In response to the platform feedback of our Bybit Traders, in addition to Last Traded Price, Take Profit/Stop Loss now have the option to be triggered by Index Price or Mark Price. This new feature will allow traders to have additional flexibility to set their Take Profit/Stop Loss orders to meet their varying trading strategies. The platform's integrated Take Profit/Stop Loss function will continue to be triggered by the Last Traded Price.
How to set different reference price to trigger Take Profit/Stop Loss?
PC webpage version:
Go to Position panel, click the edit button for setting Take Profit/Stop Loss and tick Take Profit/Stop Loss. After inputting the price, the three reference prices: Last Traded Price, Index Price, and Mark Price will pop up. Based on the trading needs, traders can choose different trigger prices from the above mentioned three choices to set their Take Profit/Stop Loss.
Mobile webpage version:
Go to the Position tab and input the price, the three reference prices: Last Traded Price, Index Price, and Mark Price will pop up. Based on the trading needs, traders can choose different trigger prices from the above mentioned three choices to set their Take Profit/Stop Loss.
Advantages/Drawbacks of using Mark Price to trigger stop loss orders:
Advantages: Effectively reducing the probability of liquidating your position despite the setting of a Stop Loss order. By enabling this option, traders can avoid incidents of the Mark Price triggering the position’s liquidation price first before the platform’s Last Traded Price(LTP) can trigger and execute the Stop Loss order.
Drawbacks: When there is a price difference between Mark Price and the platform’s Last Traded Price, triggering Stop Loss orders by Mark Price may result in a higher probability of experiencing a positive or negative price slippage. As compared to using LTP as a price trigger, traders will experience more difficulties estimating the Final Execution Price of their Stop Loss orders.
If traders have no intentions to utilize the integrated Take Profit or Stop Loss function, traders can also set partial Take Profit and Stop Loss orders inside the Order Placement Column and also have the ability to select their preferred price trigger mode.
If you have any questions pertaining to this new implementation, please do not hesitate to contact our online CS Live Chat agents or email to firstname.lastname@example.org. Our CS team will do our best to address your questions to the best of our abilities.