Stop Loss Feature
Stop Loss Feature on AlgoTest's Strategy Builder​
The Strategy Builder on AlgoTest now enables you to directly place stop-loss orders for your open positions, providing improved risk management and streamlined trading. Follow this step-by-step guide to learn how to add a stop-loss order to your trades.
How to set Stop Loss​
Step 1​
- Login to AlgoTest.in and click on the Strategy Builder button as shown in the image below.
Step 2​
- You need to navigate to the Position tab, which will display all of your positions according to the respective strategy.
Step 3​
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Click on the "stop loss" button for the position on which you want to add a stop loss. For example, if you want to place a stop loss on the Nifty 19 Sept 24 24600 PE buy position, you will need to click on the "stop loss" button as indicated in the image below.
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We have the option to choose the type of order - whether it's a Stop Loss Limit, Limit, or Market Order. Since we want to set a stop loss, we'll select a SL-L order. In this type of order, we can choose the trigger price and limit price as displayed in the image below. After providing the required inputs, we can click on "place order" to have it advanced placed on the broker end. If we want to set a stop loss to trigger at 8 and within a 1-point limit, we can put the trigger price as 8 and the limit price as 7.
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A Stop-Limit (SL-L) order with a trigger price of 8 and a limit price of 7 will be sent to your broker. It will be placed on your broker's pending orders list, and you will be able to view it in the :order window section in the Strategy Builder interface, as shown in the image below.
Step 4​
- Further, we can modify this order according to our requirements by clicking on the modify button, as shown in the image below.
- We can also cancel it by clicking the delete button, as shown in the image below.
- You can find your cancelled orders in the order window section, as shown in the image below.
