What types of pending orders are there?
Pending order means an order to open or close a position in the future if the price specified by the Client is reached.
- Stop Loss - an order of the client to close a position at the market price if in the future the price falls to a level defined by the client. Stop Loss is intended for limiting the trader's loss in case the price moves against him. If the price reaches the level specified in the order, the order will be executed and the position will be closed.
- Take Profit is an order to close a position at a price not worse than the specified value. This type of order is intended for taking profit when the financial instrument price hits the expected level. When the order is executed, the position will be closed.
The Bid price is used for Long (Buy) positions and the Ask price is used for Short (Sell) positions.
- Buy Limit is an order to open a Long position at the price specified in the order. It is placed lower than the current Ask price.
- Sell Limit is an order to open a Short position at the price which is specified in the order. Sell Limit order is placed higher than the current Bid price.
- Buy Stop is an order to open a Long position at the market price, when the future Ask price reaches the specified value. This type of order is placed higher than the current Ask price.
- Sell Stop is an order to open a Short position when the Bid price reaches the value specified in the order. A Sell Stop order is placed lower than the current Bid price.