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ECN account trading settings

Manage your trading even more effectively!

On ECN accounts — ecn.mt4, pro.ecn.mt4, pamm.ecn.mt4, pamm.pro.ecn.mt4 — you have the opportunity to fine tune order settings in line with your trading strategy.

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Order execution settings

So that you can fully realize your trading strategies, we offer 7 different settings which you can combine as you see fit.

Record of slippage size in the MetaTrader 4 terminal order comment

Slippage size at the opening and closing of a trade is recorded in the Order Comment section of the MetaTrader 4 terminal.
Slippage size at the opening and closing of a trade is recorded in the Order Comment section of the MetaTrader 4 terminal.

By activating this setting, the size of slippages will begin to be recorded in the Order Comment section. For pending orders, the slippage is calculated as the difference between the order price and the actual price of order execution. In cases of market orders, the difference is calculated as the price difference between the moment the corresponding order was submitted to the server and the actual order execution price.

If an expert advisor which uses Order Comment in its work is involved in the trade, it is better to turn this setting off.

Partial limit orders execution

A limit order to sell 100 lots is executed partially: first 60, then 20 and finally 10 lots. The remaining 10 lots will remain as a pending order, awaiting activation.
A limit order to sell 100 lots is executed partially: first 60, then 20 and finally 10 lots. The remaining 10 lots will remain as a pending order, awaiting activation.

By turning this setting on, limit orders are executed like Good-Til-Cancelled (GTC) orders. This means that the order will be executed at the price which is indicated at the volume which is available on the market at that particular moment. This means that the order could be executed partially or fully.

In cases where partial execution takes place, the remaining order volume shall be fulfilled when sufficient liquidity at the indicated price is available on the market. There is no time limit for the order to be fulfilled fully. The volume which remains to be fulfilled after partial order fulfillment shall be fulfilled as a pending limit order which can be manually cancelled if necessary.

By turning off the limit order setting, orders will be executed like Fill-Or-Kill (FOK) orders: either immediately and in full at the price indicated, or executed following a waiting period until enough liquidity appears on the market to execute the order in full.

This setting applies to take profit, sell limit and buy limit orders.

Example

Market execution of limit orders

When a pending limit order is activated to sell, it is sent as a market order with guaranteed execution, but not guaranteed to be at the price the trade was opened at.
When a pending limit order is activated to sell, it is sent as a market order with guaranteed execution, but not guaranteed to be at the price the trade was opened at.

Turning this setting on means that at the moment of activating a limit order, it will be executed in full as a market order at the current price and this price could differ from the price indicated in the order (in either direction). When using this type of execution, the slippage may not favor the client since the execution price is not guaranteed.

If this setting is off, the limit order will be executed at the order price or at a price better than that stated if the corresponding amount of supply appears on the market.

Cancel pending orders when they fall into a price gap

A sell stop order with a take profit set up on it falls into a gap. As a result the order is cancelled.
A sell stop order with a take profit set up on it falls into a gap. As a result the order is cancelled.

When a pending order and a stop loss or take profit price (set as part of the order) are activated in the space of one tick, both will be cancelled if this setting is switched on.

As such, this setting helps you avoid financial losses connected with the opening and simultaneous closing of a pending order in cases where a gap or a widening of the spread occurs.

Example

Stop order market execution like limit with limited slippage of no more than N points

When a buy stop order is activated to make a purchase and a limit order is sent whose price is five points higher. The order will be cancelled since the price for order was higher.
When a buy stop order is activated to make a purchase and a limit order is sent whose price is five points higher. The order will be cancelled since the price for order was higher.

If this setting is on, when activating a stop order or when opening a market order, a pending limit order will be sent. The price of the limit order will be corrected according to the size of the permissible slippage in points, indicated by the trader in the settings parameters (from 1 to 1,000):

  • In cases with a stop order, the correction will take place at a worse price than that expressed when the order was set.
    In cases with a market order, the correction will take place at a less beneficial price than that which is available when the instruction is given to the server at the opening of the market order.
  • In cases with a market order, the correction will take place at a worse price than the price indicated when the instruction is given to the server at the opening of the market order.

The potential negative slippage for market or pending stop orders will be limited by the size of the correction, whilst for positive slippage, there will be no limitation. Moreover, the limit order that has been sent could never be executed with negative slippage. This means that if the market price to execute the order is within the permissible slippage value limit, the order will be executed. If the market price is worse than the price with the permissible slippage, the order will not be executed and will be cancelled. As such, the trader can limit and control risks, especially those which are present when trading during important fundamental events.

Example

Cancel stop orders when order price and activation price differs by N or more points

A sell stop order is cancelled at the moment of its activation since the difference between the order price and the price at activation differs by more than the limit set.
A sell stop order is cancelled at the moment of its activation since the difference between the order price and the price at activation differs by more than the limit set.

If the difference between the stop order price and the first quote which activates the order after a gap is equal to or exceeds the limit indicated by the trader in the settings (from 1 to 1,000) and this option is turned on, the order will be cancelled.

Example

Stop order activation for asymmetrical price slippage

The bid price (black line) is below the order level. When this setting is on, the sell stop order does not become activated, since the ask price (red line) doesn't meet the pending order level.
The bid price (black line) is below the order level. When this setting is on, the sell stop order does not become activated, since the ask price (red line) doesn't meet the pending order level.

If this setting is turned on, stop orders will be activated and sent for execution according to the following principle:

  • Buy stops are sent for execution when the bid price meets the order price;
  • Sell stops will be sent for execution when the ask price meets the order price;
  • Stop losses are activated when the ask (for buy) / bid (for sell) meets the stop loss level.

Used for buy stop, sell stop and stop loss.

Example

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