Let me address several questions about the Local Trade Copier and pending orders that people ask me frequently. Hope this information will help you understand better how LTC handles these type of orders.
Can the Local Trade Copier copy pending orders?
Yes, the Local Trade Copier is capable of copying pending orders and market orders.
By default, this software does not filter any positions and all of them are copied to each slave account immediately after their creation in the master account.
Will my pending orders be copied at the same price as the original trade on master platform?
LTC software always copies pending orders at the same price, unless specified otherwise.
It is possible to shift a trade’s open price automatically to a certain level. However, sometimes brokers deny pending orders of same price if they are too close to the current market price. This usually happens when master and slave accounts are from different brokers or different account types. Different price feeds and spreads or a certain StopLevel value can also be the cause of this situation.
Different brokers use different StopLevel values. It also varies based on account types and basically represents the minimal distance in pips between the entry price and the current market price. Read more about the requirements and limitations in making trades.
Is the StopLevel applicable to both Stop Loss (SL) and Take Profit (TL) values?
Yes, minimal allowed distance applies to both i.e. SL and TP values. You are not allowed to set ‘stops’ same as the current market price or one that is too close to it. The StopLevel describes the minimum distance in pips (or points on a 5 digit brokers).
If StopLevel rules are disrupted, my pending orders will not be copied?
Typical MT4 applications are not able to handle pending orders efficiently. However, our MT4 Trade Copier is capable of taking care of pending orders with ease.
The trade copier EA will repetitively create pending orders until succeeded or the master pending order is cancelled on the master account. However, creation of pending order will fail in case of refusal by broker.
Once the price moves in your favor and the minimum distance rules are met, the Client EA creates the failed pending order immediately.
Can an LTC reverse pending orders?
Yes, definitely. However, in case of trade reversal, pending order type is changed. For example, the ‘Buy Stop’ becomes ‘Sell Limit’ and ‘Sell Stop’ becomes the ‘Buy Limit’.
Let’s discuss why this happens.
The ‘Buy Stop’ is always above the current market price and if you want to reverse this pending order in the opposite direction, it should become a ‘Sell Limit’ since it will still remain above market price. This is because only ‘Sell Limit’ and ‘Buy Stop’ orders are created above market price, while ‘Buy Limit’ and ‘Sell Stop’ orders are created below the market price.
What happens when a pending order is triggered on the master MT4 account?
Normally, pending orders on master and slave accounts trigger at the same time, with a difference of few seconds at times. Triggering of pending orders is controlled by your Forex broker and the LTC software has no role in this.
There is a slight possibility that a pending order can get triggered on the master account but not on the slave account or vice versa. In such a case, the order on slave account, whether it is triggered or not, will remain open until the “parent trade” remains opened on master account. You can end up with profit or loss if you have a pending order triggered on a slave account but not on the master account.
A master account can cancel a pending order with no impact on its account balance. If your pending order has not been triggered, while its “parent order” is triggered on the master account, you may miss a profitable or losing trade.