An OCO order (One-Cancels-the-Other) is a trading strategy where two sets of orders are created along with the entry order, the sets are Gain (Take Profit) and Loss (Stop Loss). When the take order is filled, for example, the stop loss order is cancelled. This ensures that when a trade is finished no remaining order stays active, preventing an unintended new trade.
In order to create such strategies, navigate to Trade, Trading Bracket.
Ticks
In the example below, a Buy Stop order was placed on EUR/JPY, and two sell orders are being previewed. A dotted style indicates a preview order, meaning that once the entry order is filled, the dotted orders will be officially created.
In the Trading Bracket Editor, the OCO strategy used above was set on the Ticks option, with 200 ticks for Gain and Loss.
By using ticks, you can define how many ticks away the Gain or Loss will be placed relative to the entry order. In the example above, the entry order was placed at 157.892, therefore, the Take Profit order will be placed at 158.092, and the Stop Loss order at 157.692, because the tick size for EUR/JPY is 0.001.
Cash
The cash option allows the gain and loss orders to be set in terms of financial value. This means that if your goal is to gain 20 JPY on a trade, the Take Profit order will be placed at a price where, if executed, you will earn 20 JPY. The same applies to the loss side.
In the Trading Bracket Editor, the OCO strategy used above was set on the cash option, with 20 JPY for Gain and 30 JPY for Loss.
Percentage
The percentage option allows you to set the desired distance from the entry price as a percentage. For example, if your goal is to gain 0.2% on a trade, you can enter 0.2% in the gain field.
In the Trading Bracket Editor, the OCO strategy used above was set on the percentage option, with 0.20% for Gain and 0.20% for Loss.
Other fields
The Qtd (%) defines the quantity of the OCO orders relative to the entry order. If 50% is selected, for example, the OCO orders will have only half the quantity of the entry order, as we can see in the example below.
In the Trading Bracket Editor the strategy is set as below.
The Stop Offset field defines the offset for the loss orders always in terms of ticks, to know more about Stop Offset, check this article.
Scaling Out
In order to set partial exits in the OCO strategy click on the icon. It is possible to set up to 7 pairs of partial exits.
So, if you want to place three exit orders at different prices on both the profit and loss sides, you can configure your OCO strategy as follows.
Close OCO by Time
By setting a specific time for closing your OCO order, you can have even more peace of mind, as it adds an extra layer of security when managing your trades.
- There is no date setting for the closing process, only the time, which is considered the deadline for the operation on the same day.
- You must place the OCO order by time at least 5 minutes before the specified time so that our system can update your platform's data and correctly execute the time-based closing.
- If an OCO order is placed for the same asset at the same closing time, only the first configured order will be executed due to queue processing. Therefore, we recommend that you carefully manage multiple OCO order strategies with time-based closing for the same asset to ensure that your risk management aligns with your initial trading plan.
- The closing process will always follow UTC (Coordinated Universal Time), regardless of whether your platform's display is set to exchange time or local time.
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