Liquidation guard
When it is on and any leg’s liquidation distance is at or below the liquidation guard line, the combo reduces at market in batches.
In the product
It is the Liquidation guard switch, the liquidation guard line and the exit buffer in a combo’s risk parameters. Each reducing order stays within the Maximum order size.
How to read it
The exit line of liquidation guard is the liquidation guard line plus the exit buffer, in percentage points. Reducing stops only once the liquidation distance is back above the exit line. Example: with a liquidation guard line of 20% and an exit buffer of 10, reducing stops once the distance is back above 30%. Reducing uses market orders, also on post-only combos, and pays slippage and fees. Risk controls explains the order of the lines.