Stop Loss
This order is designed to minimize losses in the event that the price of a financial instrument has begun to move in an unprofitable direction. If the price of the instrument reaches this level, the position will be closed automatically. Such an order is always associated with an open position or with a pending order. It is issued for the installation of a brokerage company only together with market or pending orders. When checking the conditions of this order, the Bid price is used for long positions (the order is always set below the current Bid price), and when checking short positions, the Ask price is used (the order is always set above the current Ask price).
To automate the movement of a Stop Loss order after the price, you can use a Trailing Stop.
Take Profit
Take Profit is designed to make a profit when the price of a financial instrument reaches the predicted level. The execution of this order leads to the closure of the position. It is always associated with an open position or with a pending order. An order can only be issued together with a market order or a pending order. When checking the conditions of this order, the Bid price is used for long positions (the order is always set above the current Bid price), and when checking short positions, the Ask price is used (the order is always set below the current Ask price).