Conditional position closing allows Traders to set prices at which their positions will automatically be closed. The purposes of these prices are obvious from their names:
Take Profit closing happens when the price of the position's asset becomes equal to or higher than the specified price for long positions and equal or lower for shorts.
Stop Loss closing happens when the price is equal to or lower (long) / higher (short) than the specified one.
Take Profit and Stop Loss prices can be set for both market and limit orders.
Technically, Take Profit and Stop Loss are limit orders themselves, so they are executed by Keepers as well as regular limit orders.