Closing open positions on binance using the binance python API

As a merchant or investor who leveraged the Binance platform, open position management is crucial to maximizing their returns and minimizing losses. In this article, we will demonstrate how to close an open position on Binance using its Python API (Python 3.x).

Understanding the status of order

By ordering with the Create_order function of the Binance Python API, it automatically assigns a status again. This means that its open position is currently in the process of execution, but no trade has been confirmed yet.

Closing open positions

To close an open position on Binance, you need to update your status to closed. See how you can do this using python:

`Python

Binance.client import client

Initialize the Binance customer with their API credentials

Customer = Customer (API_Key = ‘Your_api_Key’, API_SECRET = ‘Your_api_Secret’)

Get the current order details for the open position

Open_POSITION = client.get_open_orders (symbol = ‘btcussdt’, limit = 1) [0]

Check that the position has an active order with a new status

If Open_POSITION.status == ‘New’:

Define the new status to close and update commercial hash

client.close_order (

symbol = ‘BTCUSDT’,

Side = ‘Market’,

Type = ‘Sell’,

Quantity = 1.0,

Feeperunit = None,

Commission Commission = None

)

`

Explanation

In this code snippet:

• First, we initialize a binance customer with its API credentials.

• Then we get the details of the current order to the open position using get_open_orders.

• We verify if there is an active order with a status again. In this case, we update your status to close by calling close_order.

IMPORTANT NOTES

Before closing an open position:

• Check that trade has not yet been executed : trade must have been filled in order to be considered closed.

• Check position status regularly : You can use the Binance API or other tools to monitor the status of your open positions in real time.

• Close all open positions with a profit/loss : To avoid losing money due to night agreements, it is essential to close all open positions when they reach the maximum limit price.

By following these steps and using the Binance Python API, you can effectively manage your open positions and maximize your trading performance.