Ethereum: How to set Stop-Limit (STOP_LOSS_LIMIT and/or TAKE_PROFIT_LIMIT) orders in Binance API on spot trading?
Setting Stop Limit Orders on Binance API for Spot Trading with Python
In the world of cryptocurrency trading, risk management is crucial. One of the effective ways to minimize losses is to set stop-loss and take-profit limits for trades. In this article, we will tell you about the process of creating STOP_LOSS_LIMIT orders in the Binance API using the python-binance' library.
Prerequisites
Before continuing, make sure that:
- You have a Binance account with API access enabled.
- You installed thepython-binance
library via pip:
pip install python-binance
- You have replaced the placeholders with your actual API credentials and Binance API endpoint URL.
Step 1: Get User API Credentials
To use the Binance API, you need to obtain API credentials on the Binance website. Follow these steps:
- Log in to your Binance account.
- Click
Account >
API.
- Scroll down and tap
Create new app.
- Fill in the required information, including API endpoint URL and client/CSP ID.
- Write down your
Client Secret and
API Endpoint URL that will be used later.
Step 2: Setting up stop-limit orders using Python-Binance
Now that you have your credentials, let's create STOP_LOSS_LIMIT orders:
Python
import os
from binance.client import client
Replace with your actual API credentials
client_id = 'YOUR_CLIENT_ID'
client_secret = 'YOUR_CLIENT_SECRET'
Binance client setup
binance_customer = Customer(customer_id=customer_id, customer_secret=customer_secret)
def create_stop_loss_limit_order(symbol, side, amount, stop_price, limit_price):
Get the current market price and fees
order = binance_client.create_order(
symbol=symbol,
type = 'limit',
strona = side
price=binance_client.current_market_price(),
amount=amount
custom="STOP_LOSS_LIMIT"
)
print("STOP_LOSS_LIMIT Order created successfully!")
order return
symbol = 'BTCUSDT'
side = 'buy'
Set 'sell' to sell
amount = 1.0
Set the amount of tokens you want to buy/sell
stop_price = float(binance_client.current_market_price()) - 1000.0
Set the stop loss price (for example, 10 dollars less than the current market price)
limit_price = float(binance_client.current_market_price()) + 1000.0
Set the take profit price (for example, $15 more than the current market)
order = create_stop_loss_limit_order(symbol, side, amount, stop_price, limit_price)
Step 3: Execution of the STOP_LOSS_LIMIT order
Now that you've created the order, let's execute it:
Python
Execute STOP_LOSS_LIMIT command
result = binance_client.execute_order(order)
print(f"STOP_LOSS_LIMIT Order execution result: {result['result']}")
Tips and Variations
- To set multiple orders with different stop-loss and take-profit prices, simply change the stop_price
and
limit_pricevariables.
- Consider adding a delay between the creation of the initial order and its execution to account for market fluctuations.binance_client.current_time() + 10` seconds can be used as a rough estimate.
After following these steps, you can successfully set STOP_LOSS_LIMIT orders on Binance API using Python-Binance. Do not forget to handle any errors that may occur during order execution, and consider the possibility of implementing additional logic to manage stop-loss prices and risk management strategies.