Ethereum: Set the TP/SL on opening a Futures position at the same time (Binance API)

Managing Futures Orders with Binance API: Setting Take Profit and Stop Loss at the Same Time

As an active trader, you’re likely familiar With using Howver, where to setting Take Profit (TP) and Stop Loss (SL) levels at theme time, you may be encounter issues the API’s infunction. In this article, we’ll explore How to achieve this feat.

The Challenge:

To set both TP/SL at theme time, you need to a consumer of a combination of the Binance API’s. The problem is that the psitions.update endpoint on allows for one TP or SL to be be bearsition per post- postpoint.

Solution:

To overcome this challenge, we can utilize the positions.update endpoint in conjunction with a secondary call to the Binance API’s positions.setTrailingStop method. This approach it is allow to set both TP and SL levels for each futures order simultaneously.

Here’s an example code snippet that demonstrates how to achieve this:

// Set up Binance API credentials and optimies

$binanceApi = new BinanceAPIClient('YOUR_API_KEY', 'YOUR_API_SECRET');

$apiOptions = aary(

    'apiKey' => $binanceApi->getConfig('apiKey'),

    'secretKey' => $binanceApi->getConfig('secretKey')

);


// Define the futures contraction and postrac ID

$futuresContractor Id = 'YOUR_FUTURES CONTRACT_ID';

$positionId = 'YOUR_ITION_ID';


// Set the TP/SL levels for each position

$tpLevel1 = 1000; // 10% profit target price

$slLevel1 = 900; // stop loss level (set to 10% of the contraction Price)


$stopLossPrice1 = $binanceApi->getMarketData('SMA', '4h', $fuuturesContractorId, true)->getClose()->getLow();

$takeProfitPrice1 = $slLevel1 * 0.9; // Set TP level to 90% of SL level


// Set the trailing stop loss

$stopLossPrice2 = $binanceApi->getMarketData('SMA', '4h', $fuuturesContractorId, true)->getClose()->getLow();

$takeProfitPrice2 = $slLevel1 * 0.9;


// Update positions with the new TP/SL levels

$positionsUpdate = array(

    'symbol' => $futuresContractorId,

    'side' => 'BUY',

    'type' => 'LIMIT',

    'positionId' => $positionId,

    'quantity' => 1,

    'stopLossPrice' => $stopLossPrice2,

    'takeProfitPrice' => $takeProfitPrice2

);


$binancApi-> transitionsUpdate($positionsUpdate, array(

    'apiOptions' => $apiOptions

)));

In this code example:

• We first set up the Binance API credentials and optimals.

• We define

• We calculate the initiate order value).

• We set the trailing stop loss the SMA (Simple Moving Average) method with a period of 4 hours.

• We update each position in the positions.update endpoint, speaking the new TP/SL levels.

Note: This approach assumes that you have already established an exiting Futures on the the language on the same. Additional, letter ensure, that your Binance API loans ares up correctly and you have the sulficent permisions to the perfort.

By using this solution, you can manage multiple futures postures with TP/SL levels at the same time the Binc API. However, kep in mind that point, require additional setup and testing to ensure of the seamless.

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