Placement of Binance Bracket Orders via API: A Step-by-Step Guide

As an Ethereum investor, you are probably familiar with the importance of taking profits and limiting potential losses. One effective way to achieve this is by using 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 Binance bracket order via the API, ensuring that you can execute an OCO order and take profits at a specific price.

Step 1: Sign up for the Binance API

Before proceeding, be 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

After signing up for an API account, you will need to get two API keys:

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

• Client Secret: This is a secret key that should be kept confidential to prevent unauthorized access to your account.

Step 3: Set up the Binance API Client

To connect to the Binance API, you will 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:

axis import
from binance.customer import Customer





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

Initialize the Binance client
customer = customer(customer_id, customer_secret)

Replace YOUR_CLIENT_ID and YOUR_CLIENT_SECRET with your actual API keys.

Step 4: Place bracket order

To place a bracket order on Binance via the API, you will 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 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(**order_bracket)

Replace ORDER_TYPE with `buy', `sell' or `stoploss'.

Step 5: Take Profit at Target Price

After placing the OCO order, you can take profit at a specific price. To do this, you will need to create another order in brackets:

def place_profit_order(bracket_order, profit_price):

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

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

Execute a take 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.