How to use Stop-Limit Function
Binance
A stop-limit order will be executed at a specified (or potentially better) price, after a given stop price has been reached. Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.Explanation of Terms:Stop price: When the current price reaches the given stop price, the stop-limit order is executed to buy or sell at the limit price or better.Limit price: The price (or potentially better) that the stop-limit order is executed at.
Quantity: The quantity to buy or sell in the stop-limit order.
Please note: A maximum of 2 stop-limit orders are allowed for each trading pair at any point in time.To show an Example:The last traded price of BNB is 0.000165 BTC, and the resistance is around 0.000169 BTC. If you think that the price will go higher after the price reaches the resistance, you can put a Stop-Limit order to automatically buy more BNB at the price of 0.000170 BTC. This way you won’t have to continuously watch market movements waiting for the price to reach your target price.Approach: Select “Stop-Limit” order, then specify the stop price to be 0.000170BTC and the limit price to be 0.000172BTC, with quantity as 10. Then click the button “Buy BNB” to submit the order.
