Max Loss Per Trade
What it does
Per-trade risk cap, independent of the daily and weekly circuit breakers. In dollars mode (the default), no single defined-risk trade can be sized past a flat $700 max loss. Switch to pct mode to size the cap as 2% of live NLV instead, which scales with account size.
When to change it
Switch to pct mode if you want the per-trade cap to grow or shrink with the account rather than staying fixed. Raise the dollar cap above $700 only if you have deliberately decided a single trade can carry more risk than the default.
Safe range
Dollars mode: $100 (tight) to $1,000 (loose). Pct mode: 1% to 3% of NLV.
Example
$50,000 account in the default dollars mode. Every new defined-risk trade is sized so its max loss does not exceed $700, regardless of account size. Switching to pct mode at 2% would instead cap it at $1,000 on this account.