An OCO (one-cancels-the-other) order contains a trading strategy that places gain and stop loss orders automatically at the start of the trade.
The first exit order to execute will conditionally cancel its pair.
To create strategies on the Trading Strategy Editor, access the Trade menu:
They will be available for selection on trading screens and the SuperDom:
A Buy order and two Sell orders, for profit and loss, placed simultaneously:
After the entry order executes, the two synthetic exits remain open until one gets filled, canceling the other:
To start creating a new OCO Strategy on the Trading Strategy Editor, select Cash ($) or Percentage (%) as the calculating factor.
For the example above, we added USD 1,000.00 for both Gain and Stop Loss orders:
Click on the disk to name and save the new strategy.
- The Quantity Qty (%) field enables the creation of multiple partial exits for the same position.
We'll implement this functionality soon.
- Stop Strategies are available for creation and selection on Vector Pro. Learn more about Trailing Stop and Auto Breakeven strategies.
- The Stop Offset widens the price range where Stop Loss orders execute.
To set it up, you need to know the value of the tick, or minimum price movement, defined by the exchange.
In Binance US this asset's tick is USDT 0,01 x 20 ticks = USDT 0,20 Stop Offset:
Modifying and Canceling Open Orders
To move open orders to different prices, click and drag with the mouse.
The order will display the new goals in cash or percentage as selected before:
To cancel manually, right-click the order or use the Cancel buttons, on the trading screen:
- This action will cancel all open orders contained in the strategy.
- Closing a position will also cancel the remaining exit orders.
- Before submitting a new order, always check that the selected strategy is in line with your intention:
To add an OCO strategy to an open position, right-click the position bar and select from the list:
TIF - Time in Force
All OCO orders are (GTC) Good till Canceled by default.
Was this content helpful?
Please rate us below.