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: 2022.08.18
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Place market order on the new order window
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.
Step 1
Click "New Order" in the toolbar.
Related article: Open the new order window
Step 2
Click the "Symbol" field to choose the symbol to place an order for.
Step 3
Click the "Type" field and select "Market Execution".
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.
|
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.
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.
To display the Terminal
In case the Terminal is not displayed below the charts, click "View" in the menu and select "Terminal".
Step 1
Click "New Order" in the toolbar.
Related article: Open the new order window
Step 2
Click the "Symbol" field to choose the symbol to place an order for.
Step 3
Click the "Type" field and select "Market Execution".
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.
|
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
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.
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.
To display the Toolbox
In case the Toolbox is not displayed below the charts, click "View" in the menu and select "Toolbox".
Last updated
: 2024.04.15
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
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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