Place Bracket Orders on Binance via API: A Step-by-Step Guide

As an Ethereum investor, you probably know how important it is to take profits and limit potential losses. One effective way to do this is to use bracket orders in conjunction with OCO (One Cancels Other) orders on cryptocurrency exchanges like Binance.

In this article, we will walk you through the process of placing a bracket order on Binance via API, ensuring that you can execute an OCO order and take profit at a specific price.

Step 1: Sign up for the Binance API

Before proceeding, make sure to sign up for a Binance API account. This will provide you with the necessary credentials to access your API keys and interact with the exchange’s API.

Step 2: Get your API keys

Once you have signed up for an API account, you will need to obtain two API keys:

• Client ID: This is used to authenticate your API requests.

• Client Secret

  

  : This is a secret key that must be kept confidential to prevent unauthorized access to your account.

Step 3. Setting up the Binance API client

To connect to the Binance API, you need to set up a client using the python-binance library. Install the required package:

pip install python-binance

Create a new Python file (e.g. “binance_api.py”) and add the following code:

import os
from binance.client import Client

Set API credentials
client_id = 'YOUR_CLIENT_ID'
client_secret = 'YOUR_CLIENT_SECRET'

Initialize the Binance client
client = client(client_id, client_secret)

Replace “YOUR_CLIENT_ID” and “YOUR_CLIENT_SECRET” with your actual API keys.

Step 4: Place a batch order

To place a Binance order in brackets using the API, you need to create an OCO (One Cancels Other) order. Here is the code:

def place_bracket_order(order_type, quantity, price):

Create an OCO order with a take profit condition
oco_order = {
'type': 'ocoo',
'type1': {'side': 'buy', 'type': 'limit'},
'type2': {'side': 'sell', 'type': 'stoploss'}
}

Set the bracket order parameters
bracket_order = {
"price": price,
"quantity": quantity,
'order_type': order_type,
'ocoo_type1': oco_order['type1'],
'ocoo_type2': oco_order['type2']
}

Execute an OCO order using the Binance API
client.place_order(**bracket_order)

Replace ORDER_TYPE with either “buy”, “sell” or “stoploss”.

Step 5: Take Profit at Target Price

Once you have placed an OCO order, you can take profit at a specific price. To do this, you will need to create another bracket sequence:

def place_profit_order(bracket_order, profit_price):

Create a profit order with an exit condition
profit_order = {
'type': 'profit',
'type1': {'side': 'buy', 'type': 'limit'},
'type2': {'side': 'sell', 'type': 'stoploss'}
}

Set the profit order parameters
profit_order_params = {
'price': profit_price,
'quantity': bracket_order['quantity'],
'order_type': bracket_order['order_type']
}

Execute the profit order using the Binance API
client.place_order(**profit_order_params)

Replace “PROFIT_PRICE” with the price at which you want to take profit.

Putting it all together

Here is the full code:

“` python

import os

from binance.

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