What's a TP Order on MetaTrader 4?
TP orders are stock orders used to close open trades at a profit - TP orders TP and close the trade once the specified TP level specified by a trader is reached.
TP orders automatically close trades at a profit once the set Take Profit level is reached on the stock chart.
Setting Take Profit When Opening New Order on Tools Menu on MetaTrader 4
To open a new order to buy or sell a trade use the tools pop up menu within the MT4 Trading Software as pictured below.
The New order button for placing a new trade is displayed and illustrated below. (ShortCut Keyboard Keys "F9")
What is TP on MetaTrader 4? - How to Set TP When Opening Orders in MT4
Once you have selected new order button as illustrated above following trade order window pop up will appear and you as a trader can use this trade order window pop up to set the Take Profit Level for your new trade.
This popup includes the settings for placing a new trade order as well as settings for setting Take Profit Level.
How to Place Indices TP Orders in MT4 - Set TP Order in MetaTrader 4
Following TP Order Settings are specified for setting up and placing a new TP order:
TP - Set TP, 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:
- Sell by Market - Open Sell Trade
- Buy by Market - Open Buy Trade
To Buy at current stock price & open a new stock order select Buy by Market order button
To Sell at current stock price & open a new stock order select Sell by Market order button
After opening the new trades use TP Window Panel Above to Set The TP order for New Order.
You can also get this window so that to modify an already open buy or sell indices trade - To get this order window panel for a buy trade, right-click on opened buy or sell indices trade, then after that you click the "Modify Order" button after you click on modify order button the above order settings button key will popup & appear and you as a trader can use set Take Profit Order using method explained above.
What's a Trade Plan? - Written Plan Example Template
Alternatives: Automated EA Trading or Copy and Paste Signals
