With the release of Product Sprint 6, we’re introducing a series of new features to improve our users’ trading experience on WOO X. In this article, we will focus on the introduction of Bracket Orders, available now to all users globally.
What is a Bracket Order?
A bracket order is a powerful trading tool to manage risk & reward on an order that has yet to execute. A bracket order creates a bracket, consisting of a take-profit and stop-loss attached around a position.
A bracket order is thus comprised of these two additional orders on top of the initial order:
- A take-profit (TP) order
- A stop-loss (SL) order
A BUY order will be bracketed by a high-side SELL (TP) and / or a low-side SELL (SL) order.
A SELL order will be bracketed by a low-side BUY (TP) and / or a high-side BUY (SL) order.
Both of these orders are tightly coupled with the initial position. Thus, triggering either the take-profit or stop-loss orders will result in the position being closed. Once that occurs, there is no need for the remaining bracket to exist, therefore resulting in the untriggered order from the bracket being immediately cancelled.
When to use Bracket Order?
Since a bracket order can be set before a trade gets executed, it gives traders flexibility and control over their PnL.
This is ideal for traders who want to trade even when they are not present, or to improve their trading discipline as bracket orders may remove the possibility of emotional trading during periods of high volatility.
How to use Bracket Order?
Step 1: In your Order Entry, select Market or Limit Order.
Step 2: Toggle on/off the ‘TP/SL for Buy’ and ‘TP/SL for Sell’ switches to enter your Bracket Order.
Step 3: Enter your [Take Profit Price] or [TP Offset], [Stop Loss Price] or [SL Offset]. Then, click Buy or Sell.
Step 4: Confirm your order details, and click on ‘Confirm’ to continue and you’re done!
How can I view my Bracket Order?
Before your initial order is filled, you may find your order in the ‘Open’ orders section, along with your bracketed TP/SL orders.
Once your order has been filled, you may find your initial position in the ‘Portfolio’ section, with the bracketed TP/SL orders under the ‘Open’ orders section below.
What else to know?
Bracket orders are:
- Available on Desktop, Mobile App is currently ‘View Only’.
- Available for both Spot and Futures markets.
- Available if the initial order is either a ‘Market’ or ‘Limit’ order.
- As TP or SL gets triggered, it will MARKET CLOSE the entire position.
- New TP/SL will override the previous one along the same direction on the same symbol.
- Bracket order edits will soon be supported!
Try it out now on WOO X!
Stay tuned for all of WOO Network’s exciting developments!
- Socials: cuda.io/woonetwork
- Website: https://woo.org
- Telegram Announcements: https://t.me/woonetworkann
- Medium: https://medium.com/woonetwork
The content above is neither a recommendation for investment and trading strategies nor does it constitute an offer, solicitation, or recommendation of any product or service. The content is for informational sharing purposes only. Anyone who makes or changes the investment decision based on the content shall undertake the result or loss by himself/herself.
The content of this document has been translated into different languages and shared throughout different platforms. In case of any discrepancy or inconsistency between different posts caused by mistranslations, the English version on our official website shall prevail.