You can place the following types of orders in MetaTrader 4 and 5 platforms.
A market order is a buy or sell order, executed immediately at the current market price. A market order is the most simple of the order types. The order is filled at the best price available at the time. In MetaTrader 4 and 5 market orders can be placed only in the working hours of the trading instrument.
Pending orders are orders to buy or sell an instrument at a specific price. They are processed when the market reaches or surpasses the predefined Stop or Limit price. You can use the following types of pending orders:
Take Profit and Stop Loss orders are a specific type of pending orders. They are attached to a currently open position and are used for taking the profit or limiting the losses of the position.
A trailing stop is a type of stop loss order that combines elements of both risk management and trade management. Trailing stops are also known as profit protecting stops, because they are used to keep a particular amount of profit in addition to preventing a loss.
Note: Trailing stops are executed in the client's terminal, and not on the trading server. This differs from Stop (Stop Loss) and Limit (Take Profit) orders, which are executed on the server. When MetaTrader is turned off, the trailing stop will remain at the last place when the platform was on.
When placing a pending order you can specify its validity: