Take Profit / Stop Loss (bracket) orders

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“Take Profit / Stop Loss” is available when placing most order types (except Trailing Stop orders) on any Kraken Pro spot market. Also known as Bracket orders, this allows you to configure exit points (Take Profit (TP) and Stop Loss (SL)) before you submit an order (called the primary order) whether that means exiting the trade in profit, or stopping out to limit losses.

Note:

In this article, “Take Profit / Stop Loss” will be referred to as “TP/SL” for short.

With TP/SL, you can set either one, or two exit points from the order you are about to place. If you place both a Take Profit and a Stop Loss: when one is triggered it’ll automatically cancel the other order. This functionality is known as One Cancels the Other (OCO).

Regardless of whether the Primary order executes partially or fully, it will trigger the TP/SL. The TP/SL ensures partial filling is taken care of by placing the same quantity of TP/SL as the primary order fills, making sure the exit strategy is always in place.

How to set Take Profit/Stop Loss in a Kraken Pro spot market

On the Order Form, you will see a new dropdown called “Take Profit / Stop Loss”, you can select a Simple, or Advanced mode:

When you select the Simple Mode, two fields labeled Take Profit (TP) and Stop Loss (SL) will appear. These allow you to specify the exact prices at which you would like either of these orders to trigger or, you can set a % entry distance from your primary order price. You have the flexibility to enter values in both the TP and SL fields if you wish to set both parameters. If you prefer to set only one, simply fill in either the TP or SL field and leave the other fields empty. Even if you leave both empty, you can still place your primary order without a TP or SL set.

After entering a value in either the TP or SL field, an estimated Profit and Loss (P&L) will be displayed based on your order quantity and the prices you've specified.

Switching to Advanced mode adds additional flexibility for traders looking to fine-tune their strategy. In this mode, a new dialog appears, giving you the option to trigger orders based on specific Profit and Loss (P&L) amounts.

Advanced mode offers additional order types like Limit, Take Profit Limit and Stop Loss Limit, Trailing Stop and Trailing Stop Limit orders, providing more control over how your orders are executed.

Examples:

Suppose the current price of BTC/USD is 99,000 USD, and you want to place a buy Limit order at this price. After conducting your risk analysis, you decide to set a Take Profit when the price increases by 10% and a Stop Loss if the price decreases by 5%.

To do this, you select the "Take Profit / Stop Loss" option (simple or advanced). You then specify a Take Profit distance of +10%, which automatically calculates the Take Profit price as 108,900 USD. Next, you specify a Stop Loss distance of -5%, and the Stop Loss price is automatically calculated as 94,050 USD.

Suppose the current price of BTC/USD is 90,000 USD, and you want to place a buy Limit Order at this price. After conducting your risk analysis, you decide to set a Take Profit when the price reaches 99,000 USD and a Stop Loss if the price drops to 85,500 USD.

To do this, you select the "Take Profit / Stop Loss" option (simple or advanced). You then specify your Take Profit price as 99,000 USD, and the system automatically calculates the entry distance as +10%. Similarly, you specify your Stop Loss price as 85,500 USD, and the entry distance is automatically calculated as -5%.

This approach allows you to define precise price targets for both profit-taking and loss prevention, while letting the system handle the calculations for entry distances.

Suppose the current price of BTC/USD is 90,000 USD, and you want to place a buy 1 BTC Limit Order at this price. After determining your risk and reward goals, you decide to aim for a 100 USD profit and a 50 USD loss.

To set this up, you select "Take Profit / Stop Loss Advanced" and choose the option to trigger by P&L. You then specify your desired profit as 100 USD, and the system automatically calculates the Take Profit price as 90,100 USD. Similarly, you specify your loss as 50 USD, and the system calculates the Stop Loss price as 89,950 USD.

Suppose the current price of BTC/USD is 90,000 USD, and you want to place a buy Limit Order at this price. After conducting your risk analysis, you decide to set a Take Profit when the price moves up 10%.

To configure this, you select "Take Profit / Stop Loss" in either the simple or advanced mode and specify your Take Profit entry distance as +10%.

The system automatically calculates the Take Profit price as 99,000 USD. You leave the Stop Loss fields empty and proceed to place your order with only a Take Profit set and no Stop Loss.

Suppose the current price of BTC/USD is 90,000 USD, and you want to place a buy Limit Order at this price. After completing your risk analysis, you decide to set a Stop Loss if the price drops to 89,000 USD.

To configure this, you select "Take Profit / Stop Loss" in either the simple or advanced mode and specify your Stop Loss price as 89,000 USD. The system automatically calculates the entry distance as -1.11%.

You leave the Take Profit fields empty and proceed to place your order with only a Stop Loss set and no Take Profit.

Note:

If your primary order is a margin order, and has reduce only enabled, you will not be able to add TP/SL.



How to set Take Profit/Stop Loss in a Kraken Pro spot market

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