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With a total of 7 different settings available, all of which can be mixed and matched as you see fit, you have all the tools you need to carry out your strategy to its full potential.
When this setting is on, the amount of slippage on orders will be recorded in the "Comment" section. For pending orders, the slippage is calculated as the difference between the order price and the price at which the order is actually executed. For market orders, this is calculated as the difference between the price at the time the order was submitted to the server and the price at which the order was actually executed.
If you have an Expert Advisor that regularly uses the "Comment" section, it is better to keep this setting off.
With this setting on, limit orders are effectively executed as Good-Til-Cancelled (GTC) orders. This means that the order will be executed at the specified price at the volume available on the market at that particular moment. This means that the order could be executed either partially or in full.
When partial order execution takes place, the remaining order volume is fulfilled as and when sufficient liquidity becomes available on the market at the specified price, regardless of how long it may take. Any remaining volume is fulfilled as a pending limit order, which can be cancelled manually if necessary.
When this setting is off, orders are executed as Fill-Or-Kill (FOK) orders, meaning that they're executed either immediately and in full at the specified price, or at the next available moment that there is sufficient liquidity on the market to execute the order in full.
This setting applies to Take Profit, Sell Limit, and Buy Limit orders.
With this setting is on, a sales limit order of 100 lots will be activated at the specified price. If there are only 60 lots available, the remaining 40 lots will be placed as a new limit order. If there are only 20 lots available when the new limit order is activated, the remaining 20 lots will be placed as another new order. The order will continue to be executed in this manner either until the total volume has been fulfilled or the order has been cancelled manually.
Turning this setting on means that at the moment a limit order is activated, it is executed in full as a market order at the current price, which could be higher or lower than the price indicated in the order. In employing this method of execution, slippage may not turn out in the client's favour since there is no guarantee as to what the execution price will be.
When this setting is off, limit orders will either be executed at the specified order price or at a more favourable price if sufficient supply becomes available on the market.
When this setting is on, if a pending order and a Stop Loss or Take Profit (set as part of the order) are both triggered in the space of one tick, neither of these actions will be executed and the order will be cancelled.
As such, this setting helps you avoid financial losses incurred as a result of the simultaneous opening and closing of a pending order that may occur in the event of a price gap or a widening of the spread.
A Sell Stop order with a Take Profit level set up on it falls into a price gap such that the price at which the Sell Stop would be activated is lower than the Take Profit level indicated in the sell order. In this case, the Sell Stop, along with with the Take Profit set up on it, will be cancelled.
If this setting is off, the Sell Stop order will be activated at the Bid price, after which the Take Profit order will be immediately activated at the Ask price. This will result in financial losses equal to the size of the spread at the time the order is opened.
When this setting is on, if a stop order is activated or a market order is opened, a pending limit order will be sent. The price of the limit order will be adjusted according to the amount of acceptable slippage in pips, which is specified by the trader in the settings (from 1 to 1,000):
The potential negative slippage for market or pending stop orders will be limited to the amount by which the price was adjusted, while there is no limit on positive slippage. Moreover, a limit order that has been sent can only be executed with positive slippage. This means that if the market execution price falls within the range of acceptable slippage, the order will be executed. If the market price lies outside this range, the order will be cancelled without being executed. This allows traders to limit and control their risks, especially those associated with trading on the news.
This setting is activated with the amount of acceptable slippage set to 5 pips. A pending Buy Stop order is activated at the specified order price, after which a Buy Limit order is sent to the server with its activation price set 5 pips higher. If the execution price is lower than that of the limit order, the order will be executed. Otherwise, the order will be cancelled.
When this setting is on, if the difference between the stop order price and the first quote that activates the order (following a price gap) is equal to or greater than the limit specified by the trader in the settings (from 1 to 1,000), the order will be cancelled.
This setting is on and a pending Sell Stop order falls into a gap. If the price at which the Sell Stop is set to activate differs from the first price to be quoted after the gap by more than the limit specified in the settings, the order will be cancelled, helping the trader avoid any financial losses as a result of slippage.
When this setting is on, stop orders are activated and sent for execution as follows:
Used for Buy Stop, Sell Stop and Stop Loss.
Let’s say that a Sell Stop order with a Stop Loss set up on it falls into a price gap with a widened spread, whereby the Ask price remains above the Stop Loss level, while the Bid price has now met the Sell Stop level. If this setting is on, the order won't be activated and will remain pending because the Ask price hasn’t yet met the order level.
With this setting disabled, the order is activated when the Bid price meets the order price and the order is sent to be executed as a market order, after which, the order will close at the Ask price in the same tick in accordance with the Stop Loss level. The financial losses incurred will be equal to the size of the spread.
As such, this setting can prevent the activation of stop orders when the spread widens, which can be particularly useful during important economic news releases or times of low liquidity.
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