TP / SL

Take Profit & Stop Loss Orders (TP/SL)

Aurora supports Take Profit (TP) and Stop Loss (SL) orders, which automatically close positions once a specified profit or loss threshold has been reached.

• TP Orders → close a position once the desired profit is realized.

• SL Orders → close a position to limit potential losses.

Aurora uses the mark price (not the last traded price) to trigger TP/SL orders, ensuring fair and consistent execution.

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Managing TP/SL Orders

• TP/SL orders can be adjusted directly on the TradingView chart.

• If an adjustment would cause immediate execution, Aurora prevents it with an error. This helps avoid accidental closures, but traders who want immediate execution can instead close directly from the position table or order form.

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Limit vs. Market TP/SL

Aurora gives traders flexibility in how TP/SL orders are executed:

• Market TP/SL

  • Trigger into a market order with a default 10% slippage tolerance.

  • Simple and reliable, but may result in more slippage.

• Limit TP/SL

  • Traders specify a limit price to control slippage tolerance.

  • More aggressive limit prices increase the chance of filling after the trigger but may leave the order resting on the book.

Example:

• You have a long position.

• You set a Stop Loss with trigger price = $10 and limit price = $10.

• If the mark price drops from $11 to $9 instantly, your SL order would trigger but likely rest at $10 unfilled.

• If instead the limit price = $8, the order would likely fill somewhere between $9 and $8.

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TP/SL Associated with Positions

When TP/SL orders are placed directly from the position form:

• Default size = the entire position.

• Orders attempt to close the whole position once triggered.

• If a custom size is chosen, the TP/SL order is fixed-size and does not adjust if the position size changes later.

This makes position-based TP/SL the most straightforward option for beginners.