“Take Profit / Stop loss” is available when placing Market or Limit orders on any Kraken Pro futures 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 to open a position (called the primary order): whether that means exiting the trade in profit, or, stopping out to limit losses. 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 position you are about to enter. 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 position is always protected.
For trigger-based orders, you can choose which price will activate your take profit or stop loss orders by setting the conditional trigger signal to Mark Price, Index Price, or Last Price.
How to set Take profit / Stop Loss in a Kraken Pro derivatives market
On the Order Form when Market or Limit order is selected, you will see a new dropdown called Take profit / Stop loss, you can select a Simple, or Advanced mode:
Simple mode
Advanced mode
Applying TP/SL to existing positions
Examples
Note: If your primary order has reduce only enabled, you will not be able to add TP/SL.