Smart Orders: Price based entry expiration

Price based expiration or Expire position at / Entry Order Expiration

The Price based expiration or "Expire position at" can only be added when creating an Entry Order.
Its purpose is to automatically cancel your Entry Order (and position) when no entry orders have been filled, or partially filled, and the specified price has been reached
The expiry price should be on the same side of the current price as your exit orders.

This can be useful when trading a market that moves in the opposite direction to your entries, invalidating the reason for taking the position.

The Price based expiration can be used with most Entry Order types: Limit, Stop Order, Trailing Stop and Ladder. (It is not usable with market entry order, since an entry will fill immediately). It can be used with long or short positions.
Where your Entry includes multiple orders (e.g. a Ladder Order), all related Entry Orders will be cancelled when the Trigger price is reached.

How to Set the Entry Order Expiration

Create your Entry Order as usual
Enable "Expire position at" and Tick the "Price" option.
Select the price where you would like your position to be cancelled. This will often be around the first Take Profit order price, but can be anywhere on the exit side of the order.
To specify the Price:
click one of the preset values
drag the blue cancellation handle to the required price
click the eyedropper icon and select a price on the chart
enter a percentage value. The percentage is offset from the Current price.

Once the order is placed

The Cancellation price is visible on the chart as a blue line. The colour can be customised in the Altrady Chart Settings (see below)
An unfilled position will be visible in My Positions (see below)
Either the Cancellation price will be reached first or an entry will fill or partially fill first.

Once an entry is filled or partly filled, the Price based expiration or Expire position at is cancelled and the position continues.

Cancellation

If no entries have filled or partially filled and the Cancellation price is reached:
a notitifcation message is sent
all entry orders and pending exit orders are cancelled
the position is cancelled and is no longer visible in My Positions

Editing a smart order

Once an entry order has filled (or part-filled), Price based cancellation is no longer available.
If no entries have yet filled, the Price based expiration or Expire position at can be turned on or edited.

Combining Price-based and Time-based Expirations

Price-based and Time-based position expiry can be used at the same time.
Once either of the conditions is met, the position will expire, as above.

Updated on: 21/08/2024