Smart Orders: Time based Expiration / Entry Order Expiration

Expire Position At [Time]

Time-based expiry allows you to automatically cancel your Entry Order (and position) after a specified time period if no entries have filled. This feature can be useful in rapidly moving markets where you anticipate that your entry might not fill.

You can apply time-based expiry when creating an Entry Order, whether or not you include exit orders. It can also be added to existing orders, provided they have not yet been filled or partially filled. The feature is compatible with most Entry Order types, including Limit, Stop Order, Trailing Stop, and Ladder orders (but not Market orders, as they fill immediately). It works for both long and short positions.

Setting the Entry Order Expiration Time

Create Your Entry Order: Start by creating your Entry Order as usual.
Enable Expiry: Navigate to the "Expirations/Auto close" section and enable "Expire position at."
View Default Value: The default expiration time will be displayed in the Calendar input field, and a blue vertical line will appear on the chart at the specified time (based on the current chart time zone).


Two Methods to Set Expiry Time
a. Using the Calendar
Click the 'x' next to the time in the input field.
Click Set date.
Use the calendar to specify a future date and time.




b. Specifying Duration
Enter the number of minutes, hours, or days for expiry.
Valid values are:
1 to 60 (minutes)
1 to 24 (hours)
1 to 30 (days)
Select the appropriate unit: Minute, Hour, or Day.
The date and time field will update to reflect the new expiry time.

Once set, the blue vertical line on the chart will indicate the expiry time.
The exact expiry time will be used to determine if the position should expire, regardless of the chart’s time frame.
Note that the chart time is converted to the chart’s time zone (UTC in the example below), while the Trading widget time is based on your computer’s time.

After Placing the Order

During the countdown period, if the entry is filled or partially filled, the timer is canceled, and the position remains active.
Before the expiry time, unfilled positions are listed in My Positions and the Dashboard. For Signal Bot positions, they are also displayed under Open Positions.

Upon Reaching the Expiry Time

If no entries have filled (or partially filled) when the expiry time is reached:
A notification message is sent to your account.
All entry orders and pending exit orders for the position are canceled.
If the Entry includes multiple orders (e.g., a Ladder Order), all related Entry Orders will be canceled at expiry.
The position will be canceled and will no longer appear in My Positions.

Order Expiry Based on Price

You can also set order expiry based on price.
This feature can be used independently or combined with time-based expiry. For more information, see: Smart Orders: Price based entry expiration

Updated on: 21/08/2024