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A guaranteed stop-loss order (GSLO), available for most products, works in the same way as a stop-loss order except that it guarantees to close out a trade at the price specified, regardless of market volatility or gapping.
There is a ‘GSLO Premium’ charge for placing a GSLO as you are guaranteed to be closed out at your specified price. 100% of the original GSLO Premium will be refunded if a GSLO is not triggered. This can occur when a GSLO is removed from an open Trade, amended to a regular Stop Loss Order or Trailing Stop Loss Order, when a Take Profit Order is triggered or when an open Trade is closed manually (fully or partially).
The GSLO premium amount to be paid when placing a guaranteed stop-loss order on a trade is calculated as follows: premium rate x number of units. You can cancel a GSLO or switch to a regular Stop Loss Order or Trailing Stop Loss Order at any time.
The applicable premium rate can be found on the trading platform, in the product overview for the relevant product.
The premium will be charged when placing the GSLO, including where this is done by changing an existing pending regular stop-loss or trailing stop-loss order to a GSLO.
The original GSLO premium (100%) will be refunded to you if the GSLO is subsequently cancelled before it has been executed. An additional premium is not required to modify an existing GSLO.
If you wish to place, modify or cancel a GSLO, you need to ensure that you have sufficient available funds in your account to cover any increase in position margin as a result. Failure to pay any GSLO premium due in full may result in your GSLO being rejected or removed.
Visit our article to understand how to set up a GSLO on the Next Generation platform.