Place/manage pending order when market is closed
As the term states — Market is closed! — Therefore, you can't do anything at all. No trading! And that includes pending orders.
Hello,
Is it not possible to place/manage pending orders with MT4/MT5 when market is closed?
I am still not sure if this is a broker's or a MetaTrader 's limitation.
Are there any known topics / discussions about this that can be shared?
Thanks in advance.
Directly with the market, no. It's closed.
The best you'll do is use an EA to submit the orders the moment the market opens but be warned the widened spreads and volatility is a potential issue. This effectively does the thing you want, as any changes wouldn't go through until market open anyway. But no, you can't just go on MetaTrader and modify orders on the weekend.
Directly with the market, no. It's closed.
The best you'll do is use an EA to submit the orders the moment the market opens but be warned the widened spreads and volatility is a potential issue. This effectively does the thing you want, as any changes wouldn't go through until market open anyway. But no, you can't just go on MetaTrader and modify orders on the weekend.
Hello,
So basically, if during the weekend a trader wants to cancel/modify a certain pending order, due to major news, for instance, this won't be possible!??
As an example, with cTrader it is possible to modify/manage pending orders 24/7 and this makes all sense to me.
As the term states — Market is closed! — Therefore, you can't do anything at all. No trading! And that includes pending orders.
Dear Fernando,
With the due respect, your comment does not make much sense.
Pending orders are just instructions/conditionals to be applied once both market is open and the conditions are met.
As the term states, these are just pending orders, not market orders nor open positions/trades.
Based on your comment, should I assume that you never tried any trading application other than MT4/5?
Basically, according to MetaQuotes, if a restaurant is closed, people cannot make any plans to go there during open hours. Brilliant minds =)
When you go home at the end of the day from your work place (with normal office hours), and no one is left working, is anyone going to be answering calls from customers to carry out business dealings?
The same goes for the Exchange, Broker or "Market" — no one is there to receive and process yours "pending orders". Those "instructions" need to be processed by the broker and applied to the market. But if the broker or market are not open, there is no one (or service) to process them for you.
So, I repeat — Market is closed! — Therefore, you can't do anything at all. No trading! And that includes pending orders.
Yes, I have, but no matter the platform, or broker, or exchange, when one of them has defined that the "Market is closed" or "closed for business", you can't do anything else but wait until they open again, even if you are using automated methods.
Correct, you can't make changes when the Market is closed.
You can however have EAs that implement "Virtual Pending Orders" which are implemented as Market orders when the market is open.
I have used cTrader as well. Yes, it does work differently to MetaTrader, but you can only make changes to broker side pending orders if the broker allows it and if the setting is available for the Market in question.
Hello,
So basically, if during the weekend a trader wants to cancel/modify a certain pending order, due to major news, for instance, this won't be possible!??
As an example, with cTrader it is possible to modify/manage pending orders 24/7 and this makes all sense to me.
If it's the weekend and you want to cancel /modify a pending order that has already been submitted to the broker you won't be able to edit it.
If it's the weekend and you want to cancel /modify a pending order that has NOT been submitted to the broker you can edit it all you want, and it'll be submitted upon market open if your computer is on to do so. [edit: this would require an EA on Metatrader though, as the default is to always try and submit to broker].
That's where the confusion is coming from. You're talking specifically about PENDING orders, which can be two different things. A pending order that's already submitted to the broker (which can't be edited [and was done while market was open]), or a pending order that sits on your system ready to be submitted (which CAN be edited [donewhile market was closed]).
When you go home at the end of the day from your work place (with normal office hours), and no one is left working, is anyone going to be answering calls from customers to carry out business dealings?
The same goes for the Exchange, Broker or "Market" — no one is there to receive and process yours "pending orders".
So, I repeat — Market is closed! — Therefore, you can't do anything at all. No trading! And that includes pending orders.
Dear Fernando,
No one is there to receive and process yours "pending orders": I did not get your example. Are you still trading via telephone?
Again, pending orders are not submitted to the market.
These are usually sent to and stored in the server that will manage these according to the market conditions once the market opens.
And no. Since you're really convinced this is an impossibility, I don't really think you have ever tried any other trading application.
Maybe you should. You will discover that, after all, the Earth is not flat.
Nevertheless, I really appreciate you're very technical explanation.
Basically, according to MetaQuotes, if a restaurant is closed, people cannot make any plans to go there during open hours. Brilliant minds =)
Again here we have two different thoughts causing confusion. You can certainly make plans to go there (the thoughts are staying locally at your place until they open again), but you can not submit your order to the restaurant directly until they open.
Correct, you can't make changes when the Market is closed.
You can however have EAs that implement "Virtual Pending Orders" which are implemented as Market orders when the market is open.
I have used cTrader as well. You can only make changes to broker side pending orders if the broker allows it and if the setting is available for the Market in question, for example cryptos.
Because cTrader works like that and allows pending orders to be placed/managed 24/7.
This is clearly not a broker business decision.
Evidence: with the same broker this is allowed in cTrader but not in MT4/5.
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Is it not possible to place/manage pending orders with MT4/MT5 when market is closed?
I am still not sure if this is a broker's or a MetaTrader 's limitation.
Are there any known topics / discussions about this that can be shared?
Thanks in advance.