What's a TP Order in MT4?

TP orders are orders used to close open trade transactions at a profit - TakeProfit orders Take-Profit & close-out the Gold trade once the specified TakeProfit Order level specified by a gold trader is reached & attained.

TP orders automatically close trade positions at a profit once the set Take-Profit level is reached and attained on the chart.

Placing TP When Opening New Order on the Tools Menu in MT4 Software Platform

To open/execute new order to buy or sell a trade position use tools pop up menu within MT4 Software as cited below.

New order button option for opening new trade is illustrated below. (key-board Short Cut Keys "F9")

What is TP in MetaTrader 4 Software? - How to Set TP When Opening Orders in the MT4

Once you choose new order button option like illustrated and shown above following order pop up window will appear & as a trader you'll then use this trade order pop up window to set the Take Profit Level for your new trade.

This pop-up window includes settings for opening a new order & also parameters for setting Take Profit Zone.

How Do I Set Gold TP Orders on the MetaTrader 4 Software - Set TP Order in MT4 Software

The Following TP Order Settings are specified for placing & setting a new TakeProfit trading order:

TP - Set TakeProfit, This one can be set/placed after placing a trade position, or for the pending orders

Open Buy or Sell Trade by Clicking the Following Button:

Sell by Market - Open Sell Trade
Buy by Market - Open Buy Trade

To Buy at prevailing price & open new order choose the Buy by Market order button option

To Sell at prevailing price and open new order choose the Sell by Market order button option

After you open the new trade positions use the TP Order Panel Window Above to Set the Take Profit for the New Order.

You also can get this window in order to modify an already open buy or sell gold trade - To get this order panel window for a buy or sell trade, right click in the opened buy or sell trade, then after that click "Modify Order" button after you click the modify order button option key the above order settings button key will appear & you as a trader can then set the Take Profit using the method/technique illustrated above.

Learn More Lessons:

Trade Gold Trading

What's a TP Order in MT4?

Placing TP When Opening New Order on the Tools Menu in MT4 Software Platform