What Is a Trade Confirmation Window in MetaTrader?
The trade confirmation window in MetaTrader, more commonly called the Order window or new order ticket, is the dialog where traders enter and review the details of an order before submitting it. It is the standard interface for placing market orders, pending orders, and modifying existing positions in both MT4 and MT5. The window collects all the information needed for a trade in one place: symbol, volume, stop loss, take profit, order type, and execution method. Submitting the order from this window sends the request to the broker, and any acknowledgement or error is displayed in the Journal tab of the Terminal. This article explains how the Order window is opened, what each field controls, the different order types available, and how the execution mode affects what happens when the order is submitted.
Opening the Order Window
The Order window can be opened in several ways. The keyboard shortcut F9 opens it for the symbol of the currently active chart. Double-clicking a symbol in the Market Watch window opens it for that symbol. Right-clicking on a chart and selecting Trading > New Order opens it for the chart’s symbol. The Tools menu also includes a New Order entry that opens the window for the active chart.
A small “New Order” button on the Standard toolbar provides one more entry point. The result of all these methods is the same dialog.
Fields in the Order Window
The Order window contains a defined set of fields, arranged top to bottom.
Symbol is the instrument being traded. The drop-down lists all symbols currently in Market Watch. To trade an instrument not in the list, the symbol must first be added to Market Watch.
Volume is the lot size, entered in lots. One lot is the standard lot of 100,000 units of the base currency. Smaller increments include the mini lot (0.10 lots, or 10,000 units) and the micro lot (0.01 lots, or 1,000 units). The minimum increment is set by the broker.
Stop Loss and Take Profit are optional fields for entering exit levels. Leaving them at zero submits the order without attached stops; stops can be added later by modifying the trade.
Comment is a free-text field for the trader’s own reference. Comments appear in the Trade tab and history and are useful for tagging trades with strategy names or notes.
Type is the order category. Two main options are Market Execution (or Instant Execution, depending on the broker’s setup) and Pending Order. Choosing Pending Order changes the dialog to display additional fields specific to pending orders.
Deviation, on Instant Execution orders, sets the maximum slippage in points that the trader is willing to accept between the requested price and the fill price.
For market orders, the live Bid and Ask prices are displayed prominently at the bottom of the dialog, with separate Sell and Buy buttons.
Market Orders
A market order is an instruction to buy or sell at the current market price. With the Type set to Instant Execution or Market Execution, the bottom of the dialog shows the live bid and ask, and the trader clicks Sell (to sell at the bid) or Buy (to buy at the ask). The order is sent to the broker, which fills it at the prevailing market price.
If the symbol is configured for Instant Execution, the broker attempts to fill at the displayed price within the deviation tolerance. If the market has moved more than the deviation allows, a requote dialog appears, asking the trader to accept a new price.
If the symbol is configured for Market Execution, no deviation control is available. The broker fills at the current market price, which may be different from what was displayed at the moment of the click. Most ECN and STP brokers use market execution, while some market makers use instant execution.
Pending Orders
A pending order is an instruction to buy or sell at a specified price that has not yet been reached. Selecting Pending Order from the Type drop-down changes the dialog to expose additional fields. The pending order types are Buy Limit, Sell Limit, Buy Stop, and Sell Stop. Their definitions and placement rules are explained in detail in the pending orders article.
Additional fields for pending orders include the trigger Price, the Expiry option (GTC, Today, or Specified), and a specified expiry time if applicable. Submitting the order places it in the broker’s pending order queue, where it will execute if the price is reached before the order expires.
Order Type Comparison
| Type | When It Executes | Price at Execution | Common Use |
|---|---|---|---|
| Market (instant) | Immediately | Displayed price, or requote | Immediate entry |
| Market execution | Immediately | Current market, no requote | ECN and STP execution |
| Buy Limit | Price falls to specified level | Specified level | Buy a pullback |
| Sell Limit | Price rises to specified level | Specified level | Sell a rally |
| Buy Stop | Price rises through specified level | Specified level | Breakout buy |
| Sell Stop | Price falls through specified level | Specified level | Breakdown sell |
After Submission
When an order is submitted, the broker’s response is recorded in the Journal tab of the Terminal. A successful order produces a message containing the ticket number, fill price, and timestamp. A rejected order produces an error message describing the reason.
Common errors include off quotes (the broker does not have a current price to fill at), Invalid S/L or T/P (the stop loss or take profit is too close to the market), and “Trade is disabled” (the symbol is not currently tradable, often during weekend hours or major holiday closures).
After a successful market order, the new position appears in the Trade tab of the Terminal. After a successful pending order, the order appears below the open positions in the Trade tab.
One-Click Trading as an Alternative
For traders who prefer to skip the order window entirely on market orders, one-click trading is an alternative method. It bypasses the dialog and sends the order directly from a small panel on the chart. One-click trading is faster but does not allow stops to be set at order entry; stops must be added after the fill.
The standard Order window remains the default and more flexible choice for traders who want to set stops in advance, control the deviation, or use pending orders.
Frequently Asked Questions
How do I open the Order window in MT4? Press F9 to open it for the active chart’s symbol, double-click a symbol in Market Watch, or right-click on a chart and select Trading > New Order. All of these methods open the same dialog.
What is the difference between Instant Execution and Market Execution? Instant Execution attempts to fill the order at the displayed price within a deviation tolerance set by the trader. If the market has moved beyond the deviation, a requote is offered. Market Execution fills the order at whatever the current market is, without offering a requote, and is typical of ECN and STP brokers.
What does the Deviation field do? On Instant Execution orders, Deviation sets the maximum slippage in points that the trader is willing to accept between the displayed price and the actual fill price. If the market has moved more than the allowed deviation, the broker returns a requote rather than filling at the new price.
Can I set a stop loss and take profit when placing the order? Yes. The Stop Loss and Take Profit fields in the Order window accept values at order entry. The broker checks the levels against the minimum stop distance (the stops level) and rejects the order with “Invalid S/L or T/P” if the levels are too close to the market.
What is the Comment field for? The Comment field is a free-text field for the trader’s own reference. Comments appear in the Trade tab and trade history and are useful for tagging trades with strategy names, signal sources, or other notes for later review.
How do I place a pending order from the Order window? Select Pending Order from the Type drop-down. The dialog expands to show additional fields for the pending order type (Buy Limit, Sell Limit, Buy Stop, Sell Stop), the trigger price, and the expiry. Fill in the fields and click Place to submit the order.
Where do I see the result after I submit an order? A successful order appears in the Trade tab of the Terminal as a new position or pending order. The Journal tab logs the full broker response, including the ticket number and any error messages. Rejected orders also appear in the Journal with a description of the rejection reason.