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How to Set Conditional Sell Orders on Binance?

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by COINS NEWS 124 Views

Hi everyone,

I'm looking for some guidance on how to set up a complex conditional sell order on Binance. Here's the scenario:

Imagine the price of a random cryptocurrency is currently at $60. I want to set up the following conditions:

  1. Sell at $62.
  2. If the price goes above $61 but then falls back to $61, sell at $61.
  3. If the price drops to $58 before even reaching $61, sell at $58.

I've been trying to figure out how to do this using the available order types on Binance (Limit, Market, Stop-Limit, OCO), but I'm not sure if it's possible to cover all these conditions.

In case the full setup isn't possible, I would at least like to do the following:

  • Sell at $61 if it goes above $61 and falls back to $61.
  • If the price drops to $58 before reaching $61, sell at $58.

I'm also unclear on how to fill in the "price, stop, and limit" fields in the OCO order, or if OCO is even the correct option for this scenario.

In the Limit order, there is a TP/SL option that seems to be exactly what I need, but I have no idea how to use it (fields: price, limit, stop, limit (again?)).

Here’s what I tried to fill in:

  • Price: 62
  • Take Profit Limit: 61 (a message appeared saying it must be lower than the price)
  • Stop Loss Trigger: 57.84
  • Stop Loss Limit: 57.84

I couldn't get this to work because it says the stop loss trigger must be higher than the order limit price (???), but I tried putting it at 56, 57, 58, 61 and none worked. It only accepted a value above 62, but that seems like a strange trigger for a "loss" since it would be a profit.

Has anyone managed to set up such complex conditions, or is there a more efficient way to approach this? Any advice or guidance would be greatly appreciated!

Thanks in advance!

submitted by /u/rdalves
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