Ethereum: Using Binance Futures Stop order with Python
From my last update in April 2023, Ethereum Futures Trading on Binance has introduced a feature that allows users to make right stop orders. A right stop order is a type of stop order that automatically adjusts the order price level based on your performance in relation to your goal. This can be particularly useful for traders who want to limit their losses or block profits.
In this article, we will travel an example of how to put a stop order for binance futures using Python.
Prerequisites
Before you dive into code and explanation, make sure you have:
- A Binance API account : You need to create a binance account and get a client and secret ID. This is necessary to authenticate your API requests.
- The Python Library : You will use this library to send http requests to the Binance API.
3.
Code example
Here is an example of code snippet that demonstrates how to make a right stop order at Ethereum Futures:
`Python
import requests
Replace these spaces reserved for their real values:
symbol = “ethusdt”
ethhereum usdt (eg eth/USDT)
client_id: int = 0x12345678
Client_Secret: STR = “”
DEF get_order_symbol (symbol):
Return F “{symbol} _usd”
DEF Place_Trailing_stop_order (Order_Type, symbol, stop_loss_price, traking_stop_price):
“” “” Put a stop order for Binance’s futures.
ARGS:
Order_Type (STR): Order type. It can be ‘limit’ or ‘stop’.
Symbol (STR): Symbol of the contract.
Stop_loss_Price (Float): The price for which triggering a stop-lid sale.
trilhing_stop_price (float): the price below which blocks profit.
Returns:
DIT: Order details if successful, none otherwise.
“” “
base_URL = “
Create the request for request request
Data = {
“Type”: Order_Type,
“Side”: “Buy”,
or sell
“Limit_price”: Stop_loss_price,
“Stop_price”: trilhing_stop_price,
“Symbol”: get_order_symbol (symbol),
“Leverage”: 1,
Use the standard leverage if not specified
}
to try:
Answer = requests.post (
F “{base_url}? Symbol = {symbol} & type = order”,
json = data,
Headers = {
“X-MBX-Apikey”: client_id,
“X-MBX-TTS”: int (client_secret),
},
)
Response.rarase_for_status ()
Raise an exception for http errors
Reporting.json ()
except Requests.Exceptions.Requetxception How E:
Print (F “Request failed: {e}”)
return none
`
Example of use
Let’s make a right stop order at Ethereum USDT (eth/USDT):
`Python
Stop_loss_price = 10000.0
$ 10,000 stop loss price
trilhing_stop_price = 2000.0
$ 2,000 profit lock price
Order_Details = Place_Trailing_stop_order (
“Limit”, “ethusdt”, stop_loss_price, trilhing_stop_price
)
If order_details:
Print (“Right stop order successfully placed!”)
other:
Print (“Failure when making the right stop order.”)
`
IMPORTANT CONSIDERATIONS
- Risk Management : Negotiation with a right stop order requires careful risk management to avoid losses due to price movements.
- Leverage : Be cautious when using leverage (for example, 100: 1) to manage your risks and profits.
- Order history : regularly review the history of your order to ensure that the right stop order is functioning as desired.