A pending order EA is a type of forex trading robot that automates the placing of entry orders to potentially capitalize on future price moves. Unlike EAs that trade immediately off live market prices, pending order EAs submit buy/sell limit and stop orders which get triggered when the market reaches the defined entry price.

These EAs analyze technical indicators to forecast potential breakouts, reversals, or retracements. Entry orders get strategically placed at price levels to enter trades with optimal timing and price. When the market moves as predicted, orders get filled for automated execution per the EA strategy rules.

Benefits of pending order EAs include capturing trades at desired prices without needing 24/7 monitoring. Risks include slippage on order fills. Proper technical analysis, risk management, and order placement logic are critical in the EA algorithm. Extensive backtesting across changing market conditions is required.

When coded correctly, pending order EAs provide a major advantage by automating entry orders for high-probability future trades. But prudent entry price selection and trade management rules are essential to maximize profitable fills. These robots remove emotion from trade entries.