Forex EA update – pending orders

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pending oders expert advisor

Hi again!

Recent fxULTIMATE update bring to the EA engine using pending orders.

To activate this function you should find Orders Types settings in Orders management area.

expert advisor pending

there you can set pips distance from current price and pending orders expiration in minutes – in this case if the order will not activate at this time the order will delete by broker’s server.

To select pending orders type just double click to sell or buy order setting and choose order type from the list.

expert advisor pending orders types

If you don’t know difference between the orders read official metaquotes explanation:

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  • Pending Order
    Pending order is the client’s commitment to the brokerage company to buy or sell a security at a pre-defined price in the future. This type of orders is used for opening of a trade position provided the future quotes reach the pre-defined level. There are four types of pending orders available in the terminal:
    • Buy Limit – buy provided the future “ASK” price is equal to the pre-defined value. The current price level is higher than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having fallen to a certain level, will increase;
    • Buy Stop – buy provided the future “ASK” price is equal to the pre-defined value. The current price level is lower than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having reached a certain level, will keep on increasing;
    • Sell Limit – sell provided the future “BID” price is equal to the pre-defined value. The current price level is lower than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having increased to a certain level, will fall;
    • Sell Stop – sell provided the future “BID” price is equal to the pre-defined value. The current price level is higher than the value of the placed order. Orders of this type are usually placed in anticipation of that the security price, having reached a certain level, will keep on falling

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Basically if you want to buy a pair lower than current price is because you expecting price will drop down and then will start rising you should place Buy limit order. In other scenario you want buy if price breaks a higher level (pivot point for example) you should choose buy stop pending order.

For Sell it’s vise versa.

pending oders expert advisor

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