How to place a Sell 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 "Sell Stop Limit"
4. Key in the Stop price that the client wants. Do note that for a Sell Stop Limit Order, the "Stop Price" is denoted as "Price".
5. Key in the Limit Price. Do note that for a Sell Stop Limit Order, the "Stop Limit Price" is denoted as "Limit Price".
6. Click "Place" to place the Sell Stop Limit Order.
How does Sell Stop limit Order works?
1. User places a Stop Price. Do note that "Price" refers to the "Stop Price" as mentioned earlier in the "How to Place a Sell Stop Limit Order on MT5 platform" section. Also note that to open a sell order, BID price is used
2. Once the Stop Price is triggered, a Sell limit order will be automatically placed at the client's desired price; the Sell limit order is usually placed above the Sell stop price based for Sell 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 Sell Stop Limit on MT5 platform" section.
3. The order will only trigger and execute a sell market order when the Sell Limit price in the Sell Stop Limit price is triggered. In the event that the Sell Limit price is not triggered, no market order will be executed.
This pending order is used by traders who anticipate that the price movement of their trade will experience a temporary increase before it continues to decline further.