Smart Orders: Price based entry expiration
Price based expiration / Entry Order Expiration
The Price based expiration can only be added when creating an Entry Order.
It's purpose is to automatically cancel your Entry Order (and position) after a specified price has been reached.
The 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 toyour entries, invalidating the reason for taking the position.
The Price based expiration can be used with all Entry Order types: Market, Limit, Stop Order, Trailing Stop and Ladder. And 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
Switch on Price based expiration
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 sysdropper 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 is cancelled and the position continues.
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 be visible in My Positions
Editing a smart order
Once an entry order has filled (or part-filled), Price based cancellation will no longer be available.
If no entries have yet filled, the Price based expiration can be turned on or edited.
Updated on: 28/03/2023