Blockchain and crypto asset exchange
Blockchain and crypto education
Trading terminal solutions
Enterprise exchange solutions
Fast and secure decentralized digital asset exchange
Incubator for top blockchain projects
Token Launch Platform
Institutional-grade analysis and reports
Trust Wallet
Binance's official crypto wallet
Buy Crypto
Scan to Download App IOS & Android
Support Center
Crypto Derivatives
Futures Contracts
Types of Orders
Limit TP/SL Order (Strategy Order)
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 Take profit or Stop loss to the order.
In One-way position mode, you can see the "TP/SL" setting entry on the order interface. However, if you have enabled ‘Reduce-only’, the function will not show.
In Hedge position mode, Open order has the function, but Close order does not:
If a limit order or market order is set with TP/SL, it will be displayed under the 'Open Orders' tab as below:
You can click into and view the order details in the 'Take Profit/Stop Loss' field.
In fact, the limit, market order and TP/SL are executed through the strategy order.
There are two strategy types that are currently supported: OTOCO and OTO. Let us define limit order and market order as Order No. 1 i.e. primary order, and TP order and SL order as Order No. 2 and 3 i.e. secondary order.
  • OTOCO order: If Order No. 1 is filled (including partial fill), Order No. 2 and 3 will then take effect, and the order will be seen on the 'Open Order' tab. If only one of the No. 2 and 3 orders is executed (including partial fill), the system will cancel the other automatically . For example, Order No. 2 is executed, Order No. 3 is cancelled; Order No. 3 is executed, Order No. 2 is cancelled, Order No. 2 and 3 are so called OCO order.
  • OTO order: If Order No. 1 is filled (including partial fill), Order No. 2 will take effect immediately.
When an order is triggered, in the ‘Positions’ tab, you are allowed to add or modify the TP/SL for the entire position. After closing the position, the take-profit and stop-loss will automatically cancel.
Please note the stop price set by Stop Limit and Stock Market order placed via the "Place Order box" is different from this TP/SL and cannot be cancelled or modified here.

2. What are the types of orders that support the limit TP/SL?

Limit and Market Order only, other types such as Stop Limit、Stop Market、Trailing Stop do not support Limit TP/SL.

3. If I increase or reduce my position, will the TP/SL close the whole position once triggered?

Yes, the amount can be seen on the open order tab with "close position", i.e. close the whole position.

4. If I have multiple limit orders with TP/SL attached, what will happen?

The TP/SL attached to the first opened order will be used as TP/SL on the position, the TP/SL on subsequent filled orders will be cancelled by system automatically.
For example, there are No.1 , 2 and 3 strategy orders, each has TP/SL attached. Order No.2 is filled first, Order No.1 is filled 10 minutes later, then the TP/SL of Order No.1 is automatically cancelled at the time it’s been filled. If Order No.3 has not been filled yet, its TP/SL are still valid. When Order No.3 has been filled, its TP/SL are cancelled by system automatically. Therefore current position (combined No.1 , 2 and 3 strategy orders) has the TP/SL coming from Order No.1.

5. Can the ineffective TP/SL be seen on the Open Order?

You cannot see ineffective TP/SL on open order directly, but you can view it by clicking into ‘View’ under TP/SL on its primary order.

6. Are there any changes to the Stop Limit/Stop Market/Trailing Stop Order?

There is no change to Stop Limit/Stop Market/Trailing Stop Order shown as below. You can choose whether to enable ‘Reduce-Only’, set Trigger price and Execution price etc. Please be noted that the TP/SL set up through here will not be shown in position, and it has no ‘Close Position’ function.
Related Articles
Types of Order