What is S L Indices Order on MetaTrader 4?

What is a Set SL Order on MT4

A SL order is an order used in indices trading to close an open trade if the trade moves against the indices trader's position by a certain number of pips.

Once the SL order is set at a particular level, this SL order will automatically close the open trade once the chart gets to this SL order stock indices price level. SL order is used in indices trading money management so as to prevent further losses if a trade position is going against the direction of the indices trader's open trade position.

Set SL Setting When Opening New Order on Tools Menu in MetaTrader 4

To open a new stock indices order to buy or sell a trade use the tools menu within the MT4 Indices Trading Platform as shown below.

The New order button for placing a new indices trade transaction is shown below. (Short Cut Keyboard Keys "F9")

What is SL on MetaTrader 4? - How to Set SL When Opening Indices Orders on MT4

Once you select the new order button as illustrated above the following indices trade order popup window will appear and as a indices trader you can use this trade order popup window to set the SL Level for your new indices trade.

This popup includes the settings for placing a new indices trade order as well as settings for setting SL Level.

How to Set Indices Trading SL Orders on MetaTrader 4 - Set SL Order on MT4

The Following SL Order Settings are specified for placing a new SL indices order:

SL - Set SL, This option can be set after opening the trade, or for pending indices orders

Open the Buy or Sell Trade by Clicking the Following Buttons:

1. Sell by Market - Open a Sell Trade
2. Buy by Market - Open a Buy Trade

To Buy at current stock indices price and open a new stock indices order select the Buy by Market indices order button

To Sell at current stock indices price and open a new stock indices order select the Sell by Market indices order button

After opening the new stock indices trades use the SL Window Above to Set The SL order for the New Indices Order

You can also get this window so as to modify an already open buy or sell indices trade - To get this order window for a buy indices trade, right click on the opened buy or sell indices trade, then after that click "Modify Order" after you click the modify order button the above order settings button will appear and you can set the SL Order using the procedure explained above.