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Pending order

A pending order is placed when opening a trading position. A pending order is an instruction to the broker to buy or sell a currency pair when the price reaches the pre-defined level mentioned in the order.

There are four types of pending orders:

Buy Limit is an instruction to buy when the future ask price gets equal to the specified value. Herewith, the current price is higher than the value of the set order. Orders of this type are usually placed in anticipation that the instrument price, having declined to a certain level, will increase. It is impossible to set Buy Limit above the current ask price. For this, you have to use Buy Stop orders.

Buy Stop is an instruction to buy when the future ask price gets equal to the specified value. The current price level is lower than the value of the set order. Typically, the orders of this type are set in anticipation that the instrument price will reach a certain level and continues to grow. It is impossible to set Buy Stop orders below the current ask price. You have to use Buy Limit orders for this.

Sell Limit is a request to sell provided that the future bid price gets equal to the specified value. In this case, the current price level is lower than the value of the set order. These orders are usually set in anticipation that the instrument price, having risen to a certain level, will stop its uptrend and starts to decline. It is impossible to set Sell Limit orders below the current bid price. For this, you have to use Sell Stop orders. 

Sell Stop is a request to sell when the future bid price gets equal to the specified value. Inthis case, the current price level is higher than the value of the set order. Orders of this type are set in anticipation that the instrument price, having dropped to a certain level, will continue to decline. It is impossible to set Sell Stop orders above the current bid price. You have to use Sell Limit orders for this.

To set a pending order, you have to click on the New Order window and change the order type from Immediate Execution to Pending Order.

Right after you choose the Pending Order option, some fields will appear for you to specify the order execution conditions: the currency pair, the volume and rate of the position you open, the order type as well as stop loss and take profit. You may also leave a comment on the order and set the expiration date, upon which the pending order will be automatically removed.
After setting the required parameters, click on the Set Order button to place the order with the specified execution conditions. You can check the order you set in the Terminal field in the Trade tab. To change the conditions of the pending order or delete it, you need to right-click on it and select Modify or Remove the Order in the pop-up menu.

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