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MT4 Order Execution Specifications

Order Types

Traders may send instructions for market orders and pending orders.

Pending Order(s)

Limit Orders: This is an order to buy or sell once the market reaches the ‘limit price’. Once the market reaches the ‘limit price’ the ‘limit order’ is triggered and executed at the ‘limit price’ or better. If the ‘limit order’ is not triggered it shall remain in the system until a later date, subject to the conditions described in the ‘Good till Cancel’ section. In CFDs on Forex, Commodities and Stocks ‘limit orders’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT4 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Stop Orders: This is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’ the ‘stop order’ is triggered and treated as a ‘market order’. If the ‘stop order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. In Contracts for Difference (‘CFDs’) on Forex, Commodities and Stocks ‘stop orders’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT4 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Re-quoting: This is the practice of providing a secondary quote to the client after an ‘instant order’ has been submitted. The client must agree to this quote before the order is executed. MFM Securities will re-quote ‘instant orders’ if the requested price originally specified by the client is not available. The secondary quote provided to the client is the next available price received by MFM Securities from its third party liquidity providers. MFM Securities does not re-quote ‘pending orders’

Bid Prices on Charts

Charts in the terminal show only the bid prices whereas the ask price is not shown in the chart in any way. However, for the opening of long positions and closing of short ones, ask price is always used. You can make the ask line visible by enabling the ‘Show ask line’ parameter in which case an additional horizontal line corresponding to the current ask price of the last bar will appear in the chart.

Trailing Stops

Stop Loss is intended for the reduction of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when prices change strongly in the same direction or when it is impossible to watch the market continuously for whatever reason. Bear in mind that Trailing Stops operate in the client terminal and not in the server (as with Stop Loss or Take Profit) and will therefore not work if the terminal is off.

EAs and HFT (High Frequency Trading)

MFM Securities MetaTrader 4 is fully compatible with Expert Advisors and automated trading systems as allowed by the prevailing market conditions and liquidity.Bear in mind that EAs and HFT operate in the client terminal and not in the server (as with Stop Loss or Take Profit). They will therefore not work if the terminal is off.

Spread Variation

Please note that under the ‘Terms and Conditions of Business’ the company reserves the right to increase or decrease the spread beyond the Typical AVERAGE Spread that is displayed under the product specifications for floating spreads. This is likely to happen during abnormal market conditions. For fixed spreads please refer to the trading conditions of each currency pair.

Market Order(s)

Market Order: This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) which is the average and best available price at the time of execution.

Stop Loss: This is an order to minimize losses. Once the market reaches the ‘stop loss price’ the order is triggered and treated as a ‘market order’. If the ‘stop loss’ is not triggered it shall remain in the system until a later date. In CFDs on Forex, Commodities and Stocks ‘stop loss’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT4 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Take Profit: This is an order to secure profits. Once the market reaches the ‘take profit price’ the order is triggered and treated as a ‘limit order’. If the ‘take profit’ is not triggered it shall remain in the system until a later date. In CFDs on Forex, Commodities and Stocks ‘take profit’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT4 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Slippage: At the time an order is presented for execution, the specific price requested by the client may not be available. In this case, the order will be executed close to or a number of pips away from the client’s requested price. If the execution price is better than the price requested by the client this is referred to as ‘positive slippage’. In contrast, if the execution price is worse than the price requested by the client this is referred to as ‘negative slippage’. Please be advised that ‘slippage’ is a normal market practice and a regular feature of the foreign exchange markets under conditions** such as illiquidity and volatility due to news announcements. MFM Securities’s automated execution software does not operate based on any individual parameters related to the execution of orders through any specific client accounts.

Pending Order Modification / Cancellation: The client may modify/ cancel a ‘pending order’ if the market did not reach the price specified by the client.

Pending Order(s)

Limit Orders ( Buy Limit, Sell Limit, Take Profit) MetaTrader 4
Execution Market Order
Re-quoting N/A
Slippage /
Partial Fills /
Level Restrictions on 'stop & limit' orders /
Commissions N/A
Mark-Up /
Stop Orders ( Buy Stop, Sell Stop, Stop Loss) MetaTrader 4
Execution Market Order
Re-quoting x
Slippage /
Partial Fills /
Level Restrictions on 'stop & limit' orders N/A
Commissions N/A
Mark-Up /

MT5 Order Execution Specifications

Order Types

Traders may send instructions for market orders and pending orders.

Pending Order(s)

Limit Orders: This is an order to buy or sell once the market reaches the ‘limit price’. Once the market reaches the ‘limit price’ the ‘limit order’ is triggered and executed at the ‘limit price’ or better. If the ‘limit order’ is not triggered it shall remain in the system until a later date, subject to the conditions described in the ‘Good till Cancel’ section. In CFDs on Forex, Commodities and Stocks ‘limit orders’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT5 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Stop Orders: This is an order to buy or sell once the market reaches the ‘stop price’. Once the market reaches the ‘stop price’ the ‘stop order’ is triggered and treated as a ‘market order’. If the ‘stop order’ is not triggered it shall remain in the system until a later date subject to the conditions described in the ‘Good till Cancel’ section. In Contracts for Difference (‘CFDs’) on Forex, Commodities and Stocks ‘stop orders’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT5 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Re-quoting: This is the practice of providing a secondary quote to the client after an ‘instant order’ has been submitted. The client must agree to this quote before the order is executed. MFM Securities will re-quote ‘instant orders’ if the requested price originally specified by the client is not available. The secondary quote provided to the client is the next available price received by MFM Securities from its third party liquidity providers. MFM Securities does not re-quote ‘pending orders’

Bid Prices on Charts

Charts in the terminal show only the bid prices whereas the ask price is not shown in the chart in any way. However, for the opening of long positions and closing of short ones, ask price is always used. You can make the ask line visible by enabling the ‘Show ask line’ parameter in which case an additional horizontal line corresponding to the current ask price of the last bar will appear in the chart.

Trailing Stops

Stop Loss is intended for the reduction of losses where the symbol price moves in an unprofitable direction. If the position becomes profitable, Stop Loss can be manually shifted to a break-even level. To automate this process, Trailing Stop was created. This tool is especially useful when prices change strongly in the same direction or when it is impossible to watch the market continuously for whatever reason. Bear in mind that Trailing Stops operate in the client terminal and not in the server (as with Stop Loss or Take Profit) and will therefore not work if the terminal is off.

EAs and HFT (High Frequency Trading)

MFM Securities MetaTrader 5 is fully compatible with Expert Advisors and automated trading systems as allowed by the prevailing market conditions and liquidity.Bear in mind that EAs and HFT operate in the client terminal and not in the server (as with Stop Loss or Take Profit). They will therefore not work if the terminal is off.

Spread Variation

Please note that under the ‘Terms and Conditions of Business’ the company reserves the right to increase or decrease the spread beyond the Typical AVERAGE Spread that is displayed under the product specifications for floating spreads. This is likely to happen during abnormal market conditions. For fixed spreads please refer to the trading conditions of each currency pair.

Market Order(s)

Market Order: This is an order to buy or sell at the current market price that is available. The system automatically aggregates the volume received from third party liquidity providers and executes the ‘market order’ at VWAP (‘Volume-Weighted Average Price’) which is the average and best available price at the time of execution.

Stop Loss: This is an order to minimize losses. Once the market reaches the ‘stop loss price’ the order is triggered and treated as a ‘market order’. If the ‘stop loss’ is not triggered it shall remain in the system until a later date. In CFDs on Forex, Commodities and Stocks ‘stop loss’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT5 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Take Profit: This is an order to secure profits. Once the market reaches the ‘take profit price’ the order is triggered and treated as a ‘limit order’. If the ‘take profit’ is not triggered it shall remain in the system until a later date. In CFDs on Forex, Commodities and Stocks ‘take profit’ should be placed a minimum number of pips away from the current market price. For more information on the terms of trading on the MT4 platform (spreads, swaps, etc.), please see the individual page of each asset: Cryptocurrencies, Forex, Indices, Stocks, and Commodities.

Slippage: At the time an order is presented for execution, the specific price requested by the client may not be available. In this case, the order will be executed close to or a number of pips away from the client’s requested price. If the execution price is better than the price requested by the client this is referred to as ‘positive slippage’. In contrast, if the execution price is worse than the price requested by the client this is referred to as ‘negative slippage’. Please be advised that ‘slippage’ is a normal market practice and a regular feature of the foreign exchange markets under conditions** such as illiquidity and volatility due to news announcements. MFM Securities’s automated execution software does not operate based on any individual parameters related to the execution of orders through any specific client accounts.

Pending Order Modification / Cancellation: The client may modify/ cancel a ‘pending order’ if the market did not reach the price specified by the client.

Pending Order(s)

Stop Orders ( Buy Stop, Sell Stop, Stop Loss) MetaTrader 5
Execution Market Order
Slippage /
Partial Fills /
Level Restrictions on 'stop & limit' orders /
Commissions N/A
Mark-Up /
Limit Orders ( Buy Limit, Sell Limit, Take Profit) MetaTrader 5
Execution Limit Order
Slippage /
Partial Fills /
Level Restrictions on 'stop & limit' orders /
Commissions N/A
Mark-Up /

Market Order(s)

Limit Orders ( Buy Limit, Sell Limit, Take Profit) MetaTrader 5
Execution Limit Order
Slippage /
Partial Fills /
Level Restrictions on 'stop & limit' orders /
Commissions N/A
Mark-Up /