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

In the world of cryptocurrency trading, risk management is crucial. One effective way to mitigate losses is by setting stop loss and take profit limits on trades. In this article, we will walk 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 containers 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 ID/CSP.

• Write down the
  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, country, amount, stop_price, limit_price):

Retrieve the current market price and fees
order = binance_client.create_order(
symbol=symbol,
type='limit',
country=country,
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 'sell' for 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 the stop loss price (e.g. $10 below current market)
limit_price = float(binance_client.current_market_price()) + 1000.0 
Set a take profit price (e.g. $15 above current market)
order = create_stop_loss_limit_order(symbol, country, 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 change the stop_price and limit_price.

• 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.

Following these steps, you should be able to successfully set STOP_LOSS_LIMIT orders in the Binance API using Python-Binance. Be sure to handle any errors that may occur during order execution, and consider implementing additional price management logic with stop-loss and risk management strategies.

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