Does OrderSend with stoploss or takeprofit create a second pending order?

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Dear Forum,

Can you help me clarify something?
When I use OrderSend( string symbol, int cmd, double volume, double price, int slippage, double stoploss, double takeprofit, string comment=NULL, int magic=0, datetime expiration=0, color arrow_color=CLR_NONE)
to send an OP_BUY or OP_SELL order with a non-zero value for stoploss, then the order will be automatically closed when the stoploss price is reached.

Is this the same as sending a second pending order with OP_BUYSTOP or OP_SELLSTOP?

Also: is the implicit pending stop order in the first case a real order sent to the broker, or is it more like a MetaTrader feature that will generate an automatic stop order, when meta trader notices that stoploss has been reached. This is important in case MetaTrade or the computer it runs on crashes.


Could you please clarify the distinction for me?

thanks in advance!

shinobi
 
The SL or TP is handled by the Broker, it works once set even if your PC is turned off . . . at least that is the theory. I'm not sure if the TPs and SLs offered are guaranteed TPs and SLs . . . you need to ask your Broker about that.
 

On stock type brokers to close a order you must open another same size opposite sense (buy/sell) You pay commission on both and once filled they are removed from your account.

On FX brokers you pay commission (spread) either initially (buy) or on close (sell) The TP/SL are internally opposite sense but handled by the broker and once filled the original order is removed from the list.

Both are just different paradigms to so the same thing.

TP/SL are not guaranteed prices can gap.

 
thx Raptor and Whroeder,

so it seems working with TP/SL seems more secure, but I should ask the broker, how they handle it.

thanks!

shinobi
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