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-binancelibrary 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

Ethereum: How to set Stop-Limit (STOP_LOSS_LIMIT and/or TAKE_PROFIT_LIMIT) orders in Binance API on spot trading?

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_priceandlimit_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.

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