Market execution is available for MT4, MT5 and ActivTrader accounts. With this execution mode, the order gets filled at the best available price. Sending the order in such mode means advance consent to its execution at this price.

Pending order is the client’s commitment to the brokerage company to buy or sell a security at a pre-defined price in the future. This type of order is used for the opening of a trade position provided the future quotes reach the pre-defined level. There are four types of pending orders available in the terminal:

A Buy Limit is a pending buy order placed below the market price. Orders of this type are usually placed in anticipation of the security price, having fallen to a certain level, will increase.

Example: If EURUSD quotes 1.3850/52, an example of buy limit would be 1.3800 In this case, if EURUSD ASK price reaches 1.3800 then you will be long EURUSD.

A Sell Limit is a pending sell order placed above the market price. Orders of this type are usually placed in anticipation of the security price falling, after having increased to a certain level.

Example: If EURUSD quotes 1.3850/52, an example of sell limit would be 1.3900 In this case, if EURUSD BID price reaches 1.3900 then you will be short EURUSD.

A Buy Stop is a pending buy order placed above market price. Orders of this type are usually placed in anticipation of the security price, having reached a certain level, will keep on increasing.

Example: If EURUSD quotes 1.3850/52, an example of buy stop would be 1.3900 In this case, if EURUSD ASK price reaches 1.3900 then you will be long EURUSD.

A Sell Stop is a pending sell order placed below market price. Orders of this type are usually placed in anticipation of the security price, having reached a certain level, will keep on falling.

Example: If EURUSD quotes 1.3850/52, an example of sell stop would be 1.3800 In this case, if EURUSD BID price reaches 1.3800 then you will be short EURUSD.

Stop Limit combines features of a Buy Stop order and a Buy Limit order. As soon as the ASK price reaches the price target indicated in the order window, a Buy Limit order will be placed at the level specified in the order window.
Example: If EURUSD quotes 1.3550/52, an example of Buy Stop Limit would be to target 1.3900 with a Buy Limit at 1.3800. If EURUSD Ask price reaches 1.3900 then a Buy Limit order will be placed at 1.3800.

Sell Stop Limit combines features of a Sell Stop order and a Sell Limit. As soon as the Bid price reaches the price target indicated in the order window, a Sell Limit order will be placed at the level specified in the order window.

Example: If EURUSD quotes 1.3550/52, an example of Sell Stop Limit would be to target 1.3200 with a Sell Limit at 1.3300. If EURUSD Bid price reaches 1.3200 then a Sell Limit order will be placed at 1.3300.

This order is used for minimising of losses if the security price has started to move in an unprofitable direction. If the security price reaches this level, the position will be closed automatically. Such orders are always connected to an open position or a pending order. The brokerage company can place them only together with a market or a pending order. Terminal checks long positions with BID price for meeting of these order provisions, and it does with ASK price for short positions.

Example 1: If you bought EURUSD at 1.3850, an example of stop loss would be 1.3800. If EURUSD BID price reaches 1.3800 your position will be automatically closed.

Example 2: If you sold EURUSD at 1.3850, an example of stop loss would be 1.3900. If EURUSD ASK price reaches 1.3900 your position will be automatically closed.

Please note: the price stipulated into the stop order is the price at which the order becomes activated. Once this price is reached, this triggers a market order. This means that when the market is experiencing a high volatility (i.e. following the release of macroeconomic news) or poor liquidity phase, prices could “jump” or move discontinuously and your stop level therefore cannot be guaranteed.

Example: you have a long position on EURUSD with your Stop Loss at 1.4281 and the current market price is 1.4285. If following a release of a macroeconomic news (i.e. non-farm) the price would “jump” from 1.4285 to 1.4274 (overcoming your stop level), your order will be executed at the next trading level available, in this case: 1.4274

Stop Loss is intended for reducing of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. As soon as profit in points becomes equal to or higher than the specified level, command to place the Stop Loss order will be given automatically. Therefore if price changes in the more profitable direction, trailing stop will make the Stop Loss level follow the price automatically, but if profitability of the position falls, the order will not be modified anymore.

Please note that trailing Stop works in the client terminal, not in the server (like Stop Loss or Take Profit). This is why it will not work, unlike the above orders, if the terminal is off.

Take Profit order is intended for gaining the profit when the security price has reached a certain level. Execution of this order results in closing of the position. It is always connected to an open position or a pending order. The order can be requested only together with a market or a pending order. Terminal checks long positions with BID price for meeting of these order provisions, and it does with ASK price for short positions.

Example 1: If you bought EURUSD at 1.3850, an example of take profit would be 1.3900. If EURUSD BID price reaches 1.3900 your position will be automatically closed.

Example 2: If you sold EURUSD at 1.3850, an example of take profit would be 1.3800. If EURUSD ASK price reaches 1.3800 your position will be automatically closed.

Please note that if a pending order and its take profit are triggered during a gap in price, the pending order will be executed at the next available market price after the gap, and the order will be closed immediately, resulting in a loss equal to the market spread.

Fill or Kill:

A Fill or Kill is only available on MetaTrader 5 platform. This order must be executed in its entirety immediately at a specified price (or better). If the order cannot be filled in the market it will be cancelled (killed). The purpose of the Fill or Kill is to ensure that the entire position is filled at the desired price whereby avoiding partial executions and reducing the possibility of slippage.

​Immediate or Cancel:
Immediate or Cancel is only available on MetaTrader 5 platform. This type of order is instructing that all or part of the trade volume is to be executed immediately after it has been placed in the market, at limit price or better only. If not executed immediately or fully, the remaining part gets automatically cancelled.

Please note:

The maximum number of open positions and pending orders permitted is 250 per account, any orders placed above this amount will not be accepted.

At times of low liquidity, like Forex rollover for example, limit orders (including take profit) may be filled at volume weighted average price instead of requested prices.

This is due to the fact that the requested volume of the order may not be available at top of the book prices with our pool of liquidity providers.

The above pictures are taken from built-in help of MetaTrader 4 Platform