“TP/SL” Switch
Last updated
Last updated
Present on most of the order types. This control is a convenience to quickly place a Take Profit and/or a market Stop whilst executing an entry order. It will also let you size your order/position according to your chosen risk parameters.
For the Stop exist two modes; absolute price (use +/- 0.5% for quick setting) or relative price expressed as a percentage. For the Take Profit a price has to be set as the Target. At that price a trigger reduce order will be placed; when using Market Order a switch is available to set a limit reduce order at the target price.
The price inputs for Stop and Target can also be filled via clicking on the chart.
You will have the possibility to input your desired Risk in % of your Account (Total or Available, click to switch) or in the denominated currency ($USD, BTC, etc., depending on the contract). According to your chosen Risk, Entry and Stop price, the order Size will be set automatically via this formula: position size = risk / (entry - stop).
When using the Chase order the order size will be calculated from your Maximum Fill Price, which you set with the Slider „Chase Maximum“ - you need to have „UNTIL FILL/CANCEL“ deactivated for this and the Designer mode turned off.
Please note that Liquidation may occur much earlier than a 100% drawdown/loss, depending on your leverage setting, other open positions and your type of collateral. Check with your exchange’s documentation on its liquidation mechanism and (maintenance) margin requirements.
Loss and Gain numbers will be displayed at anytime. They can slightly differ from your set risk especially when you are trading smaller size on e.g. Bitcoin contracts because of their size increments.
If you trade on Binance Spot, please read this section on Limit Stops for Binance Spot.
