If you want to open a position in future at a price different from the current market price, you need to set a Pending Order. Pending order is an order to automatically open positions when the market reaches the preset price.
There are several ways to set a pending order:
- Select "Trade" from the main menu and click on "Order".
- Right-click on "Market watch" window and choose "Order" function from the context menu.
- Right-click on "Chart" window of the financial instrument and select "Order" from the context menu.
- In "Open positions", "Sum open positions" and "Orders" windows right-click on the position (order) line of your preferable financial instrument and select "Order" from the opened context menu.
In the opened "Orders" window you will be offered to choose the order parameters.
The "Orders" window contains three order types:
- Pending order
- ОСО order (One-Cancels-the-Other)
- Activation order.
To choose the order type, click on the corresponding button.
A Pending order opens a trading position when the market reaches the price, set by you.
One Cancels the Other (OCO) order allows you to consider a more complex scenario of market movement, executing one pending order and cancelling the other one.
Activation order is a universal order, allowing you to open Pending and OCO orders by rates of the activation price.
Parameters that are set in fields of dialog windows:
- "Financial instrument" – choosing an instrument for order from the list, changing the instrument if necessary.
- "Duration" – choosing the duration of the order: in case of "GTC" option the order exists until it is performed or cancelled by the trader; in case of "Day" option the order is automatically deleted when the trading session expires.
- "Price" – the Price at which the position will be opened.
- "Volume" - Volume (in units of the base currency of the pair or the base asset).
- "Direction" – Buy or Sell.
- "Lock" – Locking mode for performing the deal by the order.
- "Stop loss at:" – mark and price of Stop Loss, linked to the position that will be opened by the pending order.
- "Take profit at:" – mark and price of Take profit order, linked to the position that will be opened by the pending order.
- "Trailing stop distance" – mark and distance for Trailing stop mode, set on the position that will be opened by the pending order.
- "OK" - confirmation of the setting or "Cancel" – cancelling the pending order setting.
The set order will appear in the table of "Orders" window.
To delete the order in "Orders" window right-click on the line with the order and select "Delete" option from the context menu.
To modify the preset order in "Orders" window right-click on the line with the order and select "Edit" option from the opened context menu. "Orders" dialog window will open, where you can change any parameters of the order.