TP/SL Limit Orders are orders to close a position when when a given profit / loss can be realized.The parameters of TP/SL Limit Orders are
• Amount — the amount of the position to close
• Limit Price — the price the order is placed atThe requirements for placing a TP/SL Order are 1) the order amount must not exceed the amount of the position and 2) the total amount of TP/SL Orders must not exceed the Reduce-Only cap (to prevent DOS on the book).A Take-Profit can be posted on the book like a normal limit order.
A Stop-Loss is placed by signing the order. The order will be posted by a keeper when the best bid (for an ask SL) is below the Limit Price or the best ask (for a bid SL) is above the Limit Price.
Like their limit order counterparts, TP/SL Market Orders close a position when a given profit / loss can be realized. Though, instead of being executed as a limit order they are executed as a market order.The parameters of TP/SL Market Orders are
• Amount — the amount of the position to close
• Trigger Price — the price that the order is executed at
• Limit Price — the max (for a bid) or min (for an ask) price that the order can be filled atTP/SL Market Orders are placed by signing the order, and are executed by a keeper when the best bid (for a sell) is ≤ Trigger Price or the best ask (for a buy) is ≥ Trigger price
OCO orders are children TP/SL orders tied to a parent order. They are active when the parent order is fully filled and are canceled when the parent order is canceled for any reason.
