Placing pending market order when market is closed
As my subject suggests,
I'm wondering if it's possible to place a pending market order on any market in MT4 or MT5 during market close. I've tried in MT4 to do it manually but it's not possible.
Now I'm wondering if it works on MT5 either manually or via an algorithm.
If it's only via an algo, is it also possible to place a kind of bracket order together with the market order for a TP/SL?
So in short, at the very split second the market opens, the algo executes a market order, and then automatically places TP/SL at a certain amounts of ticks away from the fill price.
No, its not possible, you need to place your pending order when the market opens.
No, its not possible, you need to place your pending order when the market opens.
Okay, I get that. But what about algos / scripts. Surely they don't need to be manually activated every day when markets close/open? Can my problem with solved with that?
As my subject suggests,
I'm wondering if it's possible to place a pending market order on any market in MT4 or MT5 during market close. I've tried in MT4 to do it manually but it's not possible.
Now I'm wondering if it works on MT5 either manually or via an algorithm.
If it's only via an algo, is it also possible to place a kind of bracket order together with the market order for a TP/SL?
So in short, at the very split second the market opens, the algo executes a market order, and then automatically places TP/SL at a certain amounts of ticks away from the fill price.
No, that's not possible. You cannot open any position when the market opens. Even scripts or robots do not do this on shutdown. They can't do it once the market is open
So basically, people who run algo's in MT4/5, have to manually start them once a day right after markets opened after the midnight close? (CET time)
That doesn't make any sense, surely it must be able to be live and automated without you having to start it once every 24 hours.
No, that's not possible. You cannot open any position when the market opens. Even scripts or robots do not do this on shutdown. They can't do it once the market is open
EAs can open positions when then the market opens.
Thanks, that's what I assumed must be possible.
So now that we've established that.
Is it possible for an EA to place the TP and SL based on the fill price of the market order? Like offset x amount of ticks/pips from market order fill price. Obviously I can't calculate it in advance since I have no idea what the opening price will be and subsequently what my fill price will be.
Of course.
- They are active and will do whatever when a new tick arrives.
- What problem?
- That are active and will do whatever when a new tick arrives.
- What problem?
Is it possible for an EA to place the TP and SL based on the fill price of the market order? Like offset x amount of ticks/pips from market order fill price. Obviously I can't calculate it in advance since I have no idea what the opening price will be and subsequently what my fill price will be.
Yes, of course it is possible.
Mind you the code should also include a check for outrageous spreads if it is to open a trade immediately the market opens.
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As my subject suggests,
I'm wondering if it's possible to place a pending market order on any market in MT4 or MT5 during market close. I've tried in MT4 to do it manually but it's not possible.
Now I'm wondering if it works on MT5 either manually or via an algorithm.
If it's only via an algo, is it also possible to place a kind of bracket order together with the market order for a TP/SL?
So in short, at the very split second the market opens, the algo executes a market order, and then automatically places TP/SL at a certain amounts of ticks away from the fill price.