Cancel Stop Loss
Cancel active stop loss orders for one or more trades, removing the downside protection from specified positions. This rule is useful when your strategy's outlook has changed and you need to remove an existing stop loss before replacing it with a new one at a different level, or when you want to let a profitable trade run without the risk of being stopped out by a minor price retracement.
How It Works
The Cancel Stop Loss rule takes a list of trade IDs as input. For each trade in the list, it finds any associated stop loss orders that are still active (meaning they have not yet been triggered or previously cancelled) and sends a cancellation request to remove them.
This rule is commonly used in two scenarios:
- Replacing a stop loss — When you want to change the stop loss level on a trade, you first cancel the existing stop loss using this rule, then apply a new stop loss using the Stop Loss rule with updated parameters. This two-step process gives you full control over the transition.
- Removing protection intentionally — In some advanced strategies, you may want to temporarily or permanently remove the stop loss. For example, if a trade has become highly profitable and your strategy anticipates a further significant move, cancelling the stop loss prevents a minor retracement from prematurely closing the position. This approach carries additional risk and should be used with caution.
The rule only cancels stop loss orders. Base orders and take profit orders are not affected, so the rest of your trade management remains intact.
Inputs
| Input | Description | Required | Default |
|---|---|---|---|
| Trade Id(s) | A list of trade IDs for which the active stop loss orders should be cancelled. Connect this to the output of a Place Trades, Place Trade with Risk, or Trade Collector rule. | Yes | — |
Outputs
This rule has no outputs. Once the cancellation requests have been sent, the action is complete. The trades will continue to be open but without stop loss protection until a new stop loss is applied.
Tips
When you need to update a stop loss to a new level, connect the Cancel Stop Loss rule directly before a new Stop Loss rule on the canvas. This ensures the old stop loss is removed before the new one is applied, preventing conflicts between multiple active stop loss orders on the same trade. Always be cautious when cancelling stop losses without immediately replacing them, as the trade will be unprotected from adverse price movement during the gap. If your strategy requires dynamic stop loss adjustment, consider using the Stop Loss rule's built-in Trailing feature instead, which avoids the need to cancel and replace.
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