What Is a TP/SL Order?
A TP/SL order refers to the presetting of a trigger price, as well as the post-trigger order price and amount. When the market price reaches the trigger price, the order will be triggered and executed at the preset order price.
Parameters:
1. Trigger Price: When the "market price" reaches the "trigger price" set by the user, the TP/SL order will be triggered and the order will subsequently be placed.
2. Order Price: After the TP/SL order is triggered, the order will be filled according to the preset order price. The order price can be set to fill at a limit price or a market price.
3. Amount: The quantity of the order that will be placed after the trigger.
Note: After the market price reaches the trigger price you set, your order will be triggered and executed. However, if you set the limit price for stop-loss too high or the limit price for take-profit too low, your order may never be filled because the market does not reach or is better than your limit price.
👇 Example:
Assuming the current BTC price is 5,000 USDT. The trigger price of a TP/SL order can be set to 7,000 USDT, which is higher than the current price; or 3,000 USDT, which is lower than the current price. Once the market price reaches the trigger price (the market price rises to 7,000 or falls to 3,000), the TP/SL order will be triggered automatically and filled at the preset order price and amount.
Note:
- Even if the market price reaches the preset order price before it reaches the trigger price, the order will not be triggered unless the market price meets the trigger price.
- When the market price reaches the trigger price, it only indicates that the order will be triggered automatically; it does not guarantee that the order will be filled immediately. After the order is triggered, it will only be executed if the condition (order price) is met.
How to Set a TP/SL Order?
1. Log in to BingX App.
2. Click "Spot" on the bottom navigation bar to enter the spot trading page.
3. Select a trading pair, e.g., BTC/USDT.
4. Choose "Buy" or "Sell". From the "Market Order" drop-down menu, select "TP/SL".
5. Set the trigger price to 16,000, for example, and set the order price (click "Market" to choose between the market price and limit price). Then, enter the amount of BTC you want to buy, and click the "Buy BTC" button.
6. Please double-check the details of your TP/SL order, and click "Confirm" to complete the order.
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