Setting Stop-Limit Orders on Binance API for Spot Trading with Python

In the world of crypto trading, managing risk is crucial. An effective way to mitigate losses is by setting stop-loss and take-profit limits on trades. In this article, we will guide you through the process of creating STOP_LOSS_LIMIT orders on Binance API using the python-binance library.

Prerequisites

Before proceeding, make sure that:

• You have a Binance account with API access enabled.

• You have installed the python-binance library via pip: pip install python-binance

• You have replaced the placeholders with your actual API credentials and Binance API endpoint URL

Step 1: Retrieve User API Credentials

To use the Binance API, you need to obtain your API credentials from the Binance website. Follow these steps:

• Log in to your Binance account.

• Click
  Account >
  API.

• Scroll down and click
  Create New Application.

• Fill in the required information, including the API Endpoint URL and Client/CSP ID.

• Note down your
  Client Secret and
  API Endpoint URL, which will be used later.

Step 2: Set up Stop-Limit orders using Python-Binance

Now that you have your credentials, let’s create STOP_LOSS_LIMIT orders:

import os
from binance.client import Client





Replace with your actual API credentials
client_id = 'YOUR_CLIENT_ID'
client_secret = 'YOUR_CLIENT_SECRET'

Set up Binance client
binance_client = Client(client_id=client_id, client_secret=client_secret)
def create_stop_loss_limit_order(symbol, side, amount, stop_price, limit_price):

Retrieve current market price and fees
order = binance_client.create_order(
symbol=symbol,
type='limit',
side=side,
price=binance_client.current_market_price(),
quantity=amount,
custom="STOP_LOSS_LIMIT"
)
print("STOP_LOSS_LIMIT order created successfully!")
return order
symbol = 'BTCUSDT'
side = 'buy' 
Set to 'sell'
amount = 1.0 
Set the amount of tokens you want to buy/sell
stop_price = float(binance_client.current_market_price()) - 1000.0 
Set a stop-loss price (e.g. $10 less than the current market)
limit_price = float(binance_client.current_market_price()) + 1000.0 
Set a take-profit price (e.g. $15 more than the current market)
order = create_stop_loss_limit_order(symbol, side, amount, stop_price, limit_price)

Step 3: Execute the STOP_LOSS_LIMIT order

Now that you have created the order, let’s execute it:

Execute the STOP_LOSS_LIMIT order
result = binance_client.execute_order(order)
print(f"STOP_LOSS_LIMIT Order execution result: {result['result']}")

Tips and Variations

• To set multiple orders with different stop-loss and take-profit prices, simply modify the stop_price and limit_price variables.

• Consider adding a delay between the initial order creation and execution to account for market fluctuations. You can use binance_client.current_time() + 10 seconds as a rough estimate.

By following these steps, you should be able to successfully set STOP_LOSS_LIMIT orders on the Binance API using Python-Binance. Remember to handle any errors that may occur during order execution and consider implementing additional logic to manage stop-loss prices and risk management strategies.

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