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What are Limit TP/SL Orders (Strategy Order) and Frequently Asked Questions

2020-09-02 05:16

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:
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.
*Please note that the Stop Price set for Stop Limit and Stock Market orders is different from this TP/SL and cannot be canceled or modified here.

2. Which types of orders support the TP/SL function?

Only Limit Order and Market Order support the [TP/SL] function.
These orders are executed through the strategy order. Currently, Binance 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. Primary order refers to Limit and Market orders, while secondary order refers to Take Profit and Stop Loss orders.
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. You can view the orders under [Open Orders] - [Close Position].

4. Can I set multiple TP/SL for my orders?

The TP/SL of the first filled order will be used to take profit or stop loss for all your positions. Other TP/SL will be automatically canceled when the order is created.
For example, you placed 3 strategy orders with different TP/SL prices. Order 2 is filled first, Order 1 is filled 10 minutes later, then the TP/SL of Order 1 will be automatically canceled at the time it’s been filled. If Order 3 hasn’t been filled yet, its TP/SL orders are still effective. Only when the order is filled, its TP/SL will be automatically canceled. Therefore the current position (combined No.1 , 2, and 3 strategy orders) has the TP/SL coming from Order No.1.

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.
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