Broker's minimum distance on a pending order?

Beginner Questions
1

Hello,
What is the terminology used to describe your broker’s minimum distance required from the current the price to place a pending order?
I’ve been demoing MT4 for a couple of months some pairs it’s almost 20 pips.
For example NZD/CHF has a 5 pip spread but a buy stop needs to be placed at least 20 pips from the ask price. Not great if you looking for an entry on the 15m charts and you want a pending order placed 5-10 pips away.
Do brokers provide a list defining these distances?
Is there a script available that allows you define a price level that triggers a market order?
Thank you for any help
cheers and kind regards
-M

2

I don’t have this sort of restriction you speak of. I often use the Buy Limit order and sometimes I set it 3 pips away. After reading your post I decided to try the NZDCHF buy stop order and set it 3 pips away. It worked! What I do know is that when placing Stop Loss or take Profit I have to set it 5 to 6 pips away. It has been like this on the Profiforex MT4 platform. What broker do you use?

3

Hi Moulia,
I’ve been Demoing through XM (XM.com) Trading micro lots.
I live In the UK.
Have you tried it with a buy stop?