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On this page
  • Take Profit & Stop Loss
  • How to Set a TP/SL Orders
  • How to Cancel TP / SL
  • TP / SL Auto-Cancel
  • Stop Market Orders
  • How to place Stop-Market Orders
  • How to Cancel Your Stop-Market Order
  • Stop-Market Orders Do NOT Auto-Cancel
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  1. Tutorials

TP/SL & Stop-Market

Learn how to use trigger orders such as take profit, stop loss and stop-market.

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Last updated 4 months ago

1CT is Required: You need to enable to make use of trigger orders.

Take Profit & Stop Loss

Traders can set Take Profit (TP) and Stop Loss (SL) order for perp positions.

  • TP / SL can only be set for the entire size of your position.

  • TP / SL orders will auto-cancel if you add or reduce to a position's size.

How to Set a TP/SL Orders

You set TP / SL using the perp position table below the trading chart and on the portfolio.

  • Click + Add under the TP / SL column for the position.

  • A pop-up will open.

  • Set your TP / SL trigger price. You have 2 options:

    • Last Price: the TP / SL will trigger when it reaches the last traded price.

    • Oracle Price: The TP / SL will trigger when the Oracle reaches that price.

  • You can also use the % buttons which will enter a prices based on your desired % PnL.

  • After entering the price you will see the estimated PnL if the trigger executes.

  • Click the [Place Take Profit] or [Place Stop Loss] button.

  • Sign the transaction (unless you have 1CT enabled in which you won't need to sign).

How to Cancel TP / SL

  • Navigate to your perp positions.

  • Click on [Cancel] for the TP / SL you want to cancel.

TP / SL Auto-Cancel

Your TP / SL orders will automatically cancel if you increase or decrease the position size:

  • If you have a TP / SL set for a position and place a trade for that market.

  • If you market close any portion of that position.

If your TP / SL auto-cancels due to the above, you will need to re-create the orders.


Stop Market Orders

A stop-market order is a type of trigger order that lets you to set a specific price (the trigger) that will trigger a market order. They can be used to close existing positions (a manual stop-loss) or to open new positions (stop-entry).

NOTE: Stop-market orders are NOT reduce-only and will NOT auto-cancel, meaning that if you place a stop-market for an existing position and change the position before the trigger is reached, then the stop-market can still execute leaving you with an unwanted position

REMEMBER to cancel any unwanted stop-market orders when making changes to positions.

How to place Stop-Market Orders

  • Select Stop Market as the order type (beside Limit).

  • Enter the trade details:

    • Trigger Price: The market order will trigger at this price.

    • Order Size: The amount to buy / sell.

  • Click on the Buy or Sell button if everything looks good.

How to Cancel Your Stop-Market Order

Navigate to the Trigger Orders table under the price chart on trading pages or Orders page on the portfolio.

  • Click on the [Cancel] button for the order you want to cancel.

Stop-Market Orders Do NOT Auto-Cancel

Example:

  • If you set a stop-market order as a manual stop-loss but reduce the position before the trigger is reached, then the stop-market can still execute and leave you with an unwanted position.

  • If you set a stop-market order as a manual stop-entry but enter the position before the trigger is reached, the stop-market can still execute leaving you with an unwanted position.


Before reading this tutorial please note:

Click on the beside your position's TP / SL.

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One-Click Trading
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Learn About Various Order Types While Trading on Vertex