What is an OTOCO order?
When the trigger price is triggered or the limit order is fully executed, the other order will be canceled. A BlockFin OTOCO order consists of one order and a group of trigger orders, and the quantities of the two trigger orders must be the same. Trigger orders must be the same buy or sell orders. If one of the orders is canceled, the entire OTOCO order will be canceled.
How to use an OTOCO order?
Assuming that the trading price of ETH is between 2,100 USDT and its resistance price of 2,400 USDT. But your target price is when it falls to 2,000 USDT or rises above 2,400 USDT. You can create an OTOCO order that includes a limit order to buy at 2,000 USDT and a trigger order at 2,400 USDT. When ETH reaches 2,000 USDT, the limit order will be executed. This means the 2,400 USDT trigger order will be automatically canceled. Similarly, when ETH reaches 2,400 USDT, the trigger order will be triggered, and the 2,000 USDT order will be automatically canceled.
How to place a limit order with "Take Profit/Stop Loss" (TP/SL) conditions?
When placing a limit order, you can simultaneously set a take profit and stop loss order. First, click on "Limit" and enter the order price and quantity. Then, check the option next to "TP/SL" and set the take profit and stop loss prices based on the "Last Price" or "Mark Price". Next, click "Buy/Long" or "Sell/Short" to place the order.
Note that within a single order, you can only choose either "TP/SL" or enable "Reduce-Only". You can view your orders under the "Open Orders" tab and click on the "TP/SL" section to see the order details.
Once the order is triggered, you can add or modify TP/SL under the "Positions" tab. This will apply to the entire position.
TP/SL orders will be automatically canceled after closing the position. Under TP/SL, click on "Advanced" to have more precise control over the execute price. Advanced TP/SL allows users to set the trigger price of TP/SL based on the expected percentage of "Profit" or "Loss". It can also set TP/SL prices based on the "Last Price" or "Mark Price" and display the estimated profit and loss of the take profit and stop loss orders.
Which order types support the TP/SL feature?
Excluding Trailing Stop orders, only Limit, Market, and Conditional orders are supported under the TP/SL feature. These orders are executed through strategy orders. Currently, BlockFin Futures supports two types of strategies: One-Triggers-a-One-Cancels-the-Other (OTOCO) and One-Triggers-the-Other (OTO). They allow you to place two orders simultaneously.
In an OTOCO order, if the main order is fully or partially filled, the order will take effect (either take profit or stop loss). If TP is filled, SL will be canceled, and vice versa. This is also known as an OTO order. Note: If the trigger price of the secondary order is too close to the primary order, it is highly likely that the secondary order will be canceled when the primary order is executed. We recommend users set an ample price distance between the primary and secondary orders.
Can I set multiple TP/SL for my order?
Yes, you can set multiple take profit and stop loss orders for each long or short position. Note that the TP/SL orders will be executed in the order they are placed until the cumulative quantity of these orders matches the quantity of the main long or short position.
Can I view unfinished TP/SL under "Open Orders"?
You can click on "Open orders"-"TP/SL" below the main order to view your ongoing "TP/SL" orders.