MetaTrader 5 (MT5) offers a variety of order types to accommodate different trading strategies and preferences. Here is a list and explanation of each order type available on MT5:

 

 

 

1. Market Orders

A market order is an instruction to buy or sell a security immediately at the current market price.

• Buy Market Order: Executes a buy trade at the current ask price.

• Sell Market Order: Executes a sell trade at the current bid price.

 

 

 

2. Pending Orders

Pending orders are instructions to buy or sell a security at a specified price in the future. MT5 supports several types of pending orders:

• Buy Limit: An order to buy at a price lower than the current market price. It is executed when the ask price reaches or falls below the specified price.

• Sell Limit: An order to sell at a price higher than the current market price. It is executed when the bid price reaches or exceeds the specified price.

• Buy Stop: An order to buy at a price higher than the current market price. It is executed when the ask price reaches or exceeds the specified price.

• Sell Stop: An order to sell at a price lower than the current market price. It is executed when the bid price reaches or falls below the specified price.

 

 

 

3. Stop Orders

Stop orders are used to close a position when the market moves in an unfavorable direction, limiting losses or protecting profits.

• Stop Loss: An order placed to close a position at a specified price level to limit potential losses. It is executed at the market price when the stop level is reached.

• Take Profit: An order placed to close a position at a specified price level to lock in profits. It is executed at the market price when the take profit level is reached.

 

 

 

4. Stop Limit Orders

Stop limit orders combine features of stop orders and limit orders.

• Buy-Stop Limit: This order type combines a buy-stop order and a buy-limit order. Once the buy-stop price is reached, a buy-limit order is placed at the specified limit price.

• Sell-Stop Limit: This order type combines a sell-stop order and a sell-limit order. Once the sell-stop price is reached, a sell-limit order is placed at the specified limit price.

 

 

 

5. Trailing Stop

A trailing stop order is a dynamic stop loss order that follows the market price by a specified distance.

• Trailing Stop: As the market price moves in a favorable direction, the trailing stop price adjusts accordingly, maintaining the specified distance from the current market price. If the market reverses by the trailing distance, the order is executed.