Conditional Close

You do not need to use a Conditional Close order to close an open spot position on margin.For more information on how to close an open position on margin, see these articles: closing a spot position on margin and settling a spot position on margin.

Be careful: If you open a spot position on margin using an order that includes a Conditional Close, but then close that spot position on margin using a different order, this will not automatically cancel the Conditional Close order. The Conditional Close order, if triggered, will open a new position in the opposite direction.

If you no longer want the Conditional Close associated with an open spot position on margin, you will need to manually cancel it from the list of Open Orders. Your Open Orders can be found by selecting Trade from the menu at the top of the page and then selecting the Orders tab.

Conditional Close orders must be programmed at the same time as their primary order. You cannot add a Conditional close to an order after it has been submitted.

On Kraken Pro, the Conditional Close option can be found on the Order form by expanding the More options dropdown.

On the Kraken Pro mobile app, the Conditional Close option can be found on the bottom of the order form.

The volume of the Conditional Close order will always be equal to the primary order and the direction (buy or sell) will always be opposite the primary order. 

A Conditional Close order can be set using the following order types:

✔️Limit (executes at a desired price or better)

✔️Stop Loss (triggers a market order when a target price is touched)

✔️Take Profit (triggers a market order when a target price is touched)

If price offsets are used instead of a specific price, the prices will be offset from the price of the primary order. 

Suppose the current price of BTC/USD is $6,100. You place a limit order to buy 0.8 BTC/USD at $6,000, but you want to limit your losses on this long position once it opens. You could sign back into your account and place a new Stop Loss order to sell 0.8 BTC/USD at a price of (for example) $5,800 after the limit order has executed or you could instead program a Conditional Close order into the original limit order before it is submitted. You could attach a Conditional Close order of type “Stop Loss” with Stop Price of “$5,800” to your limit order.

As soon as the limit order to buy 0.8 BTC/USD at $6,000 executes, the Conditional Close order to sell 0.8 BTC/USD with a Stop Loss order at a stop price of $5,800 would be placed.

Suppose the current price of BTC/USD is $6,100. You place a limit order to buy 0.8 BTC/USD at $6,000, but you want to place a Take Profit order to close this long position once it opens. You could sign back into your account and place a new Take Profit order to sell 0.8 BTC/USD at a price of (for example) $6,300 after the limit order has executed or you could instead program a Conditional Close order into the original limit order before it is submitted. You could attach a Conditional Close order of type “Take Profit” with Profit Price of “$6,300” to your limit order

Situation 1:

The price does not go down to $6,000 to fill your limit order and instead increases directly to $6,400. Since the primary (order to buy 0.8 BTC/USD at limit $6,000) did not execute, the Conditional Close order was never placed and no orders have executed. The Conditional Close Take Profit order will only be placed if the primary limit order executes.

Situation 2:

The price falls to $6,000 or below. As soon as the limit order to buy 0.8 BTC/USD at $6,000 executes, the Conditional Close order to sell 0.8 BTC/USD with a Take Profit order at a profit price of $6,300 would be placed. Now that the order has been placed, this Take Profit order will act like a regular Take Profit order -- it will execute as a market order once the last traded price reaches $6,300