What's a TP Order on MetaTrader 4?
TP orders are stock indices 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 indices chart.
Setting TP When Opening New Order on Tools Menu on MetaTrader 4
To open a new stock index order to buy or sell a trade use the tools pop up menu within the MT4 Indices Trading Platform as shown below.
The New order button for placing a new index trade is displayed and illustrated below. (ShortCut Keyboard Keys "F9")
What is TP on MetaTrader 4? - How to Set TP When Opening Indices Orders on MetaTrader 4
Once you have selected new order button as illustrated above following indices 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 indices trade.
This pop up includes the settings for placing a new indices trade order as well as settings for setting TP Level.
How to Set Indices TP Orders on MetaTrader 4 - Set TP Order on MT4
Following TP Order Settings are specified for setting up and placing a new TP indices order:
TP - Set TP, This option can also be set up after opening the trade, or for a pending indices orders
Open the Buy or Sell Trade by Clicking the Following Buttons:
- Sell by Market - Open a Sell Trade
- Buy by Market - Open a Buy Trade
To Buy at current stock indices price & open a new stock indices order select Buy by Market indices order button
To Sell at current stock indices price & open a new stock indices order select Sell by Market indices order button
After opening the new trades use TP Window Panel Above to Set The TP order for New Indices 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 indices 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 trading order settings button key will popup & appear and you as a trader can use set Take-Profit Order using method explained above.
