Automatic price alerts will be set each time a new position is opened. By default, the threshold which triggers an alert will be a 10% change, which works for both directions. For leveraged equity shares, the alert threshold will be multiplied by the leverage ratio.
You can also manage the automatic price alert by pressing the A letter on it:
Enabling/Disabling the option, as well as customizing the percentage thresholds, can be done in Settings -> Trading Preferences -> Portfolio volatility alerts.
Currently, the alerts managing feature is only available on the mobile app. We're working on a web-based implementation.
Note: You will still be getting price volatility alerts on the web app if such are set in your account.