How Do You Place a Pending Order in MT4?
A pending order in MetaTrader 4 is an instruction to buy or sell a currency pair at a specified price level rather than at the current market price. The order sits in the broker’s system until either the price reaches the specified level (at which point the order executes) or the order expires (if an expiration was set) or the trader cancels it. Pending orders are the standard way to set up trade entries in advance, allowing a trader to define their entry price without being present at the platform when the price reaches that level.
MT4 supports four types of pending order, each designed for a different scenario depending on whether the trader expects price to bounce off a level or to break through it. Each can be placed for either a buy or a sell direction. Combined with stop loss and take profit levels set at order creation, pending orders allow a complete trade setup to be defined in advance.
This article explains the four types of MT4 pending orders, how to place them step by step, how to set stops and targets, and how to modify or cancel them after placement.
The Four Pending Order Types
MT4 offers four pending order types:
Buy Limit is an order to buy at a price below the current market price. The trader expects price to fall to that lower level and then reverse upward. A Buy Limit at 1.0750 on EUR/USD currently trading at 1.0800 would execute if price falls to 1.0750.
Sell Limit is an order to sell at a price above the current market price. The trader expects price to rise to that higher level and then reverse downward. A Sell Limit at 1.0850 on EUR/USD currently trading at 1.0800 would execute if price rises to 1.0850.
Buy Stop is an order to buy at a price above the current market price. The trader expects price to break upward through that level and continue higher. A Buy Stop at 1.0830 on EUR/USD currently trading at 1.0800 would execute if price rises to 1.0830, with the expectation that the breakout will continue.
Sell Stop is an order to sell at a price below the current market price. The trader expects price to break downward through that level and continue lower. A Sell Stop at 1.0770 on EUR/USD currently trading at 1.0800 would execute if price falls to 1.0770, with the expectation that the breakdown will continue.
The basic distinction is between limit orders (expecting a reversal at the level) and stop orders (expecting a breakout through the level). For a long position, a Buy Limit is below the market and a Buy Stop is above. For a short position, a Sell Limit is above the market and a Sell Stop is below.
Step by Step: Placing a Pending Order
The procedure is the same regardless of which pending order type is being placed.
Step 1: Open the order ticket.
There are several ways to open the order ticket dialog:
- Press F9 on the keyboard
- Right-click the chart and select Trading → New Order
- Click the New Order button in the toolbar
- Right-click a symbol in the Market Watch window and select New Order
Step 2: Select the symbol.
If the order ticket did not open with the correct symbol pre-selected, choose the symbol from the dropdown at the top of the dialog. This determines which instrument the order will trade.
Step 3: Change the Type to Pending Order.
By default, the order ticket opens in “Market Execution” mode (for immediate market orders). Click the Type dropdown near the top and change it from Market Execution to Pending Order. The dialog updates to show fields specific to pending orders.
Step 4: Choose the pending order type.
A new dropdown labelled Type appears in the pending order section, with the four choices: Buy Limit, Sell Limit, Buy Stop, Sell Stop. Select the appropriate type based on the trade direction and the position of the entry relative to current price.
Step 5: Set the price level.
The at price field specifies the level at which the order will execute. Type the desired price level or use the up and down arrows. The level must respect the broker’s minimum stop distance: pending orders placed too close to the current price are rejected with an error.
Step 6: Set the volume (lot size).
The Volume field defines the size of the order in lots. The minimum, maximum, and step values for volume are defined in the symbol’s contract specifications. For position sizing based on a defined risk per trade, this value should be calculated based on account equity, the planned stop loss distance, and the pip value for the symbol.
Step 7: Set stop loss and take profit.
The Stop Loss and Take Profit fields define exit levels. Both can be left at zero (no protective levels) but generally should be set when placing the order. The stop loss limits the maximum acceptable loss; the take profit defines the target. Both must respect the broker’s minimum stop distance from the entry price.
Step 8: Set the expiration (optional).
The Expiry field defines when the pending order will be cancelled if not triggered. Options include:
- GTC (Good Till Cancelled), the default, leaves the order active indefinitely until the trader cancels it
- Today cancels the order at the end of the current trading day
- Specified allows a custom date and time
For orders intended to act on a specific setup that loses relevance after a certain time, setting an expiration prevents the order from executing on a stale signal.
Step 9: Add a comment (optional).
The Comment field allows the trader to attach a short text label to the order. This appears in the trade history and can be useful for tracking which strategy or setup a particular order belongs to.
Step 10: Click Place.
The Place button submits the order to the broker. If accepted, the order appears in the Trade tab at the bottom of the platform under the Pending Orders section. The order remains there until it executes, expires, or is cancelled.
After Placing the Order
Once a pending order is placed, several things may happen.
The order may execute. When market price reaches the order’s level, the broker fills it. The pending order disappears from the Pending Orders section of the Trade tab, and a new open position appears in the Open Positions section. The position is then subject to the stop loss and take profit defined when the pending order was created.
The order may expire. If an expiration was set and price has not reached the trigger level by the expiration time, the order is automatically cancelled by the broker. It appears in the Account History tab with a status indicating expiration.
The order may be modified. The trader can change the order’s level, lot size, stop loss, take profit, or expiration at any time before execution. Right-click the order in the Trade tab and select Modify or Delete Order. The modification dialog opens with the current values, which can be edited.
The order may be deleted. To cancel a pending order before execution, right-click it in the Trade tab and select Modify or Delete Order, then click Delete. Alternatively, right-clicking and selecting Delete Order directly removes it.
Practical Considerations
Slippage on stop orders. Buy Stop and Sell Stop orders are triggered when price reaches the level, but the actual fill may occur at a slightly different price during fast markets. This slippage is more common during news events and low-liquidity periods. Limit orders (Buy Limit, Sell Limit) execute at the specified price or better, so slippage works only in the trader’s favour or not at all.
Minimum distance restrictions. Brokers impose a minimum distance (the stop level) between the pending order price and the current market price. The stop level varies by symbol and is shown in the contract specifications. Attempting to place an order inside the stop level distance produces an error.
Coexistence of pending orders. Multiple pending orders can be active simultaneously, including pending orders for the same symbol in opposite directions. A Buy Stop above the market and a Sell Stop below the market form a common breakout setup, with whichever side breaks first being the one that executes.
Stop and limit orders in pairs. Some strategies use a pending order combined with stop loss and take profit defined at order creation. This way, the trader does not need to be at the platform when the order executes; the complete trade setup (entry, stop, target) is in place from the start.
Holding pending orders over weekends. Pending orders remain active over weekends unless an expiration is set within the working week. If a position opens at the Monday gap due to a pending order being triggered during weekend gap movement, the fill price may differ from the order’s specified level.
Frequently Asked Questions
What is the difference between a market order and a pending order in MT4? A market order executes immediately at the current market price. A pending order waits until price reaches a specified level before executing. Pending orders are used to plan entries in advance; market orders are used for immediate execution.
Can I place a stop loss and take profit on a pending order? Yes. The order ticket dialog includes Stop Loss and Take Profit fields when a pending order is being configured. The stops apply to the resulting position once the pending order executes.
What is the difference between Buy Limit and Buy Stop? A Buy Limit is placed below the current market price; the trader expects price to fall to the level and then reverse upward. A Buy Stop is placed above the current market price; the trader expects price to break upward through the level and continue higher.
How long do pending orders last in MT4? By default, pending orders are Good Till Cancelled (GTC), meaning they remain active indefinitely until executed or cancelled by the trader. An expiration date can be set on the order ticket to make the order cancel automatically at a specific time.
Can I modify a pending order after it is placed? Yes. Right-click the order in the Trade tab and select Modify or Delete Order. The price level, volume, stops, and expiration can all be edited before execution.
Will my pending order trigger over the weekend? Pending orders remain active during weekend market closure but cannot be executed until the market reopens on Monday. If the Monday opening price gaps through the order’s level, the order may execute at the gapped price rather than the level specified.
What does the broker’s stop level mean for pending orders? The stop level is the minimum distance, in points, that a pending order or stop loss must be from the current market price. If the stop level on EUR/USD is 30 points (3 pips on a 5-digit pair), pending orders must be at least 3 pips away from the current price. Orders too close to market are rejected. The stop level for each symbol is shown in the contract specifications.