One of the top cryptocurrency exchanges, OKex announced to introduce stop-limit orders. This new offering that enables traders to achieve trading targets and optimize their exit strategies.
Previously on Aug 22, OKEx launched algo orders on perpetual swap market. Now the orders are available in both the spot and derivatives markets.
Basically, A stop-limit order is a bundle of stop order and limit order that is commonly used in the stock and forex market. A stop-limit order allows one to predetermine at what price a buy/sell order can be executed (stop order) and the max/min price one wants to buy/sell (limit order).
The platform also pointed out a few benefits which stop-limit order could bring to users. Firstly, It is automated and saves your time from monitoring and executes your orders correctly. Also, by using stop-limit, you can rest assured that your trading strategy is carried out without interference.
Even though the stop-limit order can minimize human interference during the trade, the entry and exit strategy, such as the target price, must be placed at a logical level. You should make sure yourself well-informed and fully aware of price signals of the current market before placing any orders.