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Guaranteed stop-loss orders
Protect your positions from market gapping and slippage with a guaranteed stop-loss order (GSLO). Available on forex, indices and gold. As a professional account holder, you may qualify for additional margin relief when you place a GSLO, stop-loss or trailing stop-loss order on your trades. Available on the OANDA Trade platform and mobile and tablet apps.
What is a guaranteed stop-loss order?
Guaranteed stop-loss orders protect your positions by guaranteeing to exit your trades at the exact price you specify, regardless of market volatility. This is different from a stop-loss order which may be filled at a worse price level than the one you requested. GSLOs incur a fee (or GSLO premium), but this is only charged if the GSLO is triggered.
What is gapping?
Market gapping occurs when prices move instantaneously from one price level to another, without trading at the levels in between. This can occur during periods of high market volatility and in between sessions of continuous trading. On weekends and public holidays when markets are closed for trading, for example.
As a result of this gapping, when the markets re-open your stop-loss orders may be filled at a worse price level than the one you may have requested. This is known as “slippage”.
GSLOs protect your trade against slippage or gapping
Placing a GSLO would protect your trade from this slippage. As seen in this chart, the market gapped but the GSLO was still filled at the requested price level. Since the GSLO was triggered, a GSLO premium was charged. If you had placed a stop loss-order, your trade would have been closed at the next available price when the markets re-opened for trading.
How to place a guaranteed stop-loss order on OANDA Trade mobile or web
To add a GSLO to an order, simply tap the stop loss button and set your GSLO level either by price or select the level by the number of pips away from the entry price at which you would like your GSLO to be triggered. A GSLO must be placed a 'minimum distance' away from the entry price. This minimum distance is displayed on the ticket. The GSLO will be selected automatically here when adding a stop.
Portfolio screen
If a trade has a GSLO associated with it, this is displayed on the portfolio/trades screen like a normal stop loss, with an additional “G” next to the stop loss level.
Mobile
Key information and restrictions on GSLOs
- Stop loss is now the default on all trade orders. GSLOs can be selected from the drop-down order list.
- GSLOs can only be placed (or added to a position) during market hours. They can be added to an order (or existing position) by toggling the stop loss button on the order ticket.
- A GSLO must be placed further than the ‘minimum distance’ from the entry price. This minimum distance is displayed on the ticket.
- The GSLO premium, which is only charged if the GSLO is triggered, is displayed below the stop loss entry field.
- During market hours, a GSLO can be modified so long as it meets the minimum distance criteria, while outside of market hours, you can only move a GSLO further away from the current market price.
- The GSLO will remain until you close the trade out or the GSLO is executed. A GSLO attached to a limit or stop order can be cancelled.
Other restrictions
- If you have multiple trades open on the same instrument with multiple GSLOs, the minimum distance applies between each GSLO as well as with the market price.
- You cannot place GSLOs on instruments where you have both long and short positions at the same time (hedged trades).
- If you attach a GSLO to an order or trade on OANDA Trade, you will not be able to modify this on MT4 and it will appear as a normal stop loss within the MT4 platform.
- Orders submitted via MT4 will perform a margin check using the standard margin requirement, even if a stop loss order is attached.
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Frequently asked questions
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How does a GSLO behave differently compared to a standard stop-loss?
Let’s say you open one unit of a long CFD position on the UK 100 Index at 7000 and place your guaranteed stop 50 points away at 6950 as you are concerned about market volatility.
The premium being charged if the GSLO is triggered is 2 pips.
If the index gaps down 100 points to 6900, your position would automatically be closed out at your GSLO level of 6950 and you will realise a loss.
(order size x stop distance) + (order size x premium fee) = loss
(1 x 50) + (1 x 2) = GBP52.
If you hadn't placed the guaranteed stop on your position, but instead used a standard stop loss at 6950, your trade would have closed at 6900, resulting in a loss of GBP100.
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