How to open an option position automatically with the pending order

Contents

1 New pending order request
2 Cancelling the pending order at Olymp Trade

New pending order request

There is a possibility at Olymp Trade to open a position automatically. It can be used when you trade with the support/resistance levels. It is not uncommon for the former support level to become new resistance and vice versa. And when you expect such a reverse in the prices, you can set a pending order. Thanks to it you will not have to spend long hours at the computer desk. Now, let me tell you how to do it.

Broken support level can act as a resistance in the future

On the right side of the Olymp Trade interface, you will see the “Order” button. After you click on it, a new window will pop up. The first option is to set an order depending on the asset price. You can use the default settings or change it according to your needs. So you can enter manually the price and the payout rate at which you would like an option position to open. Then you set the duration and the amount you wish to invest. In the end, you decide about the direction of your automatic position and click the “Down” or “Up” button.

How to set pending order for down option — How to set a pending order for the down option

When the option position is ordered, the dots will be visible on your platform. The colour depends on the direction of the position. They indicate the price level at which the automatic order will be launched.

Down option is waiting for execution — The down option is waiting for the execution

Cancelling the pending order at Olymp Trade

It is possible to close position before expiration — It is possible to close the position before expiration

It is unfortunately not possible to change the parameters of the previously set pending order. However, if you think your decision about the future position was wrong, you can cancel your automatic order. To do that, you just need to click on the pending position on the chart. You will see then the possibility to sell the position and the price for it. Click whenever the price is acceptable for you.

Order is executed, now we have an open trade — The order is executed, now we have an open trade

It is also good to mention that there is also a guide for using pending orders for forex trading.

Price reacted with resistance level enough to have a profit from our trade — Price reacted with the resistance level enough to have a profit from our trade

This is quite a good way to trade when you do not have so much time to sit still at the computer. And remember, you can order more than one position to open automatically and they do not necessarily have to be in the same direction. Check it out on your Olymp Trade demo account. Share your thoughts with us in the comments section below.

Good luck!