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Alpari (UK)

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• Metatrader 4
  • Intro
  • Download MetaTrader 4
  • MetaTrader 4 PC
  • MetaTrader 4 for PDAs
  • MetaTrader 4 for Mobiles
  • MetaTrader 4 Multiterminal
  • Expert Advisors in MetaTrader 4
  • IP addresses for live and demo accounts
  • MetaTrader 4 User Guide
• Systematic
• Alpari Direct
• Alpari Direct Pro

MetaTrader 4

Open/close a Position

In order to enable the ‘Order’ window:

1. Right-click on the ‘Market Watch’ window or on the ‘Trade’ tab of the ‘Terminal’ window and select New order from the context menu; or
2. Press the F9 button; or
3. Use the Tools -> New Order menu sequence; or
4. Right click on the chart window and select Trading -> New Order from the context menu; or
5. Double click on the currency pair in the ‘Market Watch’ window.

The ‘Order’ window:

Order window (Instant Execution)

In MetaTrader 4 there are three ways of making deals: ‘Instant Execution’(Micro and Classic only),‘Request Execution’, and ‘Market Execution’ (Pro only).

Instant Execution means that you do not have to request quotes, as you see real-time dealable prices in the ‘Order’ window and in the ‘Market Watch’ window. Once you have decided to buy or sell at the current price press the "Buy" or "Sell" buttons to open a long or short position. For the instruments which are traded in the ‘Instant Execution’ mode all quotes which are in the "Market Watch" window are executable, not indicative. Instant Execution is only available for Micro and Classic accounts.

Order window (Market Execution)

Market Execution means that your order will be executed at the best prices in the market at the time. Prices shown are indicative prices, and thus not guaranteed. Market Execution orders are subject to extreme fills in thin markets, as there may not be enough volume in the market at the price seen to match your requested trade volume.

When you click the buy or sell button, your order will be executed at the best available price at the time. If the order is only partially executed at the first price, the next best price will be used, and so on until the whole order has been filled. Therefore, you will not know the final price when you place the order.

For the instruments traded in the "Request Execution" mode all quotes in the ‘Market Watch’ window are indicative and the "Buy" and "Sell" buttons are inactive. In order to make a deal you should request the quote from Alpari (UK) by pressing the "Request" button:

 

Order window (Request Execution)

Once you see the quote it remains dealable for several seconds:

 The quote is valid for making a deal within several seconds

Once the "Buy" or "Sell" button is pressed and Alpari (UK) confirms the deal, you can consider your new long or short position open:

Deal execution confirmation

The position is now listed in the ‘Trade’ tab of the ‘Terminal’ window.
‘Instant Execution’ technology has many advantages over ‘Request Execution’. Instant Execution only takes a few seconds to deal compared to the ‘Request Execution’ which can take up to 30-40 seconds (on the Demo Accounts all operations are made within few seconds, as demo accounts are quoted automatically, whilst live accounts are quoted manually). In the case of ‘Request Execution’, all quotes in the ‘Market Watch’ window are indicative, so they may differ from those offered by the company for making a deal.

Before you make a deal you can change its details in the ‘Order’ window:

• Symbol - a currency pair or CFD you choose to make a deal.
• Volume - number of lots.
• Stop Loss - the level of Stop Loss order.
• Take Profit - the level of Take Profit order.
• Comment - any notes.

In order to close a position, highlight it in the ‘Trade’ tab of the ‘Terminal’ window and right-click to obtain the context menu:

The context menu of the Trade tab of the Terminal window

…then select "Close Order". Left-double-clicking on the open position in the "Trade" tab of the "Terminal" window will generate the same result. Next, the ‘Order #__ ...’ window appears: 

Close the position (Instant Execution)

Close the position (Market Execution)

For instruments which are traded in the ‘Request Execution’ mode, you have to request a quote before closing a position:

Close the position (Request Execution)

Once you press the Request button Alpari (UK) gives you the quote and the "Close position number" button becomes available:

 

Close the position (Request Execution) - step 2

If a currency pair or a CFD is traded in the "Instant Execution" mode there is no need to request a quote. This is why once the ‘Order #__ ...’ window appears the "Close #position number…" button becomes active.

If the market is stable then execution is usually made at the quote shown by Alpari (UK). Sometimes, however, the market can be very volatile and the quote offered several seconds ago may become invalid (even before those several seconds, which are given to you for the decision-making process, run out). In this case the quote is revoked and the "Requote" window with a new quote appears. There will no requotes with ‘Market Execution’

 

© 2004-2010 Alpari (UK), LTD