While the trade permissions can limit the single transaction size, they cannot limit the overall invested sum which a system’s creator recommends. What if one of those guys went crazy or just built a dumb bug in their own system which would trigger 10 of the same trades at once? It might result in a open position with a much higher risk than I would be happy with, as long as it stays within the absolute margin which my broker tolerates.
Therefore I would like to set a maximum sum for the absolute value of the open positions a system is allowed to have in my account, and a maximum sum for all systems I’m subscribed to, too.
Some system use fishing strategy like Tango, with 30~50 limit orders submitted (BEFORE the market opens) only 5~20% likely to be filled. This works fine in a normal day, but it would be a over-capacity problem when market move heavily on a day.
The wanted safety mechanism is one able to automatically cancel all the remaining open orders when a capacity limit ( total positions / filled orders ) is reached. It is similar to the OP wanted but a step further ( able to cancel existing open orders ).
