MT4 Stop losses

[Screening]

Hi Friends,

 

Does anyone know if MT4 can handle stops that are 'if bid' or 'if offered'?

 

e.g Short EURJPY with SL at 165.03 if bid... So if 165.03 is bid then the stop will be done at the next offer. 165.06 or 165.08 usually. On a rare occasion even higher.

or Long EURJPY with SL at 164.50 if offered. When 164.50 is offered the stop will be done at the next bid.

 

I would be pleased to know if this can be provided.

 

Thanks very much.

 

[Boobiwoobi]

No, MT4 by itself cannot handle stops that are specifically triggered based on "if bid" or "if offered" conditions.

Here's why:

Market vs. Limit Orders: MT4 works with traditional order types like market orders and limit orders. Market orders are filled at the best available price (bid for short positions, ask for long positions), while limit orders specify a price at which you want the order to be filled or not filled at all.

Order Book Dynamics: The "bid" and "ask" prices you see represent the current highest buy price (bid) and the lowest sell price (ask) in the order book. These prices are constantly changing as new orders come in and existing orders are filled. 

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Edited April 20 by Boobiwoobi