Close By on MT4
The Close-By facility allows traders to close two hedged orders by cancelling each other out. The benefit of doing this is that only one spread is paid for two orders. In contrast, if two hedged orders are closed independently then two spreads will be paid and hence the trade cost is paid twice.
Step 1: Right click on the trade
Step 2: Click ‘’Modify or Delete Order”
Step 3: Click ‘’Close By”
Note: By using Close By order, the opposite order will be closed out. Example if you close by a sell order, the buy order will be closed.
Under the Journal, you will be able to find the Close by orders.
Multiple Close By on MT4
The Multiple Close-By facility allows traders to close more than one opposite position at the same time.
Step 1: Right click on the trade
Step 2: Click ‘’Modify or Delete Order”
Step 3: Click ‘’Multiple Close By”
Note: By using Multiple Close By order, both buy and sell order with the same instrument will be closed at the same time.
Under the Journal, you will be able to find the Multiple Close by orders.
