Whether you are new or seasoned, one truth remains — the derivatives market moves fast and carries varying levels of risks.
Traders, we hear you.
Bybit’s new and improved Take Profit/Stop Loss 2.0 (TP/SL 2.0) comes with smart features to safeguard you and your winning trades.
Read about the key changes below and see how this upgrade can make your trading experience smoother and hassle-free.
Bybit now supports TP/SL orders on the entire position and a selected position
In its basic form, TP allows traders to lock in profits by automatically closing a position once attaining a target profit.
SL works similarly, automatically closing a position upon reaching a price limit, to prevent excessive losses.
But what if you want to place multiple SL orders so that when the underlying asset price plunges, only a portion of your position will be closed? That way, if a market reversal occurs, the position remains active, and you can still chase the price rise to lock in profits on your remaining position.
Either way, the choice is yours. Because Bybit now allows you to set TP/SL on either the entire position or a selected position. You can switch between these two options as long as there are no outstanding TP/SL orders.
Under “TP/SL on Entire Position,” only one TP/SL order is supported, and each new order will automatically overwrite pre-existing ones, eliminating the need for you to make any changes manually. If you increase or reduce your position size, the TP/SL remains effective and still applies to the updated position.
Under “TP/SL on Selected Position”, up to 20 TP/SL orders are supported for each position, and each order applies to a particular portion of your position. This allows you to navigate different levels of profit and loss easily and simultaneously as desired.
You can pre-set TP/SL on a selected position when placing an order. Let’s assume that you place an order to buy 100 BTCUSDT perpetual contracts at $10,500 and to take profit at $12,000. If only 20 contracts get executed, your pre-set Take Profit order will be applied to the filled 20 contracts only.
TP/SL on a Conditional Order is now available
This helps you secure profit and rein in a loss at the earliest possible opportunity, which is especially helpful if the market moves against you after your conditional order is triggered.
TP/SL can be modified with ease to facilitate a seamless user experience
Modifications to TP/SL orders can be done anytime under the “Active” and “Conditional” tabs.
Whether you are an experienced trader or a beginner, the optimized TP/SL feature will help you harvest gains when the market moves in your favor and minimize risks in adverse market conditions. Try TP/SL 2.0 for USDT Perpetual today to customize your trading strategies and manage your position with full autonomy, convenience, and flexibility!
The TP/SL upgrade currently only supports USDT Perpetual. It will be available for Inverse Perpetual and the upcoming Quarterly Futures in the future. Stay tuned!