Stop order specifies a price at which to buy or sell. It is called a Stop Loss because it is used to define how much loss is tolerable before a position will be exited. When the specified price is reached the order becomes a market order, and the broker executes the order.
Stop Loss Strategy is displayed as maroon marker on the chart connected to the order price label on the price scale with a dotted line and as maroon marker in the DOM window.
For the chart window, Connecting line length can be modified in Format Chart Trading menu.
Applying Stop Loss Exit Strategy
Apply Stop Loss Exit Strategy to an active order or open position by one of the following methods:
- Drag-and-drop the Stop Loss icon to an active order or open position on the chart; or:
- Drag-and-drop the Stop Loss icon to an active order or open position on the DOM window; or:
- Right-click on the active order or open position on the chart to see the shortcut menu, select Attach Exit Strategy and click Stop Loss; or:
- Right-click on the active order or open position in the DOM window to see the shortcut menu, select Attach Exit Strategy and click Stop Loss; or
- Right-click on the Stop Loss icon in the Exit Strategy menu to see the shortcut menu and check Apply To Open Position.
Stop Loss Parameters
To modify default Stop Loss Parameters:
- Right-click the Stop Loss icon in Exit Strategy menu to see the shortcut menu.
- Click Edit…
- Modify amount of loss in the Amount of Loss box.
Amount of Loss can be set as a fixed price or an offset indicated as ticks or %.
- To set the Stop Loss at a fixed price level:
- Click the Save button to save the settings.
- To set the amount of Stop Loss at a fixed offset:
Click More Parameters >> to show Time In Force field (for more info see Time in Force section).
Stop Loss Type buttons allow choosing the type of the Stop Loss order: Stop Market or Stop Limit with adjustable offset.
To save custom parameters, click Save.
Auto Attach Stop Loss Exit Strategy to orders by one of the following methods:
- Right-click the Stop Loss icon in the Exit Strategy menu to see the shortcut menu, then check Auto Attach to Orders; or:
- Double-click the Stop Loss icon in the Exit Strategy menu; or:
- Enable Auto Attach to Orders feature in the Place Strategy window when applying the strategy.
When one or several Exit Strategies auto attached, the Pause/Auto Apply button with the number of auto attached exit strategies in brackets will be shown in Exit Strategy menu. Click Pause to temporarily disable auto attach feature.
When auto attach feature is paused, no Exit Strategies will be automatically applied to an each new entry.
To re-enable auto attach feature click Auto Apply.
Saving as Template
- Open Strategy Parameters window by one of the following methods:
- Modify default Stop Loss parameters.
- Click Save
- Choose the Stop Loss Template icon .
- Enter Stop Loss Template name.
- Click OK