https://phemex.com/help-center/TP-SL-order
A Take Profit order allows you to specify a price at which your orders will execute and close when the price is moving in a favorable direction. This helps you increase the chances of closing out a position while ensuring a profit. We recommend this type of order for two main strategies:
As a risk-management tool to ensure a minimum amount of profits on existing positions.As an automatic tool to exit the market at the desired price without manually waiting for the market to place the order.
NOTE: For a more advanced conditional instruction known as a Trailing Stop, please view What is a Trailing Stop?
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