Stop Limit Buy work very similar to Stop Loss.
In Stop Limit Buy a Limit Buy order triggers when the market reaches the Stop value. It majorly used to buy a coin at a lower price as close to the trough.
Below are the steps used to place Stop Limit Buy:
- Select Stop Buy order type.
- Select Base and Quote coin.
- E.g. Market: BTC/BCH
- Fill total or quantity value.
- E.g. fill 10 coins in Quantity. (quantity could be in the fraction)
- Select the stop buy type between Market/Limit/Trailing. This define how order will exit once market hits the stop price.
- Select the condition if stop price is above or below the market price.
- Enter the stop value. By selecting “%” option on right side, one can define stop value in percentage. Stop value is the target price at which a subsequent (Limit Buy/ Trailing Buy) order will be executed. Once market will dip/rise to Stop price, a Limit Buy order will be executed.
Caution: Stop price should be a less current market price (ask price).
A hypothetical example:
Case 1 without Trailing:
Suppose current price of NEO is $100. Now someone placed a Stop Limit buy order, for 1 NEO coin with stop value $90 and a Limit value $87. Now when the NEO ask price dips less than or equal to $90, a Market Limit Buy will be placed at $87.
Case 2 with Trailing:
Suppose current price of NEO is $100. Now someone placed Stop Limit buy with Trailing order, for 1 NEO coin with stop value $90 and Trailing offset 5%. Now when the NEO ask price dip less than or equal to $90, a Trailing Stop Buy order will be placed. Let’s say market corrects further reached to the trough $80 and then start rising again. The time when the market reaches $84, a Market Buy will be placed.
Any way to do the following?
Suppose current price of NEO is $100. Now someone placed a Stop Limit buy order, for 1 NEO coin with stop value $110 and a Limit value $105. Now when the NEO ask price raise more than or equal to $110, a Market Limit Buy will be placed at $105.
Currently, only Stop Price Less than current price is accepted.
But that’s a nice suggestion. we can have another input to say greater than or less than stop price to have an order in both directions.
We will have it soon.
Thanks for the suggestion.
Is this feature already implemented?
Hello, I want to ask if it is possible to create a trailing entry price for short orders on Binance Futures. In such a way that assuming in BTCUSDT. Current price of BTC is $8500. And the price of BTC is currently rising but you predicted it will dump after reaching a certain price above 8700 but you don’t know exactly where or when the rise will stop. To maximize the profit or prevent possible loss for SHORT ORDERS when the price is still rising, I want to place a Trailing stop below the highest possible price reached–for the entry… Read more »
Yes, All trade permutations possible on Trailingcrypto.
Use Take profit with Trailing option to open a short order.