Pending orders DO W N
Info
The Pending orders DO W N is a Script for MetaTrader 5 that the "pending orders down" script sets a grid of orders below the current price. Input Parameters Gap for pending orders DOWN from the current price (in pips)- the distance from the current price to place the first pending order.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Script works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Scripts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Pending orders DO W N
1. Installation: Move your script file into the MQL/Scripts directory and restart the platform.
2. Execution: Drag the script onto a chart; it will perform a one-time action, such as closing all open orders or clearing chart objects.
3. Editing: Use MetaEditor (F4) to modify code, click "Compile," and verify no errors appear in the terminal before running.
4. Removing: Scripts stop automatically, but you can remove them manually by right-clicking the chart and choosing "Remove Script."
Frequently Asked Questions
Q: How are scripts different from EAs? A: Scripts execute a single action and then stop; EAs monitor the market and trade continuously.
Q: Can I assign a hotkey to a script? A: Yes, right-click the script in the Navigator, select "Set Hotkey," and define your preferred keyboard shortcut.
Q: Why did my script stop? A: Scripts are designed to stop immediately after finishing their programmed command; this is normal behavior.
What this tool does
The "Pending orders DOWN" script sets a grid of orders below the current price.
Typical Use Case
This Script excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Script works on MetaTrader 5. Place the file in the MQL5/Scripts folder and restart the terminal.
Description & Settings
Related: Straddle Orders Around Current Price Level - another powerful script for MetaTrader 5 traders.
The "Pending orders DOWN" script sets a grid of orders below the current price.
Also recommended: Long Pending Order - similar script with strong performance on MetaTrader 5.
Input ParametersGap for pending orders DOWN from the current price (in pips)
- the distance from the current price to place the first pending order.
Step between orders DOWN (in pips)
- distance between pending orders.
Type of pending orders DOWN
- the type of the pending order (can be either Buy Limit or Sell Stop).
DOWN quantity
- the number of orders to be placed.
Lots
- the volume of each order.
Stop Loss (in pips)
- Stop Loss value.
Take Profit (in pips)
- Take Profit value.
The script ensures the fastest possible sending of trade requests to place pending orders due to the use of the :
Here is an example of sending requests for five pending orders:
Five orders were sent in 1 millisecond!
Here is the full report, from the script start to its removal (the time of first order sent was 2017.08.28 09:00:35.272):
The time when placing of the last pending order was confirmed is 2017.08.28 09:00:35.343. Totally, all operations took as little as 71 milliseconds!
At the beginning of script operation, the correctness of the specified volume of pending orders is checked:
You may also like: Short Pending Order - excellent alternative for script users on MetaTrader 5.
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.