Guide to Using Pending Orders to Trade Forex on IQ Option

Pending orders have been a big confusion among many forex traders on IQ Option. This is a feature that will make it easy for the platform to open a trade position automatically after certain conditions are met.

Also, it will automatically close the open position after certain conditions are met. For example, suppose you are trading EUR/USD currency pair and you predict that the price keeps falling to a support range before bouncing back up.

The prices are still up, so now you have two options first is you can wait for the price to drop before entering into trade and second you can place a pending order.  

You have benefits of these commands that are set inside your trading interface so that when the price reaches the support zone the platform will automatically open a buy position. With the help of this guide, you can learn about pending orders and how to open them when trading forex on IQ Option.

Opening a pending order on IQ Option

After logging into your IQ Option trading account you have to set up a 5 minutes candle forex chart. For the purpose of explanation, Bollinger Bands will be used because it will make it easy to identify possible trend reversals.

There are two ways to open pending orders. The first way is by time, that is at some time in the future, the IQ Option platform will automatically enter a trade position.

In this approach, there is one problem which is that at any given time in the future you can never know where the prices will be. So it is recommended to avoid this approach.

The second way is through price to open your pending order which means that the platform will automatically enter the trade position once the asset’s price reaches a specific level.

This method is recommended because by this method you can easily predict that an asset’s price will reach a certain point based on previous price movements.

Advantages of using pending orders on IQ Option

The trading process is partially automated by pending orders. So, analyzing the charts will leave you with more time to do that. In trading forex, you will find that the trade entry point isn’t the current price.

These pending orders allow you to enter a position at the price point of your choice and it is a price which higher or lower than the current price.

To keep trades open, you can use partial automation even when you’re not physically working on your trading interface.

Example for opening a pending order on IQ Option

As you can see from the chart of EUR/USD, you will notice the price point of 1.13762. While this uptrend, price consolidation occurred when this price point formed a strong resistance and if the price point broke out of this level the uptrend will continue and expectation of price to bounce off this price point during the downtrend.

So, at this point, a pending order (buy) at the 1.13762 price point will be placed but first, it is important to look at the steps to consider. The first step is to choose the investment amount in this trade. The second step is to select the multiplier which is simply leverage applied to its trade.

So, when you are trading $10 and leveraging X300, it will be like trading with $3000. Here the third step is to auto-close the parameters which include setting the take profit and stop loss. And +100% take profit only means that profits are 100% platform should automatically close.

The -95% stop loss simply means that the platform should automatically close the trade if the trade goes against me and the investment drops by 5%.

Opening the pending order

As it is final to place a buy position when the price drops to 1.13762 so, how to do it? Firstly, until a small black box with 1.13762 appears, hover the cursor along with the prices.

Click on the price. Then click on the ‘Buy’ button. After this, the IQ Option will send a notification on the trading interface that indicates the pending position that has been created.

Now when the ending position opens, IQ Option sends the notification which indicates the execution of the trade entry.

Point 1 shows the price point where the pending order will be triggered. Point 2 shows the price the chart was reading when I entered the pending order command.

Point 3 shows the point where they take profit and the auto-close feature will be triggered. That is, the price must rise from point 1 to point 3 for the take profit feature to automatically close the trade.

Changing the settings of the pending order on IQ Option

You can change the settings of pending orders on IQ Option, that is one good thing about it. If your trade goes in your way then you can increase the trade amount and so increase your profit. You can also modify profit and stop-loss percentages.

You can even set the trade to use the available account balance and apply the trailing stop.  If you want to change these settings, click on the pending order and click ‘apply’ after making changes.

Note: You can also close a pending order manually. Simply click on the transactions tab on the left of your trading interface. Click on the pending orders feature and then select close for the pending orders you want to terminate.

Pending orders are a good way to open future trades on IQ Option. This feature is available for forex, stocks, CFDs and other instruments.

Now that you’ve learned how to open pending orders on IQ Option, try them out on your practice account. We’d love to hear about your results in the comments section below.

Good luck!