Order Types - Buy order with execution limit

 

Hello, I went through all MQL5 Order Types but I think neither of them does the job...

Example: Current stock price is 80 USD. I presume the price will increase and thus want to open a BUY order when the price reaches 100 USD. However, I just want to open the order when I get a price between, for instance, 100 USD and 110 USD. If price jumps above due to any crazy ASK prices/pending orders around, I do not want to open the BUY position. Is this somehow possible? 

If I understood the Buy Stop order correctly when the price moves from 80 USD to 100 USD it will turn into a market order and is executed. Due to slippage/pending orders etc. the price at which the order is executed might be far higher than the 100 USD.

Using a Buy Limit you expect the price first to drop and then to increase again buying at the guessed support line.

If I understood the stuff correctly a Buy Stop Limit order doesn't do the job either

Thanks!

 

Here is an image what kind of orders yu can use:


Bare in mind if the price of a pending order is triggered tghe order becomes a market order.

 
Carl Schreiber:

Here is an image what kind of orders yu can use:


Bare in mind if the price of a pending order is triggered tghe order becomes a market order.

Hi Carl, thanks for your reply and effort! I already know this picture and relative articles. As I said in the post, if I understood all of these orders correctly then neither of them fulfill my needs as explained in the first example. If that is the case then probably there is now way to create such an order?
 
algotrader01: Hi Carl, thanks for your reply and effort! I already know this picture and relative articles. As I said in the post, if I understood all of these orders correctly then neither of them fulfill my needs as explained in the first example. If that is the case then probably there is now way to create such an order?
Correct! For what you "want", there are no Pending Order types that accomplish that! You would only be able to implement such a "want", by programing an EA to "virtually" implement that logic, by monitoring the market prices and placing Market orders when the conditions you have described, are met.
 
Fernando Carreiro:
Correct! For what you "want", there are no Pending Order types that accomplish that! You would only be able to implement such a "want", by programing an EA to "virtually" implement that logic, by monitoring the market prices and placing Market orders when the conditions you have described, are met.Hi 
Hi Fernando, thanks for your comment as well! Well, then it is how it is and I have to deal with it ;-) thanks anyhow for clarifying. Better knowing than guessing ;-)