None of the below criteria reflects the main purpose of a collapse analysis - to get maximum capacity before or at collapse.
1. The load sequence has been completed.
2. The maximum deflection has been reached.
3. The maximum number of iterations has been reached.
4. (Only Collapse Advanced) the maximum number of sub-incrementation levels has been reached.
Thus suggest to add one more for this purpose. It could be when the load factor starts to go down in some user defined numbers of incrementation.