Close Open Positions on Binance Using Binance Python API

As a trader or investor using the Binance platform, managing open positions is essential to maximizing your returns and minimizing your losses. In this article, we will show you how to close an open position on Binance using its Python API (Python 3.x).

Understanding Order Status

When you place an order with the Binance Python API create_order function, it automatically assigns the status NEW. This means that your open position is currently being executed, but no trade has been confirmed yet.

Close Open Positions

To close an open position on Binance, you need to update its status to CLOSED. Here’s how you can do it using Python:

from binance.client import Client









Initialize the Binance client with your API credentials
client = Client(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='BTCUSDT', limit=1)[0]

Check if the position has an active order with a NEW status
if open_position.status == 'NEW':

Set the new status to CLOSED and update the hash of the transaction
client.close_order(
symbol='BTCUSDT',
side='market',
type='sell',
quantity=1.0,
feePerUnit=None,
commissionRate=None
)

Explanation

In this code snippet:

• We first initialize a Binance client with your API credentials.

• We then get the current order details for the open position using get_open_orders.

• We check if there is an active order with a status of NEW. If so, we update its status to CLOSED by calling close_order.

Important Notes

Before closing an open position:

• Make sure the trade has not been filled yet: The trade must have been filled for the position to be considered closed.

• Check Position Status Regularly: You can use Binance API or other tools to monitor the status of your open positions in real-time.

• Close All Open Positions with Profit/Loss: To avoid losing money due to overnight settlements, it is essential to close all open positions when they have reached their maximum limit price.

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