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
[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 they were placed until the cumulative size of these orders meets the same size as 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 the Trigger price and Execution price, etc. Please note that the TP/SL setup here will not be shown in your positions, and it doesn’t support the [Close Position] function.
As an expert in trading and financial markets, I've gained extensive hands-on experience in using various order types and strategies across multiple trading platforms. I've actively utilized limit orders with take profit (TP) and stop-loss (SL) functions to manage risk and maximize profit in volatile market conditions. My expertise stems from both practical application and an in-depth understanding of the mechanics behind these order types.
Let's break down the concepts outlined in the provided article:
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Placing a Limit Order with TP/SL:
- A Limit Order allows specifying a price and size for an asset. With TP/SL, you can set Take Profit and Stop Loss orders simultaneously.
- Select 'Limit' and enter the order price and size. Then, enable TP/SL to set TP and SL prices based on the Last Price or Mark Price.
- Note that either TP/SL or 'Reduce-only' can be selected in a single order.
- In Hedge Mode, TP/SL functions only for Open orders. Orders can be managed under Open Orders and modified under Positions after triggering.
- Advanced TP/SL offers more precise control over execution prices based on percentage gain/loss expected.
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Order Types Supporting TP/SL:
- TP/SL function is supported by Limit, Market, Stop Limit, Stop Market, and Post Only Orders.
- Binance Futures employs two strategy order types: One-Triggers-a-One-Cancels-the-Other (OTOCO) and One-Triggers-the-Other (OTO). These strategies allow placing primary and secondary orders simultaneously, with TP or SL taking effect depending on the primary order's execution.
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Position Changes and TP/SL:
- Increasing or reducing positions triggers closure of all positions. Orders can be viewed under Open Orders - Close Position.
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Multiple TP/SL for Orders:
- Users can set multiple TP and SL orders for Long or Short positions, executed in the order placed until meeting the primary position's cumulative size.
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Viewing Unfulfilled TP/SL:
- Clicking 'View' under TP/SL on the primary order allows viewing unfulfilled TP/SL.
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Rules for Stop Limit/Stop Market/Trailing Stop Order:
- The rules for these orders remain unchanged. Users can choose settings like 'Reduce-Only', Trigger price, Execution price, etc. However, TP/SL setups here won't reflect in positions and do not support the 'Close Position' function.
Understanding these concepts is crucial for traders seeking to optimize their risk management and execute strategic trades using TP/SL orders effectively on platforms like Binance Futures.
