In this article we aiming to explore more in depth one of the most commonly used functions on the MT4 Application for Android mobile’s. We will explore how to insert pending orders and modify existing pending orders.
MT4 Android App- Quotes screen
As we previously explained in our earlier article “MT4 app for Android : open and close a position”, to open an order in the metaquotes app simply go to the ” Quotes ” screen and select the currency pair or CFD you would like to trade:
MT4 Android App- Trade screen
What is a PENDING ORDER?
A pending order is a particular type of order that is activated when the currency pair reaches a price level defined by the trader. Pending orders are a fundamental part of trading, they can be used to define entry or exit levels while prices are still fluctuating, this according to your trading strategy . It is not uncommon that the entry level of the trade differs from the order level inserted on your MT4 Android app, as this is due to the market conditions.
Once you log into your Metatrader control panel on your Android and click on the pair your would like to trade, then click on “New Order” you will enter the “Market Execution” screen. Here you will be able to create the following types of orders:
Buy limit: is a pending buy order placed below the current price level
Sell limit: is a pending sell order placed above the current price level
Buy stop: is a pending buy order placed above the current price level
Sell stop: is a pending sell order placed below the current price level
Once you have selected the type of order you would like to place, you will be prompted to set the parameters of your order i.e: quantity, price stop loss (it is the price at which you would like to close the order if the pending order is executed and your position move against you turning into loss) and take profit (this is the price at which you would like to close the order if the pending order is executed and your position moves into a profit). In this screen you can also set the expiry to your pending order, in the event the price does not reach the level required within a certain time limit.
To add the stop loss and take profit to an existing order, all you need to do is go on the “Trade” screen in the application, press and hold on the chosen order, and then click “Edit” from the drop-down menu:
Once clicked on the trade you can modify the price levels on the stop orders and take profits.