A pending order is an instruction that you set manually or via an Expert Advisor (EA) to buy or sell an instrument at a pre-defined price. When the price is reached, the order will be automatically triggered, opening a position at market price.
Types of Pending Orders:
Buy Limit is an order to open a buy position at a future Ask price.
It must be set lower than the current price
Buy Stop is an order to open a buy position at a future Ask price.
It must be set higher than the current price.
Sell Limit is an order to open a sell position at a future Bid price.
It must be set higher than the current price.
Sell Stop is an order to open a sell position at a future Bid price.
It must be set lower than the current price.
Buy stop limit: this type combines the two first types being a stop order for placing Buy Limit. As soon as the future Ask price reaches the stop-level indicated in the order (the Price field), a Buy Limit order will be placed at the level, specified in Stop Limit price field. A stop level is set above the current Ask price, while Stop Limit price is set below the stop level.
Sell stop limit: this type is a stop order for placing Sell Limit. As soon as the future Bid price reaches the stop-level indicated in the order (the Price field), a Sell Limit order will be placed at the level, specified in Stop Limit price field. A stop level is set below the current Bid price, while Stop Limit price is set above the stop level.
You can set a pending order by opening a new order window and selecting Type: Pending Order under the Symbol, and then selecting the type of pending order you wish to place.
