If you haven't used OCO limit in Binance yet, this post is for you.

OCO is basically Market + Stop Limit

TP in OCO is Take Profit limit and SL is Stop Loss.

But there's also SL trigger that triggers and waits for the SL price to execute afterwards SL trigger price is triggered.

To better understand and simplify it, first click the 'MARKET' button in the OCO limit. That way you will understand the two main options are just SL and TP.

For example, you bought SOL, the price right now is $130, and you want to set both the Stop loss and Take Profit by using OCO, so normally you will put $127 as SL with Market button on, and 135 as TP, hoping the price will go up and you will make $5 profit for each SOL that you buy. And if it goes down, you won't lose more than $3. As for the SL trigger option, it is not used very commonly.