OCO Orders (One Cancels Other)
Stop loss and profit target orders (submitted automatically via an ATM strategy) are always sent as OCO; however, you can submit entry or exit orders as OCO orders as well. Why? The market may be trading in a channel and you wish to sell at resistance or buy at support, whichever comes first by placing two limit orders at either end of the channel.
To place OCO orders, right mouse click in your entry window and select the menu item or use the shortcut key CTRL+Z.
All orders placed while OCO is enabled will be part of the same OCO group. Once any order of this group is either filled or cancelled, all other orders that belong to this group will be cancelled. If you want each OCO order to create it's own set of stop loss and profit target brackets, ensure that the ATM Strategy drop down menu is set to either <Custom> or a strategy template name before you submit each OCO order.
NOTE: It is important to reset the OCO by disabling and re-enabling it after the completion of submitting an OCO order group; otherwise, you may run into problems where orders are rejected due to usage of duplicate OCO id values.
Below are steps for submitting a sell limit and a buy limit order via OCO.
|3.||If initiating two orders to enter a new strategy then re-select the strategy in the strategy selection list |
|5.||Disable OCO (this is critical that you disable OCO before submitting another OCO group) |