execution mode

[victor739]

When looking at ENUM_SYMBOL_TRADE_EXECUTION there 4 different types:

YMBOL_TRADE_EXECUTION_REQUEST	Execution by request
SYMBOL_TRADE_EXECUTION_INSTANT	Instant execution
SYMBOL_TRADE_EXECUTION_MARKET	Market execution
SYMBOL_TRADE_EXECUTION_EXCHANGE	Exchange execution

 

Just wondering what the difference between all of them ?

[Alain Verleyen]

https://www.metatrader5.com/en/terminal/help/trading/performing_deals

Trading in the Instant Execution Mode

In this mode, the order is executed at the price offered to the broker. When sending an order to be executed, the platform automatically adds the current prices to the order. If the broker accepts the prices, the order is executed.

If during order processing the price changes by an amount greater than that specified in the "Deviation" field, the dealer (server) can refuse to accept the order and offer new execution prices. A corresponding message appears in the creation window in this case:

If you agree with the new prices, click "Accept", and the order is then executed at the new prices. If the new price is not good, click "Reject".

New prices are valid for a few seconds only. If you do not make a decision during this time, message "Requote" appears in the window. Click "OK" to get back to the original order placing window.

Deviation is the difference between the order execution type and the specified price to which a trader agrees. The larger the value, the less likely it is that you receive a new execution price (requote) in response to the order execution request. If the deviation is equal to or less than this value, the order is executed at the new price without any notification. Otherwise, a broker returns new prices, at which the order can be executed.

Trading in the Request Execution Mode

In this mode, the market order is executed at the price previously received from the broker. Prices for a certain market order are requested from the broker before the order is sent. Upon receiving the prices, order execution at the given price can be either confirmed or rejected.

Order parameters can only be modified before requesting the prices. Once the request is sent, a trader can only place an order with the pre-set parameters.

To receive prices, click on "Request". After that "Buy" and "Sell" buttons appear in the window. Quotes offered after the request are valid for a few seconds. If you cannot decide during this time, buttons "Buy" and "Sell" again get hidden.

Trading in the Market Execution Mode

In this order execution mode, a broker makes a decision about the order execution price without any additional discussion with the trader. Sending an order in such a mode means advance consent to its execution at this price.

In the 'Fill Policy' additional order filling rules can be specified: "Fill or Kill" or "Immediate or Cancel". If this field is inactive, then the option is disabled on the server.

When the "Sell by Market" or "Buy by Market" button is pressed, an order to execute a sell or buy deal at the broker's price is sent to a broker.

Trading in the Exchange Execution Mode

In the 'Fill Policy' additional order filling rules can be specified: "Fill or Kill" or "Immediate or Cancel". If this field is inactive, then the option is disabled on the server.

A click on "Sell" or "Buy" creates an order to a broker to execute a Sell or Buy deal respectively.

For more information about trading in the exchange execution mode read "Depth of Market".

[victor739]

Does all of these information accurate for mql4 or is it is just for mql5?