There are a total of 6 types of Pending Orders in MT5 platform. Notably, MT5 platform has 2 more types of Pending Order as compared to MT4 platform.
The 6 types of Pending order in MT5 platform are
(1) Buy Stop
(2) Sell Stop
(3) Buy Limit
(4) Sell Limit
(5) Buy Stop Limit
(6) Sell Stop Limit
What is a Stop Order?
Stop Orders are pending orders set on the MT4 and MT5 system. When the corresponding prices touches or goes beyond the preset Stop order, it will send the limit orders to the market. The order will then be executed at the next available price. Stop orders are usually used in anticipation that the market prices will continue to move in its current trajectory.
What is a Limit Order?
A limit order is a pending limit order set on the MT4 and MT5 system. When the corresponding prices touches or goes beyond the TP, it will send a limit order with the client’s requested limit order price to the market. The limit order will only be fulfilled by the LP when the client’s requested price is matched by the availability of liquidity in the market.
What is the Stop Limit Order?
A Stop Limit order is a combination of a Stop order and a Limit Order. This form of pending order gives user more control over the prices of their trades; instead of the trade being opened at the next available price after triggering the Stop Order, a Stop Limit Order gives users control over the lowest price that the user is willing to take (Limit Order). That said, the trade will only be execute if the market prices fulfils the criteria set for the (1) Stop Order and (2) Limit Order. A Stop Limit Order is useful in situations like (including but not limited) to weekend gap, price gap, slippage etc.
For a clearer explanation for Stop Limit Orders, feel free to visit the following link:
Sell Stop Limit Orders:
https://fullertonmarkets.ladesk.com/942650-What-Is-Sell-Stop-Limit-Order-In-MT5
Buy Stop Limit Orders:
https://fullertonmarkets.ladesk.com/480300-What-Is-Buy-Stop-Limit-Order-In-MT5