How to Use the TP/SL Split Target Feature on Binance Futures
2023-05-24 04:23
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What is the TP/SL Split Target feature?
Binance Futures introduced the new TP/SL Split Target feature, allowing you to set different Take Profit (TP) or Stop Loss (SL) amounts for your positions. You can divide a trading position into multiple price targets for Take Profit and Stop Loss orders rather than placing a single order that covers your entire position. Unlike the default Position TP/SL, you can set multiple TP/SL orders (up to 4 for each order type), each covering a different portion of your position.
Position TP/SLTP/SL Split Target
What are TP/SL orders?
You can use Take Profit (TP) and Stop Loss (SL) orders to manage your positions and limit potential losses.
A TP order allows you to lock in profits. You can set a TP order at a price level above (for long positions) or below (for short positions) the market price where you wish to close the trade and take the profit. If the market price reaches this level, your trade will be closed to secure your profit.
An SL order allows you to limit potential losses. You can set an SL order at a price level above (for short positions) or below (for long positions) the market price where you wish to close the trade to avoid further losses. If the market price reaches this level, your trade will be closed to limit losses.
1. Log in to your Binance account and go to [Derivatives] - [USDⓈ-M Futures]. Scroll down to [Positions] and click [Add] under [TP/SL].
2. Go to the [Take Profit] or [Stop Loss] tab and choose an order type (Limit or Market).
3. Enter a stop price. You can use the contract’s mark price or the last price as the stop price.
If you’re using a limit order, enter a limit price. Then, enter the order amount.
You can also control the order size and estimated profit with sliders.
Size slider: Set the portion of your total position allocated to the TP order. For example, 25% means that the TP order size will represent 25% of your total position size.
4. You may add up to 4 Take Profit or Stop Loss targets by clicking [Add Split Target].
5. After adding more targets, the pie chart at the top gives you a clear overview of how your position is allocated across different TP/SL targets. You’ll also see the stop price and volume for each TP/SL target below. To remove a target, click the [x] button next to it.
Click [Confirm] to proceed.
6. Check the order details carefully and click [Confirm]. The system will automatically execute your orders based on your set parameters.
How to calculate the estimated PNL?
The Estimated PNL (Profit and Loss) is calculated following this formula:
