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Why doesn't pending orders have trailing stops?
Because there is nothing to check until the pending order is executed. Eventually we may add that feature.
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If I want a pending order to sit there for a day or two, how can I do that?
You will need to increase the minutes in metaeditor.
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The manual doesn't really explain what 5 offset pips are?
You are correct. The info is on the what is new page
BUY P - Pending Buy icon: Executes a BuyStop at the Ask price + a buffer (offset in pips). BuyStop is a pending order to buy a currency pair at a price higher than the current price. The order will be executed (modified into market order Buy) if the Ask price reaches or rises above the price set in the pending order.
SELL P - Pending Sell icon: Executes a SellStop at the Bid price - a buffer (offset in pips). SellStop is a pending order to sell a currency pair at a price lower than the current one. The order will be executed (modified into market order Sell) if the Bid price reaches or falls below the price set in the pending order