MT5 brokers have different type of execution like MT4 brokers and different type of market (and limit orders) like FIX API Brokers.

Type of execution for each symbol defines by brokerage company by MT5 server settings.

It depends from brokerage model and execution type can be:

Instant execution

Your order can be executed at the price offered to a broker. When sending an order to be executed, the platform automatically fills the current prices or "Requote" error appears — the broker returns prices, at which this order can be executed.

For instant execution available only one order type: Fill or Kill (FOK)
FOK – A Fill-or-Kill order instructs the broker to kill the entire order if it cannot be filled immediately. The required volume can be filled by several offers available in the market at the moment.

Request Execution

In this mode, a market order is executed at the price previously received from a broker First you request price then you send order. Order can be confirmed or rejected by broker. For request execution available only one order type: Fill or Kill (FOK) as well.

Market Execution

Order will be executed by current market price. Order can be slipped. A-book model.
For market execution available order types: Fill or Kill (FOK), or(and) Immediate Cancel, or (and)  Return

IOC – an Immediate-or-Cancel order instructs the broker to cancel any part of the order that cannot be filled immediately.
Return If filled partially, a market or limit order with the remaining volume is not canceled, and is processed further.

Use of fill policies depending on the execution type can be shown as the following table:

Type of Execution:

Fill or Kill                          

Immediate or Cancel            

Return                                             

Instant Execution

YES

NO

NO

Request Execution

YES

NO

NO

Market Execution

YES

YES

YES

Exchange Execution

YES

YES

YES

 

We have added possibility to select order type to our MT5 Arbitrage EA software:

mt5 arbitrage ea orders type

Now you can select order type from the list. Recommended order types: FOK and IOC. But before you decide which one order type better for you, you need to check if this order type accepted by your broker.

mt5 order types and execution types

You can view following video to understand how MT5 arbitrage EA works

 

 

FOK and IOC order type allows you to control slippage.

Read more about MT5 Arbitrage EA