You can set up an Order Cancellation Line in just a few seconds by following these steps:
- Draw any valid straight line on your chart. Valid lines are any of the following:
- Horizontal Line
- Extended Line
- Line (segment)
- Open that line's Properties window by double-clicking on it or right-clicking and selecting Properties.
- Add the word cancel to the line's Tag. Don't delete the existing Tag, since they need to be unique. For example, if you drew a Ray and the Tag is Ray1 you could set the Tag to any of the following values:
- Ray1 cancel
- Or you could even set it as Racancely1 if you really wanted :) Basically, the Tag just needs the word cancel in it somewhere
- That's it! That line is now an active Order Cancellation Line and if you are flat the market (no open positions), the line will cancel any open orders you have waiting if the line is hit before price reaches your order waiting.
NOTE: You can customize the word that you enter into the Tag to activate an Order Cancellation Line. The default word is cancel, but you can change it to whatever word you want. Read more here.