4.1. In order to give an Instruction to close a position, the Customer shall specify the following:
- Ticker; and
- Transaction Size.
Instruments quoted by «Instant Execution»
4.2. In order to close a position via the Client Terminal without using an Advisor, the Customer shall press the «Close…» button at the moment when the Customer is satisfied with the Quote in the Quotes Flow.
4.3. In order to close a position via the Client Terminal using an Advisor, the Instruction to close a position must be generated at the current Quote.
Instruments quoted by Customer price request
4.4. In order to close a position via the Client Terminal without using an Advisor, the Customer shall send a Request by pressing the «Request» button. Once the Customer has received a Quote and is satisfied with it the Customer shall press the «Close…» button within 3 seconds while the Quote is still valid. If during this period the Customer fails to give any Instructions or the market moves and the Quote becomes irrelevant, the Dealer has the right to revoke the Quote.
4.5. In order to close a position via the Client Terminal using an Advisor, the Advisor generates a Request. If the Dealer offers a Quote, which differs from the Advisor’s Quote by not more than the «slippage» value (Advisor’s parameter which determines the acceptable range between the Advisor’s Quote and the Quote offered by the Dealer), the Advisor gives the Instruction to the Server to close a position at the Quote offered by the Dealer.
Processing and execution of Instructions to close a position
4.6. The Dealer has the right to requote if the current Quote changes whilst a dealer processes a Customer’s Request or Instruction. In this case the requote window will be enabled[9]. If the Customer is satisfied with the new price, the Customer shall press the «OK» button within 3 seconds, while the Quote is valid. In this case the Instruction is sent to the Server again and the Server starts the process of verification as set in clauses 2.2, 4.6. If the Customer does not press the «OK» button within 3 seconds, the Quote becomes invalid and it will be considered that the Customer refuses to close a position.
4.7. If the list of open positions on a trading account contains two or more matched positions, then once an instruction or a request to close one of them has being generated in the drop down «Type» list the additional option «Close By» appears. If the Customer chooses this option a list of opposite open position(s) appears. Once the Customer selects the position it enables the «Close#…. by#» button. By pressing this button the Customer closes the opposite positions of one size or «reduces» two opposite positions of different size. The smaller position and symmetrical part of the bigger position are being closed, it generates a new open position with the same direction as the bigger position but with a new ticker.
4.8. If amongst the Customer’s Open Positions the Customer has multiple positions which the Customer wishes to close against matching Open Positions of the same Instrument the Customer can do so by utilising the «Multiple Close by» item in the «Type» drop down list. Upon matching/closing the chosen positions the Customer will have either a zero or net Long/Short Position based upon the net overall exposure. The Customer should note that the net overall position will be allocated a new Ticker.
4.9. An Instruction to close a position is deemed executed and the position is deemed closed once the relevant record appears in the Server Log-File.
4.10. An Instruction to close a position is declined by the Dealer if the Instruction precedes the first Quote for this Instrument in the Trading Platform on the Market Opening. In this case the «Off quotes» message appears in the Client Terminal window.
4.11. An Instruction to close a position is declined by the Dealer if this request proceedes to the Dealer when the Stop Loss or the Take Profit for this position is in the Queue in order to be executed. In this case the «Off quotes» message appears in the Client Terminal window.
[9]
If the maximum deviation value is set above zero and
the difference between the previous and the new Quote,
offered by the Dealer, is lower or equals the value
indicated for the maximum deviation, then the Server
does not provide the Client Terminal with a new Quote
and closes a position. Therefore the new close Price,
in the predefined range, can be both worse or better
than the previous Quote.
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5. Orders»
