Take Profit (TP) and Stop Loss (SL) orders are automated exit strategies that execute based on your specific price targets. They are useful tools for managing trades without needing to monitor open positions at all times.
What Are TP/SL Orders?
TP/SL orders are Market Orders that are automatically submitted once a specific trigger condition is met.
Take Profit: Defines the price at which the platform will submit a market order to close your position and realize a gain.
Stop Loss: Defines the price at which the platform will submit a market order to close your position and realize (and limit) a loss.
Note on Execution: Because TP/SLs become market orders once triggered, they may face slippage during periods of high market volatility. You can manage this by setting a slippage limit during the setup process.
Setting a TP/SL Order
There are two ways to add TP/SLs to your trades:
1. For New Orders (During Entry)
In the Order Entry Form when opening a new trade, check the Take Profit/Stop Loss box. This allows you to set a specific dollar price at which to trigger the TP/SL. The TP/SL will be linked to the order and activate as soon as your position is opened.
Partial Order
The Partial Order toggle controls whether your take profit / stop loss order stays a fixed size or tracks your position.
Enabled: The TP/SL stays at a fixed size. If your position shrinks below that size, the TP/SL is canceled.
Disabled: The TP/SL automatically resizes to match your total position size.
Use Enabled when you want to close a set amount regardless of how your position changes; use Disabled when you want the order to always cover your full position.
2. For Open Positions
If you already have a position live and want to add or adjust your exit targets:
Navigate to the 'Pro' Order Type dropdown.
Choose Take Profit or Stop Loss.
Define your Trigger Price, Order Size, and the Trigger Type (Quote or Mark).
Alternatively, head to your 'Positions' tab and press the '+' icon on the right hand side of the open position. From here you can directly configure a Take Profit or Stop Loss order tied to your open position, with the same inputs as in the Order Entry form.
All TP/SL orders on Omni are Reduce-Only. This means they are programmed to only decrease or close your existing position. A TP/SL order will never accidentally open a new position in the opposite direction.
Choosing Your Trigger Price
For TP/SLs, you can select between the Mark Price or the Quoted Price as the trigger for your order.
Trigger Type | Benefit | How It Works |
Mark Price | Speed | Your order will be executed at the best possible quote when the mark price crosses the trigger price. This is optimal for users who prioritize exiting positions when prices reach a certain level, over the order being filled at the exact trigger price. |
Quoted Price | Price Precision | Your order will be executed only when the quoted price is at or crosses your trigger, regardless of the mark price. This is optimal for users who prioritize their order to be filled as close as possible to the trigger price over exiting at a certain price level. |