What is Take Profit (TP) and Stop Loss (SL) Order?
With Take Profit (TP) and Stop Loss (SL), you can preset the stop price for the current position, so when the market price reaches the preset stop price, your positions will be market closed as market orders. You can set a take profit or stop loss price before opening a position. Also, you can modify TP/SL when you have open position.
- Stop Loss Order:
Trigger Price > or = Latest Price (Last Price or Mark Price) for Buy Order
Trigger Price < or = Latest Price (Last Price or Mark Price) for Sell Order
- Take Profit Order:
Trigger Price < Latest Price (Last Price or Mark Price) for Buy Order
Trigger Price > Latest Price (Last Price or Mark Price) for Sell Order
Buy Example:
If the current market price on BTC is 20,000$, and you have long position. You must set Your Stop-Loss order below your Entry Price to place your order and set your Take-Profit above the current Market Price to place your order.
Sell Example:
If the current market price on BTC is 20,000$, and you have short position. You must set Your Stop-Loss order above your Entry Price to place your order and set your Take-Profit order below the current Market Price to place your order.
How to place a Limit Order at Coinlocally?
- [Login] to your account and go to [Futures Trading] page.
- Choose your asset like BTCUSDT pair.
- Choose order type such as Limit Order and set your details.
- You are able to turn on TP/SL option and set your [Take Profit] order and [Stop Loss] order simultaneously.
Note:
- 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.
- Advanced TP/SL allows users to set the TP/SL [Trigger Price] by entering the number [Gain] or [Loss] expected. It also helps set up TP/SL prices based on the estimated profit and loss for Take-Profit and Stop-Loss orders.
- After the TP/SL order is triggered or canceled, you can view these orders in [Order History].
- Coinlocally uses Mark Price as a trigger for liquidation and to measure unrealized profit and loss. The Mark Price is generally a few cents from the Last Price. please monitor the price difference between Last Price and Mark Price. You can always cancel the order you have placed and replace the order if you would like to change the Trigger from Mark Price to Last Price or vice versa.
- Click here to see more information: https://futuresdoc.gitbook.io/help-center/perpetual/functions/take-profit-stop-loss-order