Every trader who uses pending orders in trading knows how inconvenient the mechanism for placing them in MT4 is. To simplify this work, some people use a script that places pending orders, but this method is not very clear and, in my opinion, is also not very convenient. Fortunately, there is a FastOrder Expert Advisor that will save you the agony and it is better than any script for MT4 pending orders.
After installation, using the FasOrder advisor is a pleasure. The interface is intuitive. The Expert Advisor for placing pending orders Fast Order is able to:
Advantages of working with an advisor for placing pending orders
And it’s all in one bottle. Well, for those who are not satisfied with this, the EA knows how to work not only with pending orders, but also with ordinary market orders. You can quickly set Stop loss and Take profit levels using the horizontal lines of the EA, press one button and the order is placed with all the specified parameters! Well, isn’t it a miracle? It just makes life incredibly easier. This is how it looks on the graph.
Multi-colored horizontal lines correspond to the desired levels of stop loss, take profit and the level of placing the pending order itself. By the way, the EA itself determines which order needs to be placed – a limit order (Buy Limit, Sell Limit) or a stop order (Buy Stop, Sell Stop), so if you get confused about the types of orders, then you have less headache.
And in order to better understand the differences between the types of pending orders, read and watch the Forex pending order video for dummies (new tab). The PLines button enables the mode of placing a pending order, the Lines button enables a market order. The Hide button removes the lines of the Expert Advisor.
Well, as already mentioned, the FastOrder EA simplifies the opening of ordinary, market orders. Just set the stop loss and take profit lines to the desired levels, press the BUY or SELL button in the lower left corner and that’s it, the order is opened with the specified parameters.
Cons of the Fast Order Expert Advisor
Unfortunately, there were some drawbacks. The downside is that you can open only one order for one currency pair using this Expert Advisor for pending orders. This is most likely related to the parameter MagicNumber in settings.
The FastOrder advisor assigns this number to each order, and the authors’ flaw is that the advisor cannot automatically change this number for the next order. Thus, when you try to open another pending order on the same currency pair, this order simply cannot be assigned a number, since it is already occupied and it is not possible to open an order.
How to get around the minus
But this disadvantage can be bypassed by adding the EA to the chart again and changing one number in the MagicNumber parameter, then another pending order can be placed. This technique can be repeated as many times as you like, but for the previous postponing the button will become unavailable Close advisor. But the loss is not great, the order can always be closed in the terminal itself by clicking on the cross.
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Video tutorial on working with an Expert Advisor for pending ordersIn general, the interface and settings are quite intuitive and I will not write a sheet of text describing each one, as it will only tire you. Instead, watch a better video, where I dwell on the settings in more detail and clearly show how to open orders using the Expert Advisor for placing pending orders FastOrder.