The orders MT5 provided are as below.
It executes order at market price instantly. Click buy or sell button for trades.
Select currency pair, volume and click buy or sell button. If market prices move more than deviation rapidly, trade may not complete. When you select ' Close to maximum deviation from the market price at the bottom of the order window and runs the order by specifying the deviation, the order can be placed within the specified deviation range even if the exchange rate moves temporarily and sharply.
Selecting a limit order from the 'Type' in the main order window will change the main window as shown below and allow limit order. A limit order is an order that only executes at a pre-defined price set either higher or lower than the current market price. The order will not execute unless the market price hits the pre-defined limit order price.
Limit orders will be implemented by selecting currency pair, volume, order method, limit order price, and expiry date. The limit order will be effective until expiry date. If user does not enter expiry date, the order is considered good till canceled. You can set stop loss / take profit on a limit order. There are 4 types of orders: Buy Stop, Buy Limit, Sell Stop, and Sell Limit.
Stop loss orders are entered when the market is moving against the existing positions to curve any more additional losses. Buy stop orders are executed at "Ask" price and Sell stop orders are executed at "Bid" price.
When the market price moves in the same direction as the orders they hold (contract, position) but the flow is unclear, it is an order to automatically close holding contracts that take a certain amount of profit. The buy contract is close, according to the selling price and the sell contract is closed according to the buy price.
Stop loss and Take profit are available for both new orders and existing positions. When you place new orders, you can enter the price of stop loss / take profit. For existing limit/stop orders, you can make changes to the order by double-clicking on the “stop loss / take profit“ – menu in the trading tab.
As the market price approaches the entered price of stop loss / take profit, stop loss becomes red and take profit becomes green. If you cancel the entered orders of stop loss / take profit, pop-up the order modify window with using same method, and select stop loss / take profit price, and press the key to enter the price as ‘0’, and press the modify-order button, then stop loss / take profit order will be canceled.
Users may close their order(contract, position) as market prices at any point in time. From the ‘Trade' tab on the Toolbox screen, you can select the holding order that you wish to close and call up the closing window by ‘Right-clicking – Close position’ or double-clicking on it. If the close screen appears as shown below, you can enter the contract(volume) count and execute a closing order by clicking the close order button (yellow) at the bottom of the screen (Divided closing is available). In principle, the closing is composed of market prices; orders may not be contracted when the market changes rapidly.
The trailing stop is a function that preserves a certain level of profit by increasing the level of the stop loss when the order you have placed is profitable. Once the holding order (contract, position) has been selected, it can set or change, trailing stop using ‘click right mouse button – trailing stop’. The width of the trailing stop can be set to any point as shown in the picture below, and users can also specify it themselves.