Take profit orders are used to set a target profit price on a long or short position. The profit price can be set in terms of absolute price, or as a percentage. As with stop orders, take profit orders can also be used to open positions (see examples for illustration).
Take Profit: Triggers a market order (buy or sell) when market price hits the profit price.
Take Profit Limit: Triggers a limit order (buy or sell) when market price hits the profit price.
Set the target price at which you want the limit order to trigger in the "Profit Price" field on the order screen. Set the limit price for the limit order in the "Limit Price" field on the order screen. For a long position, if you make the limit price lower than the profit price, this will increase the chances that the limit order is filled (vice versa for a short position).
Examples: Suppose you bought XBT at $100 and want to set a profit target at $120. You can create a take profit limit sell order with a profit price of $120 and a limit price of $120. You could achieve the same result with a limit sell order at $120, which would be the simpler solution. If you wanted to sell at market once the highest bid price reaches $120, however, this can be done by creating a take profit order with a profit price of $120. But in this scenario, your average fill price on the sell order could be below $120.
Take profit orders can also be used to open positions. Suppose you want to open a short XBT/USD position at market once the highest bid price rises to $120. You can do this by creating a take profit sell order at $120.