How to place a Buy Stop Limit Order on MT5 platform?
1. Open the "Order" window by double clicking onto the symbol that the users wants to trade.
2. Select "Pending Order"
3. Select "Buy Stop Limit"
4. Key in the Stop price that the client wants. Do note that for a Buy Stop Limit Order, the "Stop Price" is denoted as "Price".
5. Key in the Limit Price. Do note that for a Buy Stop Limit Order, the "Stop Limit Price" is denoted as "Limit Price".
6. Click "Place" to place the Buy Stop Limit Order.
How does Buy Stop limit Order work?
1. User places a Stop Price. Do note that "Price" refers to the "Stop Price" as mentioned earlier in the "How to Place a Buy Stop Limit Order on MT5 platform" section. Also note that to open a Buy order, ASK price is used
2. Once the Stop Price is triggered, a Limit order will be automatically placed at the client's desired price; the buy limit order is usually placed below the buy stop price based for Buy Stop Limit Orders. Do note that a "Limit" order is denoted as a "Stop Limit Price" on the MT5 platform as mentioned in the "How to Placed a Buy Stop Limit on MT5 platform" section.
3. The order will only trigger and execute a Buy market order when the Buy Limit price in the Buy Stop Limit price is triggered. In the event that the Buy Limit price is not triggered, no market order will be executed.
This pending order is used by the trader who experiences a temporary downswing before resume higher.