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A pending order is an instruction to open a trade at a specific price in the future, rather than at the current market price. Pending orders are only executed when the market reaches the specified level. MetaTrader 5 offers six types: buy limit, sell limit, buy stop, sell stop, buy stop limit and sell stop limit. A pending order can be set to stay until cancelled, to expire at the end of the day, or to expire at a set time. They allow you to plan entries in advance without needing to watch the screen.
EUR/USD is at 1.1050. You believe it will drop to 1.1000 before bouncing up. You place a buy limit at 1.1000 with a stop loss at 1.0970 and a take profit at 1.1080. If the price reaches 1.1000, your trade opens automatically.
