Here's a step-by-step guide to setting up and modifying your TP/SL order on Bybit.
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Introduction to Take Profit and Stop Loss (Perpetual and Futures Contracts)
Set Your TP/SL Order
Step 1: To set TP/SL at the same time as order placement, please enter your order quantity and check the Take Profit / Stop Loss box in the order zone.
Step 2:
To set up your TP/SL order parameters according to the following steps:
a) Add TP/SL upon order creation
- Select the direction of the position: Long or Short
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Enter your desired TP/SL level
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Select your preference: Entire Position or Current Order
Notes:
– Entire Position: The TP/SL applies to the entire position. Once the order is fully or partially filled, the TP/SL order will be placed for the entire position. When the TP/SL order for entire position is triggered, a market order will be placed and executed to close the entire position.
– Current Order: The TP/SL applies to the current order quantity set upon order creation. Once the order is fully or partially filled, the TP/SL order will be placed. When the TP (or SL) Trigger Price of individual TP/SL orders are reached, the respective TP/SL order quantities will be closed via either Market or Limit orders, and the corresponding SL (or TP) order will be canceled. For more information, please refer to the Scenario 4 stated here.
– If you want to change your TP/SL quantity, you can update the order quantity from the order zone and it will be synchronized to your TP/SL quantity.
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Choose whether you want to take profit or stop loss by ROI%, Change% or P&L.
Notes:
– By setting TP/SL by ROI%, you enter your desired ROI (%) and the system will calculate the TP/SL trigger price based on your ROI (%) and reference price (Last, Index or Mark Price).
– By setting TP/SL by Change %, you set the trigger price for TP/SL based on the reference price (Last, Index or Mark Price), or select a percentage increase or decrease of the entry price. The system will calculate an estimated P&L and ROI% for your reference.
– By setting TP/SL by P&L, you enter your expected position profit or loss (excluding fees) and the system will calculate a TP/SL trigger price based on your expected P&L and reference price (Last, Index or Mark Price).
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Under TP/SL for current order or partial position, you can set up a TP/SL limit order. A TP/SL limit order works similarly to conditional limit order with close on trigger. You will need to set up both TP/SL trigger price and the limit order price. Do note that there is no guaranteed execution for TP/SL limit orders. To learn more about conditional limit order, please refer to the help article here.
Then click on Confirm.
b) Add TP/SL to an open position
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Click on Add under the TP/SL for your open position
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Enter your desired TP/SL level
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Select your preferred TP/SL mode: Entire Position or Partial Position
– Entire Position: The TP/SL applies to the entire position. Once the order is fully or partially filled, the TP/SL order will be placed for the entire position. When the TP/SL order for entire position is triggered, a market order will be placed and executed to close the entire position.– Partial Position: The TP/SL applies to the current order quantity set. You can set multiple TP/SL for the position, and specify the order quantity. When the TP (or SL) Trigger Price of individual TP/SL orders are reached, the respective TP/SL order quantities will be closed via either Market or Limit orders, and the corresponding SL (or TP) order will be canceled.
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Choose whether you want to Take Profit or Stop Loss by ROI%, Change% or P&L.
Then click on Confirm.
With these parameters set, your TP/SL order will be automatically applied to your position once the order is partially/entirely filled, based on your selected preferences.
Modify Your TP/SL Order
Step 1: Click on the Edit icon beside your position's TP/SL as shown below.
Step 2: In the Modify TP/SL window, you can adjust the TP/SL Qty (For Partial Position TP/SL) and other TP/SL parameters.
Then click on Confirm.
Cancel Your TP/SL Order
Step 1: Click on the edit icon next to the TP/SL of your position as shown below.
Step 2: Cancel your TP/SL order based on your TP/SL preference:
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Entire Position: Click on the remove icon next to your trigger settings, then click on Confirm.
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Partial Position: click on Cancel on the respective TP/SL order you want to remove. You can also click on Cancel All in the upper right corner to cancel all TP/SL orders for partial position.