MT5 execution modes and filling policies explained

Two settings in the symbol specification decide how your orders are filled. Where to see them, what each name means and what they do to the trade history.

Two settings in the MetaTrader 5 symbol specification shape what happens when you click Buy or Sell: the execution mode and the filling policy. Traders usually meet them only when an order is rejected with a message about the filling type, or when a fill looks different from what they expected. This page explains in plain words what each term means, where to see them in your terminal, and how they affect the trade history you later put into a journal.

Where to find them

In MT5, open the Market Watch window, right-click a symbol and choose Specification. The list includes fields named for execution and for filling, among many others. Names and available options can differ by broker and by terminal build, so check your own terminal. The page on the symbol specification window walks through the rest of the fields.

Execution modes in plain words

Which mode applies depends on the symbol and the broker. Many retail forex and CFD accounts use market execution, but do not assume; read the specification on your own account.

Filling policies in plain words

A filling policy tells the server what to do when the full volume cannot be filled at once at the requested price. The three names you will see are:

• Fill or Kill. The whole volume is filled or the order is cancelled. No partial fill.
• Immediate or Cancel. Whatever can be filled right now is filled, and the remainder is cancelled.
• Return. A partial fill is allowed and the rest stays as a working order. This option applies to some order types and execution modes only.

A symbol allows a specific set of these. If an Expert Advisor or a script sends an order with a type the symbol does not allow, the server rejects it, and the message mentions the filling mode. That is one of the most common reasons an automated strategy works on one broker and fails on another.

Why it matters for the history

Filling affects how a single order can turn into one or more deals. An order that is filled in several pieces creates several deals, and MT5 combines the deals into one position. The page on deal, order and position IDs explains the relationship, and partial closes in the history shows how it looks when you reduce a trade in steps.

If you look at your history and find two or three deals at slightly different prices for one order, that is usually partial filling at work, not an error. A journal that works per position, such as AI Trading Journal, merges them into one entry with the result as profit plus commission plus swap, dated by the last exit on the broker’s server clock.

Execution mode and slippage

With market execution you accept the price the market gives, so the price on the chart when you clicked and the fill price can differ. With instant execution a deviation setting limits how far the price may move. Either way, the difference between the price you intended and the price you got is slippage. The page on spread and slippage shows how to estimate it from your history. Note that the app does not record your intended price, so you would write that down in the notes if you want to compare.

Pending orders and stops

The same logic touches pending orders: when a stop or limit order triggers, it becomes a market order in effect and is filled according to the symbol’s rules. See pending orders in the trade history for how they appear, and stops level and freeze level for restrictions on where you can place them.

A short checklist before you automate

• Read the execution and filling fields in the specification of each symbol you trade.
• If you run an Expert Advisor, check which filling type it sends and whether the symbol allows it.
• After a rejected order, read the message in the Journal tab before changing anything.
• Compare a few fills with the prices you intended, and write the difference into the notes.
• Do not move to another broker without checking these two fields again.

A worked example (hypothetical)

A trader sends a buy order for 2.00 lots on a symbol with market execution. The order is filled in two pieces, 1.20 lots and 0.80 lots, at two slightly different prices, so the history shows two deals under one position. Later the trader closes the position in one click. The journal shows one entry, with the combined result and the date of the last exit. The same trader switches to a second broker where the symbol allows only Fill or Kill, and an Expert Advisor that sends Immediate or Cancel is rejected until the setting is changed. The numbers are invented, but the pattern is common.

Limits of this page

• Modes, names and options differ by broker and terminal build; confirm in your own terminal and your broker’s documents.
• The app is read-only and records closed positions only, not intended prices, slippage or rejected orders.
• This page is an explanation, not advice on any broker or order type.

Frequently asked questions

Related guides

• A local trading journal for MT5
• P&L calendar for MT5
• Trade notes, ratings and screenshots
• Trading progress and goals
• Back up your journal and move it to a new PC
• An offline trading journal for Windows
• How to set monthly trading goals
• Import your whole MT5 history
• How to tag trades
• Trade screenshots for your journal
• All trading journal comparisons