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OCO/OSO Orders

OCO (Order Cancels Order), Bracket OCO, and OSO (Order Sends Order) are types of conditional orders that can be placed from the Order Bar or a Trade Bar in an analysis window.

An OCO (Order Cancels Order) order consists of a group of two or more parallel orders that are linked together in such a way that if one of the orders is filled, then all of the other parallel orders are canceled. For example, let say that an OCO order consists two orders; 1) a limit order to buy 500 shares of one symbol and 2) a stop order to sell 200 share of another symbol. If the limit price of #1 is hit and fills, the stop order #2 is automatically canceled.

There is no limit to the number of parallel orders in an OCO group of orders. When any one of them is filled, the others in the group are canceled.

A Bracket OCO order consists of two exit orders with the same symbol, quantity, and order action (Buy, Sell, etc.). When one of the orders is partially filled, the other order's quantity is automatically decremented by the same amount. For example, if you have a sell limit order for 1000 shares and a sell stop order for 1000 shares, and the limit order is partially filled for 500 shares, the stop remains open and automatically decrements to 500 shares to match the remaining open position.
An OSO (Order Sends Order) order consists of a primary order that will send one or more secondary orders when the primary order is filled. For example, there is an OSO order consisting of three orders. The primary order 1) is a limit order to buy 1000 shares of a symbol, and attached to it are two other orders: 1) a limit order to buy 500 shares of another symbol in the same industry and 2) an stop order for 1000 share of the primary symbol at a price .25 below the limit price for that order. When the primary order is filled, the two additional OSO orders are sent, one that buys additional shares of a related symbol and another that sets a stop loss for the primary symbol.

Access using the OCO/OSO button from the Order Bar and select a desired OCO/OSO order from the drop-down list. The Order Cancels Order & Order Sends Order - Order Bar dialog is displayed.

OCO/OSO Orders

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