Requote
Requote: A requote happens when the price changes before an order is filled and the broker, instead of filling it at the requested price, offers a new price that the trader can accept or reject.
Why do requotes happen?
Requotes occur with instant execution, where an order is sent at a specific price. If the price has moved by the time the order arrives, the broker does not fill it at that price and asks whether you accept the new one. They are more frequent in fast markets and around major news.
What is the difference between a requote and slippage?
With market execution there are generally no requotes: the order is filled at the price available at that moment, and any difference shows up as slippage. With a requote you decide whether the trade goes ahead; with slippage the trade has already been filled at a different price.
Example
You try to buy EUR/USD at 1.0850, but by the time the order arrives the price is 1.0853. The platform shows “Requote: 1.0853”; if you accept, the trade opens at 1.0853, and if you decline, it does not open.
Learn more
- Forex Order Types: Market, Limit, Stop and More Explained
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- How to Use MetaTrader 4 (MT4): A Beginner's Guide
How to install and use MetaTrader 4 (MT4): logging in, opening trades, pending orders, stop loss and take profit, trailing stops, charts and Expert Advisors.
Related terms
- Market execution
Market execution is an order execution model in which orders are filled at the best price available when they reach the broker, rather than at a fixed price requested by the trader.
- Slippage
Slippage is the difference between the price you expect when placing an order and the price at which it is actually filled. It can work against you (negative slippage) or in your favour (positive slippage).
- Market order
A market order is an order to buy or sell straight away at the best available price. Buy orders fill at the ask and sell orders at the bid.