This guide offers comprehensive instructions on altering and completing deals utilizing MT5. Its purpose is to enhance traders' ability to verify tolerable risk levels and identify profitable opportunities in both rising and falling market trends. The steps are as follows:
In the Terminal section, all open orders are visible. If you need to change a particular order, right-click on it and select 'Modify or Delete Order.
Next, an Order window will be displayed. In the 'Type' category, opt for 'Modify Order' to adjust the order. You can input the Stop Loss price directly in the 'Stop Loss' slot, and the Take Profit price can be entered in the 'Take Profit' slot.
There is also an alternate strategy that involves defining the gap in points for Stop Loss and Take Profit. This strategy allows you to determine the specific gap between Stop Loss and Take Profit.
This strategy often employs reference prices indicated in the 'Copy as' category, where the prices are adjusted based on the current market price. This strategy is suitable for those who prefer approximate Stop Loss or Take Profit levels. For accurate price levels, it is recommended to use a particular price method.
There is a quick strategy available to set or adjust Stop Loss or Take Profit. This strategy enables setting Stop Loss or Take Profit for an order that hasn't been configured yet. Place your mouse over the green line that symbolizes the order's opening price.
To establish the Take Profit for the Buy order, left-click and grip the hanging line, drag it upwards to the required level, and release it.
And to establish the Stop Loss for the Buy order, drag it downwards.
For the 'Sell order,' perform the contrary action of the 'Buy order.' Drag the line upwards to set the Stop Loss and drag it downwards to set the Take Profit.
On the left-hand side, you can see the profit or loss figures and the gap shown in decimal points. If it exhibits 4 decimal points, it interprets as Pips, whereas 5 decimal points represent Points.
The procedure for adjusting Stop Loss or Take Profit is similar. Simply move the red line symbolizing the initial Stop Loss or Take Profit to the desired level and choose the 'Modify' option. Also, this strategy can be used to partially close an order.
The process for adjusting Stop Loss or Take Profit is alike. Simply drag the red line that represents the original Stop Loss or Take Profit to the preferred level and select the 'Modify' option. This approach can also be employed to close an order.
The process for adjusting Stop Loss or Take Profit is alike. Simply drag the red line that represents the original Stop Loss or Take Profit to the preferred level and select the 'Modify' option. This approach can also be employed to close an order.
For instance, if an order was executed with a lot size of 0.1, and you aspire to take profit at a certain level before reaching half and maintain the order for the remaining half, adhere to these steps:
Set 'Market Execution' as the 'Type.'
Then, revise the lot size to correspond with the lot size you aim to close the order within the 'Volume' division. In the example mentioned, where the order was executed with a lot size of 0.1, if you plan to close half of the order, you should adjust the lot size to 0.05 and then press the 'Close' button (located at the end of the yellow bar). This action will partially close the order, leaving the remaining half open.
There are two strategies for 'Closing an Order': The first strategy involves selecting the order you aim to close, which will be shown as a blue bar, and then right-click on it. After that, choose 'Close Order.'
The second strategy requires clicking the X button behind the order.
Conclusion
To conclude, traders can apply the "Modify Order" or "Close Order" strategies to establish the Stop Loss and Take Profit levels to consider risk and recognize profit targets.
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Updated
10 months ago
(Jun 07, 2023 10:29)
