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To help users manage risk effectively, Backpack Exchange provides two ways to set Take Profit (TP) and Stop Loss (SL) orders: at the time of opening a position or after opening a position. Below is the step-by-step guide.
Notes:
- Your TP/SL orders will only be placed after the last traded price crosses the set trigger price.
- You can cancel your TP/SL orders anytime in the Open Orders > Conditional section on the web platform.
Setting TP/SL When Opening a Position
You can directly set TP/SL when placing a new order.
- Check the “TP/SL” Option
- On the order panel, check the “TP/SL” box to reveal the TP/SL input fields.
- Enter Trigger Prices
- Enter the Take Profit Trigger Price.
- Enter the Stop Loss Trigger Price.
Once the position is opened, the system will automatically place TP or SL orders when the market price crosses your set trigger price.
Setting TP/SL After Opening a Position
- Go to the “Positions” Tab
- After opening a position on the Futures trading page, navigate to the “Positions” section at the bottom to view your current positions.
- Click the “TP/SL” Icon
- Find the position you want to manage, then click the “TP/SL” icon on the right side to enter the TP/SL setup screen.
- Choose TP/SL Scope
- In the setup interface, you can choose:
- Entire Position: Apply TP/SL to your entire position.
- Partial Position: Apply TP/SL to part of your position.
- In the setup interface, you can choose:
- Enter Trigger Prices or ROI %
- You can set your TP/SL by entering the trigger price directly or by selecting a target ROI percentage:
- Example: Enter 129.90 as your take profit trigger price or set a 10% ROI.
- Enter 128.60 as your stop loss trigger price or set a -10% ROI.
- Optional: Set Limit Price
- By enabling “Limit Price,” you can specify the limit price for your TP or SL orders to avoid slippage:
- Take Profit Trigger Price: 129.90, Limit Price: 129.95
- Stop Loss Trigger Price: 128.60, Limit Price: 128.55
- Partial Position Setup
- When selecting “Partial Position,” you can manually input the exact quantity to close or set it as a percentage:
- Example: Input “0.5” to close 0.5 contracts.
- Or set “50%” to close 50% of your current position.
- Confirm and Submit
- After completing the setup, click “Add” or “Confirm” to submit. Your TP/SL order will be automatically placed when the market price crosses the trigger price.
