A Pending Order lets you prepare a Forex trade in advance. Instead of opening a trade immediately, you can set it to open when an asset reaches a specific price or at a selected time.
You can also create a Pending Order when an asset is closed for trading. In this case, your trade will open when the next trading session begins.
📈 How do Pending Orders work in Forex?
Pending Orders allow you to choose when your Forex trade should open.
There are three ways a Pending Order can be executed:
By price: Your trade opens when the asset reaches your selected price.
By time: Your trade opens at the time you specify.
When the market reopens: If you create a Pending Order while an asset is closed for trading, your trade opens at the beginning of the next trading session, using the opening price.
Once the selected conditions are met, the platform attempts to execute your order.
📌 Note: The actual execution price may differ from your selected price due to market movements. This is known as slippage.
⚙️ How to create a Pending Order
You can create Pending Orders on the Olymptrade mobile app or web platform.
📱 On the mobile app
| 💻 On the web platform
|
Once created, you can find your Pending Order in the Trades section.
🎯 When is a Pending Order activated?
A Pending Order is activated when the conditions you selected are met.
Price-based orders: When the asset reaches your selected price.
Time-based orders: When the specified time is reached.
Orders placed while the market is closed: At the beginning of the next trading session.
The platform then attempts to execute your trade using the available market price.
💡 Example:
Imagine an asset is currently trading at 1.1000, but you want to open a trade when it reaches 1.1050.
You can create a Pending Order with 1.1050 as your selected price.
If the asset reaches that level, your order is triggered and the platform attempts to open your trade.
The actual execution price may differ depending on market conditions.
📊 What happens after the order is activated?
Once your Pending Order is successfully executed, it becomes an open Forex trade.
You can then monitor and manage your open trade through the platform's Trades section.
Keep in mind that the execution price may differ from the price you originally selected.
This difference is known as slippage and occurs when market prices change between placing and executing an order.
✏️ How to edit or cancel a Pending Order
You can cancel a Pending Order before it is executed.
To cancel your order:
Open the Trades section.
Find your Pending Order.
Select the available cancellation option.
Once the order has been executed, it becomes an open trade and can no longer be cancelled as a Pending Order.
🔄 Pending Orders vs. opening a trade immediately
The main difference is when your trade opens.
Opening a trade immediately | Using a Pending Order |
You open a Forex trade at the current available market price. | You prepare a Forex trade to open later. |
The platform attempts to execute your trade when you place it. | The platform waits until your selected conditions are met. |
You don't need to set a future entry condition. | You choose a specific price or time in advance. |
Pending Orders allow you to prepare trades without having to manually open them when your selected conditions are reached.
💡 Example: How a Pending Order works
Imagine you're following an asset currently trading at 1.1000.
You want to open a Forex trade only if the asset reaches 1.1050.
Instead of opening the trade immediately, you create a Pending Order with 1.1050 as your selected price.
Here's what happens:
Your Pending Order is created and waits for the selected condition.
The platform monitors the asset price.
If the price reaches 1.1050, your order is triggered.
The platform attempts to execute your order using an available market price.
Once executed, your Pending Order becomes an open Forex trade.
If the asset doesn't reach your selected price, your order remains pending until it is cancelled or expires.