What are the rules when putting expiry times in pending orders?
I saw in one place that the expiry time should be more than 10 minutes. Does that mean the trade should be opened for more than 10 minutes to expiry time to activate?
Hi @iwillbepatient, nice tag… If you have a 10 min expiry time on a set pending order it means that if price hasn’t hit your pending order and opened a position in the 10 mins, the order will cancel.
Never used this, I imagine you could use it above and below a set price on the chart, so if price moves up and crosses the pending order set above the current price and opens a position within the 10 mins the pending order below will be cancelled, so as not to open 2 positions
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It does not work like that, I tried in ic markets - mt4. If the trade doesnt open the expiration dont work.
Hi @iwillbepatient, On IC Markets Ctrader Platform, I can set a Pending Order Date and a Time, tick the Expiry Box and I get a countdown Duration till Pending Order Expires… I’d give them a call and get them to check that its being applied correctly.
Even displays how many pips price is away from the Pending Order at the time I place it on the chart.
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Does it work in mt4?
I just tried on my IC Markets MT4 account and the Pending Order won’t place… Just get that sound…more than likely because the market is closed at this time.
Maybe someone more proficient with MT4 will be able to answer… MT4 not my speciality… Sorry
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