In the app, you can set an Auto Close order so that a position is automatically closed when it reaches a certain limit or price.
However, please be aware that the limit of the Auto Close order is not always guaranteed.
The reason for this is due to stock prices sometimes jumping to a higher or lower price than the level on which the Auto Close is set. Especially when the market opens for a certain product, it can open at a much higher or lower price than what they closed at the day before.
Example: You purchase Tesco and decide to set your Auto Close at -5%. Tesco closes that day at -1% and you are holding your position overnight. The market then opens and the first price after opening for Tesco is at -8%. The position you hold will now be closed at -8% and not the -5% you had set your Auto Close at, simply because it never hit the exact price at -5%.
Naturally, using Multipliers can also have a big effect on your Auto Close position. For example, if you are using a Multiplier of x 5 and the product opens at -2% - your result will be -10%. The higher the Multiplier, the bigger the chance your set Auto Close (Take Profit or Stop-Loss) will be hit, resulting in your position(s) being automatically closed.
Questions? Contact us.