What is a TP Order on MetaTrader 4?
TP orders are gold 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 TP level is reached on the xauusd chart.
Setting TP When Opening New Order in Tools Menu on MT4
To open a new gold order to buy or sell a trade use the tools pop up menu within the MT4 Gold Trading Platform as shown below.
The New order button for placing a new gold trade transaction is shown below. (Keyboard Short Cut Keys "F9")
What is TP on MetaTrader 4? - How to Set TP When Opening Gold Orders on MT4
Once you select the new order button as illustrated above the following gold trade order popup window will appear and as a trader you can use this trade order popup window to set the TP Level for your new xauusd trade.
This popup includes the settings for placing a new xauusd trade order as well as settings for setting Take Profit Level.
How to Set Gold TP Orders on MetaTrader 4 - Set TP Order on MT4
The Following TP Order Settings are specified for placing a new TP xauusd trade order:
TP - Set TP, This option can be set after opening the trade, or for pending gold 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 xauusd trading price and open a new gold order select the Buy by Market gold order button
To Sell at current xauusd trading price and open a new gold order select the Sell by Market gold order button
After you open the new trades use the TP Window Above to Set The TP order for the New Gold Order.
You can also get this window so as to modify an already open buy or sell gold trade - To find this order window for a buy gold trade, right click on the opened buy or sell xauusd trade, then after that click "Modify Order" after you click the modify order button the above order settings button will appear and you can set the TP Order using the procedure explained above.
