MT5 -> MT4 Copier duplicates orders from MT5 terminal(s) to MT4 terminal(s) running on the same computer. The communication is almost instant. The copying speed, and any slippage, will depend from the quality of your broker execution.
This means that the trade closes as soon as the trade on the master platform is simply closed, whether that is via sl/tp, or via manual close.
This means that pending orders have to trigger and become market orders to be copied.
It is possible to create black list of symbols to prevent the copy or white list of symbols to copy only symbols from the list.
Master terminal is the terminal the trades copied from.
Slave terminal is the terminal the trades copied to.