Dear Binance JEX users:
Take profit/Stop] function is now officially online on Binance JEX!
Q: What is the Take profit/Stop function?
A: User can preset the Take profit/Stop command with the trigger price, commission price, and commission quantity in advance. When the corresponding “indicator” satisfies the trigger price set by the user, the order will be triggered, then the system will submit an order according to the price and quantity set by the user.
Q: What are the trigger price types?
A: The latest transaction price, mark price, and index
Q: When can I choose to Take profit or Stop?
A: (1) Take Profit
Long: when it's bullish, set the trigger price higher than the latest price (or mark price, index), you can set the sell Take profit order;
Short: If it's bearish, set the trigger price below the latest price (or mark price, index), you can set the buy Take profit order;
Long: when it's bearish, set the trigger price below the latest price (or mark the price, index), you can set the sell Stop order;
Short: If it's bullish, set the trigger price higher than the latest price (or mark the price, index), you can set the buy Stop order;
(3) When the trigger price = the latest price (or mark price, index), or no position, the Take profit/Stop order can not be set;
Q: When will be the Take profit/Stop be triggered?
A: After you've set the Take profit/Stop order, it will be triggered if the latest “indicator” meets the trigger condition for the first time;
Note: Meet the condition means ≥ ≤ ;
Q: Will there be a transaction after the Take profit/Stop is triggered?
A: After the Take profit/Stop is triggered, the limit price will be commissioned according to your preset price, thus whether there will be a transaction is determined by the actual market depth. Strategically, you can increase the probability of a transaction by increasing the price difference between the commission price and the trigger price;
(1) After the Take profit/Stop order is triggered, all the incompletely executed limit orders that are opposite to your position will be canceled;
(2) After the Take profit/Stop order is triggered, this “open only” order means it will only reduce your position. The quantity of triggered Take profit/Stop orders exceed the number of your positions, to ensure that your position will not increase, our engine will commission according to the actual number of your positions; if there is no corresponding position when the Take profit/Stop order is triggered, it will display failure;
Q: Can you set up multiple Take profit/Stop orders?
A: Yes, a contract can be set up with up to 10 Take profit/Stop orders, and the trigger logic for multiple Take profit/Stop orders is as follows:
(1) Triggered by price priority, time priority logic
(2) For each order that triggers a Take profit/Stop order, the limit order with the opposite direction to the position (including the Take profit/Stop order that has been triggered but not yet fully completed and the direction is the same as the new trigger order) will be withdrawn;
Example: User A holds a long position of 10 BTC.
The current price is 8,000 USDT.
He presets the following Take profit/Stop orders:
- Command time: 2019-10-20 10:00:00, the latest price >= 8100, take profit 2 BTC
- Command time: 2019-10-20 10:00:00, the latest price >= 8200, take profit 2 BTC
- Command time: 2019-10-20 10:05:00, the latest price>=8100, take profit 2 BTC
When the latest price is from 8000 to 8100, first (1) will be triggered and then (3) will be triggered. If the order of (1) cannot be completed, then it will be withdrawn; If the latest price goes up from 8100 to 8200, then (2) will be triggered.
In extreme cases, if the price fluctuation is non-continuous and directly meets the conditions for liquidation, then liquidation will be executed first, then the Take profit/Stop orders will be triggered;
The current price is 8,000 USDT, and User A holds a long position of 10 BTC. User A presets Take profit/Stop order with the trigger price is 7600 USDT, the commission price is 7600 USDT and the commission quantity is 10BTC, the liquidation price is 7500 USDT. If the price jumps directly to 7400 USDT, then the liquidation will be executed first, then the Take profit/Stop orders will be triggered.
Please invest prudently and pay attention to the risks.
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