A take-profit-limit order consists of Trigger Price and Limit Price. The trigger price is simply the price that triggers a limit order, and the limit price is the specific price of the limit order that was triggered. This means that once your trigger price has been reached, your limit order will be immediately placed on the order book.
Although the trigger and limit prices can be the same, this is not a requirement. In fact, it would be safer for you to set the trigger price a bit lower than the limit price. This increases the chances of your limit order getting filled after the take-profit-limit is triggered.
When should you use it?
Take-profit-limit orders can be used for take-profit targets.
Keep in mind that using a take-profit-limit order for take-profit targets does not guarantee to secure profits because the order might not get filled.
How does CoinPanel handle take-profit-limit orders?
Take-Profit-Limit orders on CoinPanel do not work the same way they do on the exchange! When you create a stop-limit order on the exchange, your balance will be blocked in the order. In this case, you can not create stop-loss and take-profit orders simultaneously. On CoinPanel, stop-limit and take-profit-limit orders do not block your balance, because a limit order is executed on the exchange only when the trigger price is reached.
Should I use take-profit-market or take-profit-limit?
A take-profit-market order triggers a market order when the trigger price is reached. For take-profit orders to secure profits on a fast spike, take-profit-market order is safer because it will fill immediately. However, with a take-profit-market order, you might sell at lower prices caused by slippage. If you are not worried about slippage, we recommend using stop-market orders.