Stop-loss Market orders only execute when the oracle price crosses a given stop price. A market order will be placed when the price reaches a specified stop price.
By automatically closing your positions when the price crosses the stop price (for long positions) or goes below it (for short positions), stop market orders can be used to prevent losses on your positions. Once triggered, the resulting market order will be immediately filled.
Traders need an open position to execute this order type.
- 1.Select the asset you are going to trade in the asset selector drop-down
- 2.Edit or leave unchanged your desired leverage by selecting the
editbutton next to
- 3.Pick an order type (Stop-Market)
- 4.Decide on the position size in the amount field (or via the buying power slider)
- 5.Then enter your stop-price in the price field
- 6.Select a fee rejection parameter if applicable (If the total fees exceed this specified paramter the transaction will
- 7.Choose a side either long or short (opposite of any open trades)
- 8.Click on
Place Stop Order.
Once you’ve executed the transaction, the order will appear under the Orders tab. When the oracle price reaches the take profit price, the order will be executed and your position will be opened.
If you want to cancel a Stop-Loss order before it has been executed, then click on
Canceland confirm in your wallet. As mentioned above, cancellations are done on-chain so this will carry a gas fee.
Stop-Market orders are dual-purpose and can be used to exit profitable or unprofitable positions at a certain price point or open new positions once a price barrier has been breached.