TP/SL（Take Profit and Stop Loss） refer to pre-set closing orders with trigger conditions (take profit price or stop loss price) and designated order prices. When the latest traded price reaches the pre-defined trigger price, the system will execute the closing order with the pre-set order price and quantity in the market, aiming to achieve the take profit or stop loss objective. Currently, there are two ways to place TP/SL orders:
Setting TP/SL upon opening a position: This means setting TP/SL in advance for the position about to be opened. Users can place a limit order for opening a position and simultaneously set the take profit and/or stop loss orders. When the opening limit order is executed (either partially or entirely), the system will immediately place the TP/SL orders based on the user's pre-set trigger prices and order prices.
Setting TP/SL for existing positions: Users can set take profit or stop loss orders, or both, for specific positions they hold. Once set, when the latest price in the market meets the trigger conditions, the system will place limit orders to close the position based on the pre-set order prices and quantities.