EURUSD 1.1773 USDJPY 112.14 USDCAD 1.2385 EURCZK 26.034 USDCZK 22.107 EURPLN 4.2867 USDPLN 3.6409
EURUSD 1.1773 USDJPY 112.14 USDCAD 1.2385 EURCZK 26.034 USDCZK 22.107 EURPLN 4.2867 USDPLN 3.6409

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Defining new conditional orders involves setting the order type, activation level and the volume of trade – it can be initiated directly from a chart

Rule of thumb

It is possible to define the conditional orders in  a way that they will expire automatically at a certain point  in time, unless they are executed

Setting a new conditional order is possible directly from a chart, and all the parameters of the orders can also be defined manually by the trader. Once the conditional orders are set they can be modified or removed by the trader till the moment they are executed or automatically expired. Creation, modification and removal of orders is possible when the given market is open.

 

Setting a new pending order

The easiest method to set a new conditional order is to click with the right-mouse-button on a chart of the chosen market, in the proximity of the level at which  the new order shall be set. From the context menu that appears the option Trading should be chosen, and then click the type of order to be set.

 

If the trader is trying to set the conditional orders above the current market price, the choice will be between „Buy Stop”, „Sell Limit” and "Buy Stop Limit" at the given price level – as in the example below.

 

If one has clicked on the price that is below the current market price, typically the available options will include „Sell Stop”, „Buy Limit” and "Sell Stop Limit" orders at that price.
Once the trader decides to click with the left-mouse-button any of the conditional orders in the menu, a new window will appear.

 

pending orders, buy stop, sell stop

 

Here it is possible to specify:

  • Type – type of order. For the OTC market the most popular orders one can choose between are „Buy Limit”, „Sell Limit”, „Buy Stop”,„Sell Stop”, as well as more advances „Buy stop limit” and „Sell stop limit”).
  • Volume – the number of contracts to be opened once the order is executed.
  • Price – price level at which the order will be activated.
  • Stop Loss and Take Profit – optional possibility to define the Stop Loss and Take Profit for the planned new position. They will be set once the position  is opened.
  • Expiration – how long the conditional order should be active. It can be „Good till Cancelled” (GTC), expire at the end of the current day („Today”) or at a given moment of time („Specified”).
  • Comment – it is possible to set a comment for the order, if there is anything specific about the order that one would like to remember.

 

Once the new conditional order  is properly specified, the „Place” button will be active. Once it is  clicked, the new order will be placed.

 

When „Place” button is not active, the possible reason can be incorrectly defined activation price level. The correct level should meet the following conditions:

  • for „Buy Stop” and „Sell Limit”, the activation price should be higher than the current market price, moreover the activation price shall not be closer to the actual market Ask price than the limit defined for the given market .
  • for „Sell Stop” and „Buy Limit”, the activation price should be lower than the current market price, the activation price shall not be closer to the actual market Bid price than the limit defined for the given market.

  

Modification and removal of pending orders

In order to modify or delete the conditional order, it is necessary to double-click on it with the left mouse button. 

 

 

If the intention is to remove the conditional order, one can simply click on the „Delete” button. The confirmation of order cancellation should appear on the screen promptly.

 

If one would like to modify the order instead, it is possible to change:

  • the activation price of the pending order (with Price field).
  • set a Stop Loss or Take Profit for the planned new position (Stop Loss and Take Profit fields respectively).
  • type of the order expiration (it can be „Good till Cancelled” (GTC), expire at the end of the current day („Today”) or at a given moment of time („Specified”).

 

Once the modifications are entered correctly, the „Modify” button will be active. When clicked, the platform will send the modification request and the respective confirmation should appear on the screen.

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