pending order is an order that will be executed if the price touches a point that we specify, in other words open pending order means ordering to open a position at a certain price level. So if price hits a predetermined level, then automatically we have an open trading positions.
expert pending orders places two pending orders - buystop and sellstop - at a predetermined distance from the current price. The ea places the orders specified number of seconds before the candlestick closure (parameter timestart) and when after the specified number of seconds since the opening of a new candlestick it removes the orders that did not trigger (parameter timeend).
And in order to better understand the differences between the types of pending orders, read and watch the forex pending order video for dummies (new tab). The plines button enables the mode of placing a pending order, the lines button enables a market order.
the expert advisor is intended for automatic placing of buy stop pending orders and sell stop pending orders simultaneously, stop losses and take profits on the user specified levels. As soon as the long position (buy) is opened as ask price crosses the levels, the remaining pending order (sellstop) is deleted.
The expert advisor works with pending orders it sets buy stop and sell stop at the specified time. It monitors open positions, and when the current position profit reaches take profit, the ea closes it by market.
hey in this video i go over how to create an pending order expert advisor without coding using fxdreema.
Tools- options- expert advisors- allow automated trading (check that box). When you are attaching the ea to a chart enable live trading. If somehow pending order couldnt be placed, because of some error you will get an alert for that.
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