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Doubts about the SLO( Stop Limit Order)

Binance

Cryptocoins Exchanges / Binance 247 Views

So in day trading a Buy stop limit order is a type of stop-loss order to protect and exit from an already opened short/sell position. But in Binance App it seems a bit different. I have successfully placed a buy stop limit order without having a short position already opened. So it seems to be a lot similar to a buy limit order with the difference that is not visible in the order book and you can use the stop price condition to trigger the real limit order you want, so it’s more flexible.

Can someone clarify a bit if i can use a buy stop limit order without having already a position opened to protect like if it is a normal limit order (even if it’s more advanced)?

I have also another question. I have read that stop limit orders (either buy or sell) are not triggered during pre-market and after-hours market in day trading. Does this only apply to the stock market and not to the cryptocurrency market considering that is tradable 24/7?

submitted by /u/vanisher_1
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