Canceling pending orders by reaching certain price level

[Buyseller]

Hi. In MT4 and MT5 there is an option of canceling pending orders by expiration time. Do you think it would be possible to add an function in MT5 to cancel pending orders by reaching certain price level? (I know there is an EA for that but it's not very comfortable.)

[Fernando Carreiro]

Buyseller: Hi. In MT4 and MT5 there is an option of canceling pending orders by expiration time. Do you think it would be possible to add an function in MT5 to cancel pending orders by reaching certain price level? (I know there is an EA for that but it's not very comfortable.)

Yes, it is possible. Search the CodeBase and Market. If you don't find what you want, hire someone to code it for you.

[William Roeder]

Buyseller:  Do you think it would be possible to add an function in MT5 to cancel pending order

There is no need to create pending orders in code.

1. The pending has the slight advantage, A) you are closer to the top of the queue (filled quicker), B) there's no round trip network delay (filled quicker.)

   Don't worry about it unless you're scalping M1 or trading news.

2. Humans can't watch the screen 24/7, so they use pending orders; EAs can, so no need for pending orders, have it wait until the market reaches the trigger price and just open an order.