How to place an OCO OrderLast Updated: May 31, 2019
OCO = One Cancels the Other
An OCO is a pair of pending orders that straddle the market price and is set so that if one order executes, then the other order is automatically canceled.
When either pending order is reached and the order is executed, the other order automatically gets canceled.
Experienced traders often use OCO orders to mitigate risk when entering in the direction of trending market movement.
How to place an OCO Order
Open the advanced trading options by selecting the advanced trading options button located in the top right of the trading panel or right click on the chart and select Place Order.
Select the OCO tab located at the top of the Advanced Trading Options modal window.
Confirm the Correct Symbol is selected.
Set the Lot Size of the Trades
Scroll down if needed and select radial button for Buy or Sell for Order 1.
Enter rate in relation to current market rate for OCO order 1
Select radial button for Buy or Sell for Order 2.
Enter rate in relation to current market rate for OCO order 2
Confirm Correct broker or brokers are selected.
Select Place Order
After placing an OCO order there will be two pending orders appear on the chart of the selected symbol. These orders will be associated and once the market reaches one of the pending OCOorders 1 or 2 the other order will be canceled and moved to history as a closed pending order.