What are Take Profit and Stop Loss Orders & Other FAQs

Take Profit (TP) and Stop Loss (SL) orders are advanced order types used to automatically close a position at a predetermined profit or loss level. These orders are crucial for managing risk and ensuring profits are locked in.

1. How to Set Limit Order, Take Profit and Stop Loss?

1. Setting Limit Order TP/SL:
   • When placing a limit order in both USDT perpetual futures and Coin-M based perpetual futures, you can set both Take Profit (TP) and Stop Loss (SL) orders simultaneously.
   • Choose the Limit Order option, input the desired price and quantity, and then check the TP/SL option.
   • You can select either Last Price or Mark Price as the trigger for the TP/SL.
   • Click Buy/Long or Sell/Short to place the order.
   • Note: In One-Way Mode, if you select Reduce Only, you cannot set TP/SL.
2. Important: In Dual Position Mode (Hedge Mode), TP/SL can only be set when opening positions, it cannot be set when closing positions. You can view orders in Current Orders and click View to see order details.
   • Once triggered, you can add or modify TP/SL under Positions, and the changes will apply to the entire position.
   • TP/SL orders will be automatically canceled once the position is closed.
3. Note: The TP/SL settings for limit and market orders differ from the stop prices in stop-limit orders and cannot be canceled or modified in the same way.

2. What Types of Orders Support Preset TP/SL?

1. Supported Orders for Preset TP/SL:

• TP/SL can be set for Limit Orders and Market Orders. Other order types do not support setting TP/SL directly. The Limit and Market orders with TP/SL set via the order interface use strategy order services and support two strategy types: OTOCO (One-Triggers-One-Cancels-the-Other) and OTO (One-Triggers-Other). We define the initial Limit or Market order as the Primary Order (Order 1), and the TP/SL as Secondary Orders (Orders 2 and 3).
  • OTOCO Orders: If the Primary Order is filled (even partially), the Secondary Orders become active and can be seen in Current Orders. Once one of the Secondary Orders is executed (even partially), the other is automatically canceled. For instance, if Order 2 is executed, Order 3 is canceled, and vice versa. Thus, Orders 2 and 3 are OCO (One-Cancels-the-Other) orders.
  • Note: If the trigger price of the Secondary Order is too close to the Primary Order, the Secondary Order may be canceled when the Primary Order executes. Users are advised to set a sufficient price gap between Primary and Secondary Orders.

3. Will TP/SL Orders Close My Entire Position if I Add or Reduce Position Size?

• Yes, if you add or reduce your position size, all open positions will be closed. You can view these orders in Current Orders under the Closed section.
  
   

4. What Happens if Multiple Orders Have TP/SL Set?

• The TP/SL settings from the earliest opened position will apply to the current position. Subsequent TP/SL settings from later orders will be canceled when the position is created.
• For example, if there are three strategy orders (Order 1, Order 2, and Order 3) each with TP/SL:
  • If Order 2's position is opened first, followed by Order 1 ten minutes later, the TP/SL of Order 1 will be automatically canceled after Order 1 executes. If Order 3 has not been executed yet, its TP/SL remains effective. When Order 3's position is opened, its TP/SL will also be automatically canceled by the system. The entire position (comprising all three orders) will be closed at the TP/SL price set by Order 2.

5. Can Untriggered TP/SL Be Seen in Current Orders?

• Untriggered TP/SL orders cannot be seen directly in the order book. However, they can be viewed in the TP/SL field of the Primary Order.

6. Any Changes in Rules for Setting TP/SL via Order Interface?

• The rules for setting Limit TP/SL and Market TP/SL via the order interface (as seen in the picture below) remain unchanged. Users can choose whether to use the Reduce Only option and set trigger and execution prices. TP/SL set through this interface will not be displayed under Positions, and there is no Close All feature for these TP/SL orders.