What Are the Extra Order Types on MT5?

MetaTrader 5 includes a broader set of order types than MetaTrader 4. The "extras" cover two additional pending order types, two additional order fill policies, and two additional expiry options that are not available on MT4. Knowing what these are and what they do can help you decide which platform fits your trading.

This article walks through the pending order types available on MT5, the order fill policies, the expiry options, and when each of the MT5-specific additions might be useful. All these are standard MetaQuotes features and apply at TIOmarkets on the MT5 platform.

Order Types on MT5 Compared with MT4

MT4 supports four pending order types: Buy Limit, Sell Limit, Buy Stop, and Sell Stop. It has one order fill policy (Fill or Kill) and two expiry options (Good Till Cancelled and Specified).

MT5 supports six pending order types: the four available on MT4 plus Buy Stop Limit and Sell Stop Limit. It also supports three order fill policies (Fill or Kill, Immediate or Cancel, Return) and four expiry options (Good Till Cancelled, Today, Specified, Specified Day). MT5 has six order execution types compared with MT4's four.

The MT5 additions give traders more control over how orders are placed, how partial fills are handled, and when pending orders expire.

Pending Order Types on MT5

The six pending order types on MT5 cover both straightforward limit and stop entries and the more complex stop limit hybrids.

Buy Limit

A buy limit order is placed below the current market price. It triggers when the ask price drops to or below the specified level, with the expectation that the price will rebound from there.

Sell Limit

A sell limit order is placed above the current market price. It triggers when the bid price rises to or above the specified level, with the expectation that the price will reverse downward from there.

Buy Stop

A buy stop order is placed above the current market price. It triggers when the ask price rises to or above the specified level, typically used to enter a position in the direction of a breakout.

Sell Stop

A sell stop order is placed below the current market price. It triggers when the bid price drops to or below the specified level, often used for breakout entries in the opposite direction.

Buy Stop Limit (MT5-Specific)

A buy stop limit is a hybrid order with two prices: a stop price and a limit price. The stop price sits above the current market. The limit price sits at or below the stop price.

When the ask price reaches the stop price, a Buy Limit order is automatically placed at the limit price. The Buy Limit then waits for the ask to come back down to the limit level. This setup allows you to wait for a breakout above the stop, then attempt to buy on a pullback to the limit price rather than buying immediately at the breakout.

Sell Stop Limit (MT5-Specific)

A sell stop limit is the mirror image. The stop price sits below the current market. The limit price sits at or above the stop price.

When the bid price reaches the stop price, a Sell Limit order is automatically placed at the limit price. The Sell Limit then waits for the bid to rally back up to the limit level. The intent is similar: react to a breakdown below the stop, then enter on a small rally back to the limit price.

Both stop limit types are useful when you want a breakout-style entry but prefer not to chase the price at the breakout moment.

Order Fill Policies on MT5

The fill policy determines how the platform handles your order when the requested volume cannot be fully filled at the specified price.

Fill or Kill

The order must be filled in full at the specified price, or it is cancelled entirely. No partial fills. This is the same single policy used on MT4.

Immediate or Cancel

The order is filled to the maximum available volume at the specified price. Any remaining unfilled portion is cancelled immediately. Partial fills are allowed.

Return

The order is filled to the maximum available volume at the specified price. Any remaining unfilled portion stays active and continues to seek execution. Partial fills are allowed.

The fill policy is selected in the New Order dialog at order placement on MT5. The policies available for a specific symbol depend on symbol-level configuration set by the broker.

Order Expiry Options on MT5

Expiry options apply to pending orders. They determine how long the pending order remains active before being automatically cancelled.

Good Till Cancelled (GTC)

The pending order remains active until you cancel it manually or until it triggers. This is also available on MT4.

Today

The pending order is automatically cancelled at the end of the current trading day. MT5-specific.

Specified

The pending order is cancelled at a specific date and time you set. Available on both MT4 and MT5.

Specified Day

The pending order is automatically cancelled at the end of a specified day. MT5-specific.

The Today and Specified Day options are useful for traders who want a clean daily reset on pending orders without having to remember to cancel them manually.

Order Execution Types

MT4 supports four order execution types. MT5 supports six. The execution type determines how the platform handles the order request, including how price requotes and slippage are managed. These are standard MetaQuotes features, and the specific behaviour depends on the broker's configuration.

When the MT5-Specific Types Are Useful

The Buy Stop Limit and Sell Stop Limit orders are useful for breakout traders who want a confirmation entry on a pullback after the breakout level is hit, rather than entering directly at the breakout price.

The Immediate or Cancel and Return fill policies are useful when you are trading larger volumes and want to accept partial fills rather than have the entire order cancelled if full volume is not available.

The Today and Specified Day expiry options are useful for short-term traders who place pending orders intended only for that trading session.

For everyday retail trading on smaller lot sizes, the four basic pending order types and Fill or Kill policy are often sufficient. The MT5 extras come into their own as trade volume increases or strategies grow more specific.

Practical Considerations

The maximum number of open and pending orders per client at TIOmarkets is 200 across all accounts. The maximum lot size per trade is 20. These limits apply on both MT4 and MT5.

Pending orders, regardless of type, do not consume margin until they trigger. Margin is held only on open positions. If a pending order is cancelled before triggering, no margin is held.

Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions. Spreads are variable and are typically higher than minimum figures shown.

The New Order dialog on MT5 can be opened via F9 or Tools > New Order, with the order type and fill policy selected from the relevant dropdowns.

Trading at TIOmarkets

TIOmarkets offers MetaTrader 5 and MetaTrader 4 on desktop, web, and mobile, across four account types. The Standard account is created automatically on registration with a minimum deposit of $20 or currency equivalent. The Raw and VIP Black accounts are opened separately through the client area. The Nano account is MT5 only with a $20 minimum deposit, USD only. Hedging is supported on all accounts. A swap-free Islamic account is available; contact TIOmarkets for eligibility and instrument requirements. Copy trading is available on both MT4 and MT5.

Orders are executed at the best available market price, which may result in positive or negative slippage. Demo accounts often execute instantly and may not fully replicate live slippage conditions. Spreads are variable and are typically higher than minimum figures shown. Leverage on each instrument is subject to change depending on market conditions and applicable regulatory requirements. You can review the full list of account types on the TIOmarkets accounts page.