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.

Take Profit (TP) orders automatically finalize trade positions with realized gains once the preset target level for profit taking is attained on the trading chart.

Setting Take Profit (TP) Levels When Initiating a New Order through the MT4 Tools Menu

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 does TP mean in MetaTrader 4 Software? - How to Set Take Profit (TP) When Opening Orders in 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 contains settings for initiating a new order, along with parameters for establishing the Take Profit Zone.

How to Establish Take Profit (TP) Orders for Gold within the MetaTrader 4 Environment - Setting TP Orders on MT4 Software

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

TP - Establish TakeProfit, which can be set after the trade position is placed or for 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 execute a purchase at the current market rate and launch a new transaction, select the "Buy by Market" order button option.

To Sell at the current price and start a new order, pick the Sell by Market order button

After ordering your new trade positions, utilize the TP Order Panel Window situated above to define the Take Profit target 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 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?

Setting Take Profit (TP) Levels When Initiating a New Order through the MT4 Tools Menu