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What is 'Close By' and How Do I Use it?

'Close By' is a function within the MT4 and MT5 platforms that allows a trader to close one hedged order by another order.

As an example if a trader has two open orders #101 BUY 1 lot EURUSD @ 1.1050 and #102 SELL 1 lot EURUSD @ 1.1150. The current market price of EURUSD is 1.1200.

The trader will see their open orders report as follows:

Open Orders
#101 Buy 1 lot EURUSD @ 1.1050, P&L +1,500
#102 Sell 1 lot EURUSD @ 1.1150, P&L -500

The trader can select #101 close by and then select #102. Then the trader will see one closed order.

Closed Orders
#101 Buy 1 lot EURUSD @ 1.1050 closed @ 1.1150, P&L +1,000.

In a second example it is possible to Close By orders of different size. If a trader has two open orders #101 BUY 1 lot EURUSD @ 1.1050 and #102 SELL 2 lot EURUSD @ 1.1150. The current market price of EURUSD is 1.1200.

The trader will see their open orders report as follows:

Open Orders
#101 Buy 1 lot EURUSD @ 1.1050, P&L +1,500
#102 Sell 2 lot EURUSD @ 1.1150, P&L -1,000

The trader can select #101 close by and then select #102. Then the trader will see one remaining open order and one closed order.

Open Order
#102 Sell 1 lot EURUSD @ 1.1150, P&L -500

Closed Orders
#101 Buy 1 lot EURUSD @ 1.1050 closed @ 1.1150, P&L +1,000.

In this example the total P&L is still unchanged. The remaining open order is for a reduced size (2-1) lots.

Why would you use 'Close By'?

A trader would choose to use the Close By function to close hedged positions because it means the trader does not have to pay additional spread on the closing trades of both the hedged trades.

How would you use Close By? 

In order to use the close by option. Please open up an existing order by double-clicking on it.

Click on the drop-down list next to “Type” and then choose “Close by”

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Here you can choose to close the trade you have clicked on with another existing trade.

To confirm the trade click on the yellow button which tells you which trade you are closing with respect to the other.

If you have any questions please do not hesitate to contact us by email support@valutrades.com, live chat or phone call +442031410888.