The Exit Position(s) by Market

The Exit Position(s) by Market element allows traders to close all open positions, whether long or short, at the market price. This feature is essential for managing risk and ensuring that positions are closed promptly when certain conditions are met.

Market Order Properties

When exiting positions by market, various properties can be customized to fit the trader's requirements:

1. Exit Long or Short: Specifies whether to close long positions, short positions, or both. This allows for targeted position management based on the strategy’s needs.
   
   

2. Comment: Allows adding a comment to the market exit order for reference or tracking purposes.
   
   

3. Time in Force: Determines the duration for which the exit order remains active:
   
   

   • Good Till Cancelled (GTC): The exit order remains active until it is explicitly cancelled.
     
     
   • DAY: The exit order is valid for the current trading day and expires at the end of the day if not executed.
     
     
   • Good Till Date: The exit order remains active until a specified date.
     
     

4. Wait for Execution: Determines whether the strategy waits for the exit order to be filled before proceeding. This can be configured based on the strategy’s logic:
   
   

   • Synchronous Execution: The strategy waits for the exit order to be filled before continuing.
     
     
   • Asynchronous Execution: The strategy continues without waiting for the exit order to be filled.

Notes

• The flexibility of the Exit Position(s) by Market element allows traders to customize the order properties to fit their specific strategy requirements.
• Both synchronous and asynchronous execution options are supported, providing versatility in how trades are managed.

Example Use Case

Consider a scenario where a trader wants to close all open positions if a certain risk threshold is met. The Exit Position(s) by Market element can be set up to ensure this action is taken:

1. Setup the Element: Place the Exit Position(s) by Market element in the algo tree.
   
   
2. Define the Properties:
   
   
   • Exit Long or Short: Specify whether to exit long, short, or both types of positions.
     
     
   • Time in Force: Choose the appropriate time frame for the exit order (e.g., GTC, DAY).
     
     
   • Wait for Execution: Decide whether the strategy should wait for the order to be filled synchronously or continue asynchronously.

Conclusion

The Exit Position(s) by Market element is a vital tool for managing and closing positions within the MSB. By providing customizable order properties, this element ensures that traders can effectively manage their positions and control risk according to their strategic requirements. This functionality enhances the overall responsiveness and safety of trading strategies within FinStudio.