A comprehensive guide to modifying or canceling limit and stop orders in MT5. Learn how to work with orders as you navigate the OANDA Labs Prop Trader.
How to modify or cancel limit and stop orders in MT5
There are two methods to modify or cancel Limit and Stop orders:
・ From the Toolbox
・ From the Chart
Note that if you have enabled one-click trading, the process may be slightly different.
Modify or cancel pending orders from the Toolbox
If you want to modify or cancel a pending order, you can do so from the ‘Trade’ option within the Toolbox.
How to modify orders:
- Open the Toolbox and select the ‘Trade’ tab.
- Locate the specific pending order you want to modify or delete.
- Right-click or double-click on the order.
This will display the Order page, where you can make the necessary changes to the order. - To view the order in the chart
- In the displayed Order page, you can modify the price of the pending order, as well as the stop-loss and take-profit levels.
- Once you have entered the new price, click the Modify button to save the changes.
How to cancel orders
You can cancel the order directly by clicking the ‘×’ icon on the right side of the ‘Trade’ column in the Toolbox.
If one-click trading is enabled, the order will be immediately deleted.If one-click trading is disabled, the Order window will be displayed, and you can click the Delete button. Alternatively, you can hover the mouse cursor over the order position, double-click, or right-click and select ‘Modify or Delete’ to display the Order window.
Modify or cancel pending orders from the chart
To modify or cancel orders directly on the chart in MT5, you first need to adjust some settings.
- Click the Tools menu in the MT5 menu bar and select ‘Options’ from the dropdown menu.
- In the Options window, navigate to the Charts tab.
- Check the box for ‘Show trade levels’ under the ‘Chart’ section. This will display the trade levels on the chart.
- If you want to modify orders by dragging them on the chart, turn on the ‘Enable drag and drop of trade levels’ option.
How to modify orders
If the chart displays both the position levels and the pending order levels, you can modify or delete orders directly from the chart.
To modify orders from the chart, double-click on the order level line or right-click to initiate the modification.
On the displayed Order page, you can modify the price of the pending order, as well as the stop-loss and take-profit levels. Once you have entered the new price, click the Modify button to save the change.
Modify orders on the chart by dragging the order level lines:
Place your cursor on the order level line on the chart. Click and drag the line up or down to adjust the price of the limit or stop order.
If you have enabled one-click trading, the modification will be applied immediately.
If one-click trading is not enabled, the Order window will be displayed. After confirming the new price, click the Modify button to save the change.
How to cancel orders
Place your cursor on the order level line that you want to delete. Right-click and select the Delete option from the context menu.
If you have enabled one-click trading, the order will be deleted immediately.
If one-click trading is not enabled, the Order window will be displayed. Click the Delete button in the window to complete the task.
