Is STOP_MARKET basically an opposite of TAKE_PROFIT_MARKET order type?

Currently reading the api docs on creating new orders.

Just wondering if does the STOP_MARKET basically an opposite of TAKE_PROFIT_MARKET order? That is, you can set your take profit by using stop market orders in oposite order type (BUY/SELL)? Similar with STOP and TAKE_PROFIT type?

is my understanding correct?

Your concept is roughly correct.

  • Price above market price: STOP_LOSS BUY, TAKE_PROFIT SELL
  • Price below market price: STOP_LOSS SELL, TAKE_PROFIT BUY