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To help users manage risk effectively, Backpack Exchange allows you to set Take Profit (TP) and Stop Loss (SL) orders for futures positions directly from the mobile app. You can set TP/SL while placing an order or after opening a position. Below is a step-by-step guide.
Notes:
- TP/SL orders are conditional and will only be placed once the market price reaches your set trigger price.
- You can manage your TP/SL orders anytime in the “Conditional” section under “Open Orders.”
Set TP/SL while placing an order
When creating a new futures order, you can set your TP/SL directly from the order panel.
- On the order interface, tick the “TP/SL” box to display the TP/SL fields
- Enter TP/SL Trigger Prices
- Enter the Take Profit trigger price (optional).
- Enter the Stop Loss trigger price (optional).
Once the order is placed, the system will automatically place TP or SL orders once your trigger prices are crossed.
Set TP/SL After Opening a Position
- Access “Positions” Tab
- On the mobile trading page, tap the “Positions” tab at the bottom to view your open positions. Then tap “Set TP/SL” under the position you wish to manage.
- In the TP/SL setup screen, select the range of the TP/SL order:
- Entire Position: Apply TP/SL to the entire position.
- Partial Position: Apply TP/SL to part of your position.
- Set Trigger Price or ROI %
- You can manually enter the trigger price for both Take Profit and Stop Loss, or use ROI % to automatically calculate target levels.
- Once the market price crosses your trigger price, the system will automatically place a TP or SL order.
- Example: Set Take Profit at 135 USDC, or a 4.73% ROI.
- Set Stop Loss at 120 USDC, or a -6.90% ROI.
- Optional: Enable Limit Order
- By enabling “Limit Order,” you can set a specific limit price for your TP or SL orders to help reduce slippage.
- After the trigger condition is met, a limit order will be submitted at the specified price.
- Partial Position Setup
- If “Partial Position” is selected, you can manually input the exact quantity you wish to close, or use the slider to select a percentage of your position (e.g., 50%).
- Confirm and Submit
- Once completed, tap “Confirm” to submit your TP/SL setup. The system will automatically execute the order when the trigger condition is met.
Manage TP/SL Orders
All active TP/SL conditional orders can be viewed, modified, or canceled from the Open Orders > Conditional tab within the app.
