How to Set Take Profit and Stop Loss Orders on Your Open Positions - Mobile

At Pi42, we're committed to providing you with advanced trading tools to enhance your trading experience. We've recently introduced a new feature that allows you to add Take Profit (TP) and Stop Loss (SL) orders directly from your open positions. This guide will help you understand how to use this feature effectively.

Understanding the Basics

When you have an open position, you can now set TP and SL orders to manage your risk and secure your profits. Here's what you need to know:

Take Profit (TP) Order: This order allows you to set a specific price at which your position will be automatically closed, securing your profit.

Stop Loss (SL) Order: This order sets a specific price at which your position will be automatically closed to prevent further losses.

Setting TP and SL Orders

For Long Positions:

Take Profit Price: Must be strictly greater than 1.001 times the Mark Price.

Stop Loss Price: Must be strictly greater than the Liquidation Price and strictly lower than 0.999 times the Mark Price.
Your TP price must be greater than ₹7.32 (1.001 * ₹7.32).

Your SL price must be between ₹7.03 and ₹7.29 (0.999 *₹7.3).

Steps to Place TP/SL for Long Position Order

Step 1:To set a stop loss and take profit on an order that has already been opened, click on the Take profit/Stop Loss icon on the order as it appears in the Positions tab.

Step 2: In order to place a TP/SL for a long position please make sure to add a minimum trade quantity of the position.

For LONG position, Place your TP orders above your entry price and your SL orders below your entry price

Once you place your TP/SL price on the relevant tab you will find the Estimate profit or loss of the position.

Step 3: Please click confirm to place your TP/SL for the trade/position

Step 4: Click on open orders to tab to find your TP/SL orders

(SL Price should be always greater than Liquidation Price)

For Short Positions:

Take Profit Price: Must be strictly lower than 0.999 times the Mark Price.

Stop Loss Price: Must be strictly higher than 1.001 times the Mark Price and strictly lower than the Liquidation Price.

Example:

If you have a short position of 120 Dogecoin with a Mark Price of ₹7.31 and a Liquidation Price of ₹7.57

• Your TP price must be lower than  (0.999 * ₹7.31) = Rs 7.30269

• Your SL price must be in-between (1.001*7.31) = ₹7.40 and ₹7.58

Steps to Place TP/SL for Short Position Order.

Step 1: To set a stop loss and take profit on an order that has already been opened, click on the Add Take Profit/StopLoss icon on the order as it appears in the Positions tab.

Step 2: In order to place a TP/SL for a Short position please make sure to add a minimum trade quantity of the position.

For Short Position place your TP orders below your entry price and your SL orders above your entry price.

Once you place your TP/SL price on the relevant tab you will find the Estimate profit or loss of the position.

Step 3: Please click confirm to place your TP/SL for the trade/position

Step 4: Click on open orders to tab to find your TP/SL orders

Important Notes

If the direction of your position changes (from long to short or vice versa), any TP/SL orders set for that position will be automatically cancelled.

Your estimated profit or loss will be displayed in your account, with profits shown in green and losses in red.

Calculating Estimated Profit and Loss

Estimated Profit: Absolute of {(TP price - Entry Price) * Entered Quantity}

Estimated Loss: Absolute of {(Entry Price - SL price) * Entered Quantity}

Estimated Profit % = Estimated Profit / ((entered quantity * Margin of the position)/(position quantity))

Estimated Loss % = Estimated Loss / (entered quantity * Margin of the position)/(position quantity))

By setting TP and SL orders, you can better manage your risk and secure your profits. If you have any questions or need further assistance, please don't hesitate to contact our support team.

Note: TP/SL is triggered on Market Price and not the Last Traded Price.