Stop order is an automatic order to exit a position. For long positions, the stop order value has to be set below the current sell price. For short positions, the stop order value has to be set above the current buy price.
For positions in cryptocurrency pairs, stop order is triggered based on the first available last price according to the stop order value you set, and filled based on the Binance order book price for the size of your position.
For positions in stocks, ETFs, forex pairs and commodity futures contracts, stop orders are triggered and filled by bid or ask price. If you have a long position in a stock, ETF, forex pair or a commodity futures contract, your stop order will be triggered by the sell price. If you have a short position, your stop order will be triggered by the buy price.
You can set a stop order when opening a position by simply entering the stop order price or you can add a stop order to an open position. A stop order can be removed or changed anytime.
Setting a stop order:
- Tap an open position you wish to set a stop order for;
- Click on the Stop Order field;
- Enter the Stop Order price that you want your position to be closed at, and press the green enter button to confirm.
Remove a stop order by tapping the 'x' to the right of the stop order.