How do I place a trailing stop order?
What is trailing stop order?
A trailing stop is a type of take-profit/stop-loss (TP/SL) order that adjusts automatically based on market price movements.
You set a price variance (percentage or constant amount). When the market moves in your favor and then reverses by the preset variance, the system will place a market order to close your position.
What is the difference between a trailing stop and a regular TP/SL order?
Regular TP/SL: It uses fixed trigger prices and closes the position once the preset take-profit or stop-loss price is reached.
Trailing stop: It uses a dynamic trigger that moves with your favorable market movements. It's suitable for trending markets as it helps lock in profits while limiting drawdowns.
How to place a trailing stop order?
On the app
Open your OKX app, tap Trade twice and Select Futures
Select Position > Choose the position you want to set a trailing stop for
Select TP/SL > Trailing stop > Percentage or Constant
Fill in the desired variance(%) and amount and Confirm
Note:
If you enable an Activation price, the trailing stop will only activate once the latest traded price reaches or exceeds the activation price.
If you do not set an activation price, the trailing stop will activate immediately after the order is placed.
Can I place multiple trailing stop orders?
Yes. On the trailing stop page, you can view your existing trailing stop order. If a trailing stop has not been triggered, select Add to create another trailing stop for the same position.
How do I cancel a trailing stop order?
On the trailing stop page: Select Cancel to cancel a single order or Cancel all to cancel up to 20 orders at once.
Note: if a trailing stop is triggered and the entire position is closed, all other TP/SL settings for that position will be canceled automatically.