.|
Traders can also specify the levels for the Stop Loss and Take Profit fields. Again, click the up or down arrow to fill in the current price and continue using the arrows to enter the desired price. Click “Place” to submit the order. An order execution will appear if the order was successfully submitted, as shown in Figure 5.
|Figure 5 -The order execution confirms if the trade was successfully submitted.|
The trade entry level, stop loss and take profit levels will now appear on the price chart as a series of dotted lines, as shown in Figure 6.
|Figure 6 – The trade entry, stop loss and take profit (profit target) levels appear on the price chart.|
Once a position has been opened, it will appear in the Trade tab of the Terminal, as shown in Figure 7. The Terminal has multiple tabs, including:
- Account History
|Figure 7 – Trades appear in the Trade tab MT4 Terminal.|