How to Set and Edit Take Profit and Stop Loss in Binance

Automate TradingView strategy alerts to Binance and set Take profit and stop loss with TradingView To Anywhere.

It is now possible to set Take Profit on your Binance trades as well as the Stop Loss when placing your trades. The take profit and stop loss can be passed as either percentage or absolute price. Also, note that the take profit is placed as a take-profit order while the stop loss is placed as a stop order.

In case you decide to update your stops and take profit, you can do that by canceling the existing stop and take profit orders, and sending in new stop and take profit orders. Here is an example: Buy BTCUSDT Q=0.02 A=USDM TP=23000.50 SL=19500.50. This command buys 0.02BTC on USDM futures and places your take profit order at 23000.50 and the stop-loss order at 19500.50.

To update your take profit and stop loss for the above order, you first send the cancel order command: Cancel BTCUSDT A=USDM followed by the new take profit and stop-loss commands. The parameter P= is used to define the desired take profit or stop loss while the parameter T= is used to choose the order type, either a stop order or a take profit order. Please note that the quantity must be the same as the initial one. See an example below for updating a new take profit and stop loss for our existing order:

Sell BTCUSDT Q=0.02 A=USDM T=STOP P=19000

The above command updates Take profit to 22000 and the stop loss to 19000. Please note, at the time of this article, the price of BTCUSDT was 20180.90