What Order Type on Android MetaTrader 4/5 Can I Place

by Nov 10, 2022Forex Trading Platform0 comments

Order type on Android MetaTrader 4/5 app are market execution and pending orders.

There is one type of market for instant execution and there is 4 pending orders on MT4 android and there is 6 pending orders in MT5 android app.

This article will show you how to find order types in MT4 and MT5 android app. After reading you will be able to get around MT4 and MT5 to locate all order types available.

If you do not know order types in the MT4/MT5 android app you will miss a chance to get all what MT4 and MT5 app offers you. And that is trading all order types from anywhere with your smartphone.

Order Type On Android Metatrader 4 App

On the MT4 android app version you have:

  • Market Execution Order
  • Pending Orders

There is one market execution order which opens at the price on the market price and there are four pending orders.

First, open the MT4 platform on your Android and select symbols you want to use for testing. Then click on the + sign in the upper right corner.

3_open new order button in the MT4 app

Market Order Type On Android MT4

In the new window which is a window for new order you can see an option where you select order type. This is a drop down menu where you define whether you want to open a market order or pending order.

In this example I will use the Market Execution order type which will open new orders at the market price.

When you click on the SELL or BUY order you will open the market order at the price that is currently on the market. This type of order is processed in milliseconds or seconds depending on the broker server you are using.

If the broker server is not fast you could get error in MT4, off quotes error which means the broker server could process your request at the time. And you need to send the request again.

Read more: Fix Off Quotes Error in MT4

There are Stop Loss and Take Profit levels which you can set if you want. I will leave them as they are and I will not change the values.

Pay attention to the correct stop loss and take profit level or you will get an error saying wrong SL/TP.

Read more: How to Fix Error “Invalid Stop Loss and Take Profit in MT4 or MT5”

4_place a trade on the Android app for MT4

If you open a market order you can see that order on the chart or in the Trade tab where all orders are located.

Read more: How to See My Open and Pending Positions on Android MT4/MT5 App?

You can modify this order by setting stop loss or take profit level or you can close trade in MT4 mobile version.

Read more: How to Set Stop Loss on Android MT4

7_trade open on the Android app for MT4

Pending Order Type On Android MT4

Second order type is pending order which is an order that will open in the future if certain conditions are met.

And that condition is when the market price, bid and ask price on MT4, reach the pending order price. The pending order price can be above or below current market price.

Pending order in MT4 Android have four orders:

  • Buy Limit
  • Buy Stop
  • Sell Limit
  • Sell Stop

The pending order will open automatically because your request is sent to the broker server. So, you can turn off your smartphone and your order will open if conditions are met.

If you are satisfied with order details you can confirm the order by pressing Sell or Buy button on the bottom side of the window.

Read more: How do I Place a Trade on the Android App for MT4/MT5?

8_Open pending trade on the Android app for MT4

When the trade is placed you can modify that order if you want. You can change stop loss or take profit level and the entry price. And that change can be done until the pending order is not open.

Read more: How to Modify Trade on MT4/MT5 

Order Type On Android Metatrader 5 App

In MT5 android app version you have one market order called Instant Execution order and you have 6 pending orders:

  • Market order
    • Instant Execution order
  • Pending Orders
    • Buy Limit
    • Buy Stop
    • Sell Limit
    • Sell Stop
    • Buy Stop Limit
    • Sell Stop Limit

Even MT5 has more pending orders than MT4. You have plenty of choices on the Metatrader platform for trading.

Let’s check the first market order in the MT5 android version. Open the chart of the desired symbol and click on the plus sign in the upper right corner. This will open a new window for new orders.

3_open new order button in the MT5 app

Instant Order Type On Android MT5

In the window for new order you can see in the first row order type drop down menu. The first order type on the list is Instant Execution which is market order.

That means it will open immeditalley with price on the market.

Read more: How do I Place a Trade on the Android App for MT5?

You can change lot size or volume one row below the order type, and you can set stop loss and take profit levels.

If you open an order and if you want to modify the order by setting stop loss or take profit you can do that.

Read more: How to Modify Trade on MT4/MT5

4_place a trade on the Android app for MT5

Pending Order Type On Android MT5

Pending order type on Andriod MT5 app consist of 6 pending order types. These are orders that will open in the future if certain conditions are met. And that condition is the entry price.

If you set a certain price in the pending order then you need to wait until the market reaches that entry price. When it reaches the order will open.

8_Open pending trade on the Android app for MT5

In this example I have an open Buy Limit pending order which will open if the market price reaches 1.00700 price.

If the market does not reach this price the order will remain where it is. Unless you cancel that trade or modify that trade and change the entry price.

Read more: How to Modify Trade on MT5

11_pending trade open on the Android app for MT5

Conclusion

With this article you have seen that Metrader 4 and Metatrader 5 have market order and pending orders.

MT4 has 4 pending orders and MT5 has 6 pending orders. For trading on the Forex market you can use your smartphone and install MT4 or MT5 on Android and trade the markets.

Read more: Forex Trading Platform for Beginners

“Disclosure: Some of the links in this post are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. This does not cost you anything extra on the usual cost of the product, and may sometimes cost less as I have some affiliate discounts in place I can offer you”

Frano Grgić

Frano Grgić

A Forex trader since 2009. I like to share my knowledge and I like to analyze the markets. My goal is to have a website which will be the first choice for traders and beginners. Market analysis is featured by Forex Factory next to large publications like DailyFX, Bloomberg... GetKnowTrading is becoming recognized among traders as a website with simple and effective market analysis.

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