What's S L Order on MetaTrader 4?

What's a Set SL Order in Meta Trader 4?

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

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

Set SL Setting When Opening New Order on Tools Menu on Meta Trader 4

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

The New order button for placing a new trade is displayed and illustrated below. (ShortCut Keyboard Keys "F9")

What's SL on MetaTrader 4? - How to Set SL When Opening Orders in Meta Trader 4

Once you have selected new order button as illustrated above following trade order window pop up will appear & you as a trader can use this trade order window pop up to set the SL Level for your new trade.

This pop-up includes the settings for placing a new trade order as well as settings for setting SL Level.

How to Put Indices SL Orders in MT4 - Set SL Order on Meta Trader 4

Following SL Order Settings are specified for setting up and placing a new SL order:

SL - Set SL, This option can also be set up after opening the trade, or for a pending 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 price and open a new order select Buy by Market order button

To Sell at current price and open a new order choose Sell by Market order button

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

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