Placing OCO and OSO Orders
From the Trade Bar, click the OCO/OSO pull-down and choose an OSO, OCO, or Bracket order template. The Trade Bar changes to display the appropriate order entry form.
About the order types
| Order type | Description | Example |
|---|---|---|
| OCO (Order Cancels Order) | 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, you intend to place two concurrent orders: after one of the orders is filled, you want to cancel the second order. This could be used when you expect a news announcement to make an impact on a stock price but you are not sure if it will cause the market to go up or down. This allows you to take advantage of a price movement in either direction. |
| OSO (Order Sends Order) | 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, you intend place an opening order, and once that order is filled you want to place a stop limit order. The benefit of this type of order is that it allows you to place your entry and exit orders at the same time, so you do not have to monitor the opening order to see when it fills and then place your exit order. |
| Bracket OCO | 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. You might use this when you already own shares of a symbol. It allows you to limit your downside, if the symbol drops in price, or to realize a profit, if the price increases. |
Placing orders
Below are the orders that are on the OCO/OSO pull-down. The templates have default order types and actions, but you can change them. For more information, contact Client Services through the Client Center link on the Help menu.
| OSO > Entry Long - with bracket | When you choose Entry Long - with bracket, the Trade Bar updates to show three order rows: your primary order, and the two attached orders that will be sent when the primary order fills. |
| OSO > Entry Long - with exit - stop market only | The Trade Bar updates to show two order rows: your primary order, and one attached order that will be sent when the primary order fills. By default, the primary order is a Buy/Limit order and the attached order is Sell/Stop Market. |
| OSO > Entry Long - with exit - stop limit only | The Trade Bar updates to show two order rows: your primary order, and one attached order that will be sent when the primary order fills. By default, the primary order is a Buy/Limit order and the attached order is Sell/Stop Limit. |
| OSO > Entry Short - with exit - stop market only | The Trade Bar updates to show two order rows: your primary order, and one attached order that will be sent when the primary order fills. It does not have to be for the same symbol. By default, the primary order is a Sell Short/Limit order and the attached order is Buy to Cover/Stop Market. |
| OSO > Entry Short - with exit - stop limit only | The Trade Bar updates to show two order rows: your primary order, and one attached order that will be sent when the primary order fills. By default, the primary order is a Sell Short/Limit order and the attached order is Buy to Cover/Stop Limit. |
| OCO > Order Cancels Order | The Trade Bar updates to show two order rows and an Add Order button. An OCO (Order Cancels Order) order consists of a group of two or more parallel orders that are linked together. When any one of them is filled, all of the other orders are automatically canceled. Click the Add Order button to add additional order rows. You can have up to 10 orders. |
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Bracket > Exit - 1 limit & 1 stop market level, Bracket > Exit - 1 limit & 1 stop limit level |
A Bracket OCO order consists of a pair of 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.
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Columns and Fields
Depending on your order type, the following columns and fields are available:
- Symbol: The Trade Bar displays your Open P/L for the symbol that you enter, as well as your total buying power with a Last Update timestamp.
- Action: The action to use for the order (Buy, Sell, Buy to Cover, or Sell Short).
- Quantity: The number of units (shares, contracts, lots) you wish to purchase or sell. Where a minimum quantity applies, it will be automatically inserted. In the OCO/OSO orders, the Quantity is blank by default.
- Order Type: The type of order that you are placing (Limit, Market, Stop Limit, Stop Market, Trailing Stop, Trailing Stop %). All of the order types are available for each of the asset classes.
- Price fields: The Bid, Last, or Ask buttons transfer prices to the Price fields. Adjust the prices by entering a number or by using the up and down arrows.
- Limit Price: The price for a limit order. A limit order is a buy or sell order that is only executed at a specified price (the Limit Price) or better.
- Stop Price: The price that triggers the creation of a Market or Limit Order. When the market reaches or passes the Stop Price, a market/limit order is triggered.
- Amount: Enter an amount that represents the difference between the Last price and the Trail amount.
- Amount %: Enter an amount that represents the percentage above/below the Last price.
- Route: The order route specifies how your order will be routed to a market participant. Choose the route that you prefer from the pull-down, or leave it as the default, Intelligent.
- Duration: The length of time that your order will remain valid in the market. Note that certain Advanced order settings are not available for all durations. The durations available may vary depending on the selected order route and asset class.
- GTD: A GTD (Good Till Date) order is resubmitted into the marketplace every day with its order duration set to DAY until it fills, is canceled, or expires. Specify the date that the order will be good through. GTD orders have a maximum life span of 90 calendar days. If a GTD order is not filled or canceled by the completion of the specified date, it expires.
- Account number: The account number is the default TradeStation number for the asset class that you are trading. Click the Account Number pull-down to select another account if you have multiple accounts for the selected asset class.
When you have finished entering the order, click Send Orders. The confirm dialog displays. Click Send to submit the order, or click Cancel.
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