How does market order processing work?

onewithzachy 2014.05.07 11:34 #1

Ciubo:

Hi everyone, I'm wondering how does order processing works in MT4.

Let's say EURUSD is ask/bid 1.0000/0.99999

EA sends a market order like: OrderSend(Symbol(),OP_BUY,Ask,1,0,0,0) - to go long on EURUSD 1 lot no slippage/sl/tp

The next tick EURUSD is ask/bid 2.00000/1.99999 what happens to my order?

Not filled becuase of slippage parameter is 0
Filled @ 1.0000
Filled @ 2.0000
??

If you're using broker that use instant order and not market order, it's very likely you get re-quote and therefore your order won't be filled. If you're using broker that use market order, then your order get filled at 2.0000.

Put it this way, in instant order broker we buy at 1.0000 but no one sell then we get none. In market order broker, we buy at 1.0000, the price is already at 2.0000 (meaning seller will sell at that price) and so we get that 2.0000. We need someone to sell when we buy and vice versa.

How can I have Any rookie question, so weekend price gaps trading

[Deleted] 2014.05.07 15:48 #2

onewithzachy:

If you're using broker that use instant order and not market order, it's very likely you get re-quote and therefore your order won't be filled. If you're using broker that use market order, then your order get filled at 2.0000.

Put it this way, in instant order broker we buy at 1.0000 but no one sell then we get none. In market order broker, we buy at 1.0000, the price is already at 2.0000 (meaning seller will sell at that price) and so we get that 2.0000. We need someone to sell when we buy and vice versa.

I see, but slippage parameter does not apply?

Alain Verleyen 2014.05.07 20:04 #3

Ciubo:

I see, but slippage parameter does not apply?

Slippage doesn't apply with Market execution type (ECN Broker).