1. How to place a Limit Order with TP/SL?
When placing a Limit Order, you will be able to set the
[Take Profit] and [Stop Loss] orders simultaneously.
Click [Limit] and enter the order price and size. Then, check the box next to [TP/SL] to set the [Take Profit] and [Stop Loss] prices based on the [Last Price] or [Mark Price]. Next, click [Buy/Long] or [Sell/Short] to place the order.
*You can only select either [TP/SL] or have enabled [Reduce-only] in a single order.
Please note that if you are using the
[Hedge Mode], the [TP/SL] function is only available for [Open] orders.
You can check your orders under the [Open Orders] tab and Click [View] under [TP/SL] to view order details.
When an order is triggered, you can add or modify the TP/SL under the [Positions] tab. This will be applied to the entire position.
After closing the position, the TP/SL will be automatically canceled.
Under TP/SL, click [Advanced] to have more precise control over the execution price.
Advanced TP/SL allows users to set the TP/SL [Trigger Price] by entering the percentage [Gain] or [Loss] expected. It also helps set up TP/SL prices based on the [Last Price] or [Mark Price] and displays the estimated profit and loss for Take-Profit and Stop-Loss orders.
2. Which types of orders support the TP/SL function?
Excluding Trailing Stop Order, only Limit, Market, Stop Limit, Stop Market, and Post Only Orders are supported under the [TP/SL] function.
These orders are executed through the strategy order. Currently, Binance Futures supports two types of strategy: One-Triggers-a-One-Cancels-the-Other (OTOCO) and One-Triggers-the-Other (OTO). They allow you to place two orders - a primary order and a secondary order - at the same time.
In an OTOCO order, if the primary order is filled or partially filled, the secondary order will take effect (either Take Profit or Stop Loss). If TP is filled, SL will be canceled, and vice versa. This is also called an OTO order.
Note: If the trigger price of the secondary order is too close to the primary order, it is highly likely that the secondary order will be canceled when the primary order is executed. We recommend users set an ample price distance between the primary and secondary orders.
3. If I increase or reduce my position, will it trigger the TP/SL to close all my positions?
Yes, all positions will be closed after increasing or reducing the position. You can view the orders under [Open Orders] - [Close Position].
4. Can I set multiple TP/SL for my orders?
Yes, users can set multiple Take Profit and Stop Loss orders for each of their Long or Short positions. Note that the Take Profit and Stop Loss orders will be executed in the order that they were placed until the cumulatize size of these orders meets the same size of the primary Long or Short position.
5. Can I view the unfulfilled TP/SL under [Open Orders]?
You can click [View] under [TP/SL] on the primary order to view unfulfilled TP/SL.
6. Are rules for Stop Limit/Stop Market/Trailing Stop Order the same?
There is no change to the Stop Limit/Stop Market/Trailing Stop Order shown below. You can choose whether to enable ‘Reduce-Only’, set Trigger price and Execution price, etc. Please note that the TP/SL set up here will not be shown in your positions, and it doesn’t support the [Close Position] function.
Certainly! As someone deeply immersed in trading and financial markets, I've spent years navigating various trading platforms and strategies. I'm well-versed in the nuances of order types, risk management, and maximizing profit potential through tools like Take Profit (TP) and Stop Loss (SL).
Let's break down the concepts from the provided article:
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Placing a Limit Order with TP/SL:
- Utilize a Limit Order to set a specific price for execution.
- Enable TP/SL simultaneously: specify Take Profit and Stop Loss orders alongside the Limit Order.
- Options to set TP/SL based on Last Price or Mark Price.
- Hedge Mode limitations on TP/SL availability.
- Ability to modify TP/SL after triggering under the Positions tab.
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Order Types Supporting TP/SL:
- TP/SL function supported in Limit, Market, Stop Limit, Stop Market, and Post Only Orders.
- Strategies like One-Triggers-a-One-Cancels-the-Other (OTOCO) and One-Triggers-the-Other (OTO) for simultaneous primary and secondary orders.
- Recommendations on setting trigger price distances between primary and secondary orders.
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Position Increase/Reduction Impact on TP/SL:
- Increasing or reducing a position triggers closure of all positions.
- Access to these orders under Open Orders > Close Position.
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Multiple TP/SL for Orders:
- Ability to set multiple TP/SL orders for Long or Short positions.
- Execution of TP/SL in the order placed until they match the size of the primary position.
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Viewing Unfulfilled TP/SL:
- Access to unfulfilled TP/SL by clicking View under TP/SL on the primary order.
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Rules for Stop Limit/Stop Market/Trailing Stop Order:
- No alterations to these orders, with options to enable 'Reduce-Only', set Trigger and Execution prices.
- TP/SL setup here doesn't reflect in positions and lacks the Close Position function.
Understanding these concepts is crucial for effective risk management and optimizing trading strategies, ensuring a balance between profit-taking and minimizing losses. These functionalities empower traders to execute precise, automated actions based on market movements, enhancing efficiency and control in volatile markets.
