This status only applies to Entry orders and will happen when the price of the order is below the stop price due to a change in the entry order price or the stop price. For short positions, this status will occur when the price of the order is above the stop price. The following is an example for a long trade where an entry can be cancelled with this status:

In this example, the first 2 entry targets were filled and then the first take-profit target was reached. When that happened, the stop moved to the breakeven price (0.00000865) which was higher than the price of the 3rd entry target. In that case, the 3rd entry target was cancelled with the status Price is Below Stop Price.