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

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Managing Futures Orders Using Binance API: Set Take Profit and Stop Loss Simultaneously

As an active trader, you may be familiar with using the Binance API to manage your futures. However, when it comes to setting both Take Profit (TP) and Stop Loss (SL) levels at the same time, you may encounter issues with the API functionality. In this article, we will explore how to achieve this feat.

Challenge:

To set both TP/SL at the same time, you need to use a combination of the Binance API positions.update endpoint and additional logic. The problem is that the «positions.update» endpoint allows only one of the TP or SL to be specified for each position.

Solution:

To overcome this challenge, we can use the «positions.update» endpoint along with a secondary call to the Binance API method «positions.setTrailingStop». This approach will allow us to set both the TP and SL levels for each futures order at the same time.

Here is an example code snippet showing how to achieve this:

// Set Binance API credentials and options
$binanceApi = new \BinanceAPI\Client('YOUR_API_KEY', 'YOUR_API_SECRET');
$apiOptions = array(
'apiKey' => $binanceApi->getConfig('apiKey'),
'secretKey' => $binanceApi->getConfig('secretKey')
);
// Define futures contract and position ID
$futuresContractId = 'YOUR_FUTURES CONTRACT_ID';
$positionId = 'YOUR_POSITION_ID';
// Set TP/SL levels for each position
$tpLevel1 = 1000; // 10% profit target price
$slLevel1 = 900; // stop loss level (set to 10% of contract price)
$stopLossPrice1 = $binanceApi->getMarketData('SMA', '4h', $futuresContractId, true)->getClose()->getLow();
$takeProfitPrice1 = $slLevel1 * 0.9; // set TP level to 90% of SL level
// Set trailing stop loss
$stopLossPrice2 = $binanceApi->getMarketData('SMA', '4h', $futuresContractId, true)->getClose()->getLow();
$takeProfitPrice2 = $slLevel1 * 0.9;
// Update positions with new TP/SL levels
$positionsUpdate = array(
'symbol' => $futuresContractId,
'side' => 'BUY',
'type' => 'LIMIT',
'positionId' => $positionId,
'quantity' => 1,
'stopLossPrice' => $stopLossPrice2,
'takeProfitPrice' => $takeProfitPrice2
);
$binanceApi->positionsUpdate($positionsUpdate, array(
'apiOptions' => $apiOptions
));

In this code example:

• First we set up the Binance API credentials and options.

• We define the futures contract and position ID.

• We calculate TP/SL levels for each position by setting the stop loss level to 10% of the contract price and taking profit price up to 90% of the SL level (adjusted for the initial order value).

• We set the trailing stop loss using the SMA (Simple Moving Average) method with a 4-hour period.

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

Note:

This approach assumes that you have already created an existing futures position on the specified contract and position ID. Additionally, please ensure that your Binance API credentials are set up correctly and that you have sufficient permissions to perform these actions.

With this solution, you can manage multiple futures positions with TP/SL levels simultaneously using the Binance API. However, please note that this approach may require additional setup and testing to ensure smooth execution.