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.
Step 2
- You need to navigate to the Position tab, which will display all of your positions according to the respective strategy.
Step 3
- Click on the "stop loss" button for the position on which you want to add a stop loss.
- 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.
- 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.
Step 4
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Further, we can modify this order according to our requirements by clicking on the modify button.
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We can also cancel it by clicking the delete button.
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You can find your cancelled orders in the order window section.