Select Language

Place market order on the new order window

Unlike a limit order, you use the current market rate when placing a market order on MetaTrader4 (MT4) / MetaTrader5 (MT5). The order gets executed as soon as it reaches the market, so the order will go through faster than a limit order. There are two types of market orders: buy market orders and sell market orders.

Here we'll take a look at how to place a market order on the new order window on MT4/MT5.

Switch between MT4/MT5 tabs to check the steps for each.

mt4
mt5

Step 1

Click "New Order" in the toolbar.

Related article: Open the new order window

Open the new order window Open the new order window

Step 2

Click the "Symbol" field to choose the symbol to place an order for.

Choose the symbol on the new order window Choose the symbol on the new order window

Step 3

Click the "Type" field and select "Market Execution".

Select Market Execution for order type Select Market Execution for order type
caution If "Market Execution" does not exist

The terms in the new order window differ depending on the order types offered by brokers. If you can't find "Market Execution", select "Instant Execution" instead.

Step 4

Set the trade volume in lots in the "Volume" field. The volume per lot varies by broker's account type and symbol. Set the stop-loss (S/L), take-profit (T/P), and comment as necessary.

Set volume, S/L, T/P, and comment Set volume, S/L, T/P, and comment

Number

Item name

Descriptions

1

Volume

Set the trade volume in lots. Type the volume or choose it from the pull-down menu.

2

Stop Loss

Set the stop-loss (S/L) value. Type the price or use the ▼▲ marks on the right side.

Related article: Set or change T/P and S/L values

3

Take Profit

Set the take-profit (T/P) value. Type the price or use the ▼▲ marks on the right side.

Related article: Set or change T/P and S/L values

4

Comment

You can add comments to an order. Use them as notes for later reference.

Step 5

Check the price and click "Sell by Market" to place a market sell order or "Buy by Market" for a market buy order. The bid price will be applied for the former, and the ask price for the latter.

Click Sell by Market or Buy by Market to place an order Click Sell by Market or Buy by Market to place an order
point Tick chart

In the new order window, you can check the tick chart. A tick is the smallest unit of data that represents price. Tick charts detect smaller price changes than any other chart, which will help you execute well-timed orders. From the new order window's tick chart, you can check the Bid, Ask, take-profit (T/P), and stop-loss (S/L) values.

Step 6

Once the trade is executed, the order details will be added to the "Trade" tab of the Terminal.

Order details in the Trade tab of the Terminal Order details in the Trade tab of the Terminal
point To display the Terminal

In case the Terminal is not displayed below the charts, click "View" in the menu and select "Terminal".

To display the Terminal To display the Terminal

Step 1

Click "New Order" in the toolbar.

Related article: Open the new order window

Step 1 Step 1

Step 2

Click the "Symbol" field to choose the symbol to place an order for.

Step 2 Step 2

Step 3

Click the "Type" field and select "Market Execution".

Step 3 Step 3
If "Market Execution" does not exist
If Market Execution does not exist If Market Execution does not exist

In MT5, the terms in the new order window differ depending on the order type. In the Instant Execution mode, please select "Instant Execution" instead of "Market Execution".

Step 4

Set the trade volume in lots in the "Volume" field. The volume per lot varies by broker's account type and symbol. Set the stop-loss (S/L), take-profit (T/P), and comment as necessary.

Step 5 Step 5

Number

Item name

Descriptions

1

Volume

Set the trade volume in lots. Type the volume or use the ▼▲ marks on the right side.

2

Stop Loss

Set the stop-loss (S/L) value. Type the price or use the ▼▲ marks on the right side.

Related article: Set or change T/P and S/L values

3

Take Profit

Set the take-profit (T/P) value. Type the price or use the ▼▲ marks on the right side.

Related article: Set or change T/P and S/L values

4

Comment

You can add comments to an order. Use them as notes for later reference.

Set the deviation
Set the deviation Set the deviation

When placing an Instant Execution order, you can set the slippage tolerance value. If the slippage is greater than the preset threshold, the order won't be executed. In the Market Execution mode, the "Deviation" setting is not available.

Step 5

Check the price and click "Sell by Market" to place a market sell order or "Buy by Market" for a market buy order. The bid price will be applied for the former, and the ask price for the latter.

Step 5 Step 5
Tick chart

In MT5's new order window, you can check the tick chart. A tick is the smallest unit of data that represents price. Tick charts detect price movement faster than any other chart, which will help you execute well-timed orders. From the new order window's tick chart, you can check the Bid, Ask, take-profit (T/P), and stop-loss (S/L) values.

Step 6

Once the trade is executed, the order details will be added to the "Trade" tab of the Toolbox.

Step 6 Step 6

Date

Created

 : 2022.08.18

Update

Last updated

 : 2022.11.01

Writer

Takayoshi Nakamaru

Manual production consultant, MBA

arrow
Takayoshi Nakamaru

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.

【Business information】
http://www.fintecs.co.jp/profile/

Supervisor

Akira Takagi

Systems engineer, MetaTrader administrator

arrow
Akira Takagi

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.

Was this article helpful?
Thank you for your feedback.
Thank you for your feedback.

Disclaimer:arw

All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.

The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.

  • Facebook
  • Twitter
  • LINE

Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users.Cookie policy

I agree
share
Share
Cancel