Dear BitMax.io Users,
New order types of Take profit/Stop Loss were added and implemented for futures trading on BitMax.io. Details are as follows:
Overview of Take Profit/Stop Loss Function
Stop orders have four variations on our platform: Take Profit Limit, Take Profit Market, Stop Limit, Stop Market. Take Profit/Stop Loss order types can be used in conjunction with Stop Limit and Stop Market order types.
For Stop Limit order type: Users can specify a stop price, a limit price and an order size. When the market price reaches the stop price, the system will place the order based on the pre-set limit price and order size.
For Stop Market order type: Users can specify the stop price and order size. When the market price reaches the stop price, the system will place the order at market price based on the pre-set order size.
- Users can choose between "Last Price" and "Mark Price" as the stop price (or trigger price). The default price in this area is Last Price.
- Users can choose to place a Stop Limit order or a Stop Market order. System will decide whether it’s Take Profit or Stop Loss order by comparing the user’s stop price to the system’s current price. A buy stop above the current price will be a Stop Limit/Market order, below the current price will be a Take Profit Limit/Market order. For Sell, it’s the opposite, above the current price is placed as Take Profit, below is placed as Stop Loss.
Example 1: Use cases of Take Profit Orders
Take BTC/USDT perpetual futures contract. You choose to buy 10 BTC at 10,000 USDT and predict that the support price of BTC will be 9,500 USDT, the resistance price will be 10,500 USDT. User can set up the take-profit orders as follows:
|Take-Profit Order||Stop-Loss Order|
|Stop (Last Price)||10,490 USDT||9,500 USDT|
|Price||10,500 USDT/Market Price||9,490 USDT/Market Price|
|Size||10 BTC||10 BTC|
Example 2: Use cases of Stop Loss
Take BTC/USDT perpetual futures contract. Let's assume the market price of BTC is 8,000 USDT. You predict that the support price will be 7,500 USDT and the resistance price will be 8,500 USDT. When BTC price falls below the support level or breaks through the resistance level, you can set up your Stop Loss ordoers as follows:
|Upside Breakout||Downside Breakout|
|Stop (Last Price)||8,500 USDT||7,500 USDT|
|Price||8,500 USDT/Market Price||7,500 USDT/Market Price|
|Size||10 BTC||10 BTC|
We truly appreciate your continued support.
The BitMax.io Team
April 15, 2020
Telegram Group: https://t.me/BitMaxioEnglishOfficial