In the Depth of Market window, you can check the depth of market data when placing your orders. Please note that if you wish to place an order from the Depth of Market window, you must have one-click order enabled. Here we will look at how to place limit/stop orders on MetaTrader5 (MT5).
Set the trade volume in lots on the Depth of Market window. Type the volume or use the ▼▲ marks on both sides. You can also set stop-loss (S/L) and take-profit (T/P) values by specifying the deviation from the current price in points.
If your broker does not provide the depth of market data, it will not be displayed in the Depth of Market window. Placing orders is still available on the window with the same steps.
To place a buy limit/stop order, click a blue arrow on the right side. To place a sell limit/stop order, click a red arrow on the left side.
When placing limit/stop orders, you have to specify a price that's certain points away from the current price. The difference between the two is called the stop level and it varies by the forex broker, account type, and symbol. When there is a stop level, the order buttons on the Depth of Market window will be grayed out.
Once the order is placed, the order details will be added below the balance line in the "Trade" tab of the Toolbox as a pending order.
The order will be executed once the specified price is reached. The order details will be updated as an open position and moved above the balance line.
Manual production consultant, MBA
Nakamaru is a manual production consultant at FINTECS, a company that specializes in creating manuals for their clients.
With a wide range of experience from fintech to entertainment, he presents what user-friendly manuals should be like.
He works with numerous large corporations as an external manual production project manager.
Systems engineer, MetaTrader administrator
After graduating from Computer Science at the Uninove, Brazil, in 2014, he has worked on various systems development projects.
He participated as a developer in the launch of forex services in 2019. Since then, he has also been involved in the development of MetaTrader plugins and APIs. He is certified by MetaQuotes as a MetaTrader5 Administrator and active in consulting and advisory as well.
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