While MetaTrader 5 (MT5) and MetaTrader 4 (MT4) share many similarities in their order types, MT5 offers an expanded range of options. Here's a comprehensive comparison:
Common Order Types in Both Platforms
Market Orders
Buy (Market)
Sell (Market)
Pending Orders
Buy Limit
Sell Limit
Buy Stop
Sell Stop
MT5 Exclusive Order Types
Buy Stop-Limit: Combines features of stop and limit orders. When the price reaches a specified stop level, a buy limit order is placed.
Sell Stop-Limit: Similar to buy stop-limit but for sell orders. When the price reaches a specified stop level, a sell limit order is placed.
These additional order types in MT5 provide traders with more sophisticated entry strategies, particularly useful in volatile market conditions where precision in order execution is crucial.