An OCO order (Order-cancels-the-other order) is a type of conditional order, often placed with a pair of gain and loss exit orders. If one of these orders is executed, the other one is automatically canceled.
Now, let's check out how to set up an OCO order!
In the Trade menu, access the Trading Strategy Editor to configure the input parameters for each order: Stop Gain, Stop Loss, and the Offset for Stop Loss orders (also known as Spread).
All strategy settings start with the cash ($) pattern as default, representing the minimum variation of an asset. However, we can also choose Percentage (%) equivalent to the traded pair’s value.
All OCO orders are valid until canceled.
Having created the OCO Order strategy, you can now add it to your orders. When the entry order is filled, the Stop orders will be placed, and the OCO Order will be effective.
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