The OCO (Order-Cancel-Order) Strategies allow two exit orders to be attached to the main order, one limit for a possible profit exit and one stop for a possible loss exit. Upon execution of one of the two stop orders, the other orders will be automatically revoked. 

INDEX

• OCO Strategy
  • Mode SL/TP
  • Mode Multi
  • Server / Client

OCO Strategy

To enable OCO Strategies enable the relevant check in the trading panel and set the mode you want to use:

Mode SL/TP

Allows you to quickly place individual Stop Loss and Target Price OCO orders by setting their ticks in the SL Ticks and TP Ticks section, once you have done so, enable the ticks to make them active. 

Mode-Multi; 

Lets you create more elaborate OCO strategies, such as multi-contract exit or moving the stop to breakeven.

To create a new strategy click on the cogwheel and select New Strategy.

In this section you will be able to add multiple stop and target type orders, defining their quantity and distance ticks.

In the specific to add a stop loss order select Stop, define the quantity and ticks, then click on Add bracket.

Repeat the step to enter Target Price orders by selecting Target.

To move the stop loss order to breakeven once the first target price is reached enable the check Move BE.

Enter a name to the strategy and click Save at the bottom.

Select the strategy through the drop-down menu, if the quantity entered is equal to the quantity provided in the OCO strategy the platform will signal a green tick, otherwise a red warning signal.

In the example in the figure a 3-contract strategy has been created with a single exit in Stop at 12 ticks and 3 different exits in Target respectively at 8, 12 and 20 ticks. In addition, upon reaching Target 2 the Stop is moved to breakeven.

Server / Client

Lets you determine whether to manage the Server-side or Client-side OCO strategy.

• Server

The OCO strategy is managed server-side, i.e., orders are managed and stored by the broker's server, this results in greater reliability because if the trader's computer goes down the order remains valid on the server.

• Client

The OCO strategy is managed locally on the client side and orders are sent to the market only when they are triggered. Orders only work if the trader's computer and platform are operational and connected to the internet.

Currently, server-side management is provided by Rithmic and DXFeed.

In the server-side management mode it is also possible to link two groups of OCO strategies, i.e., the possibility to delete one OCO strategy when the other is executed, to do this; after entering orders click on Link pending orders.

Finally, if you do not have the OCO strategy enabled you can always create one from an open position.

Specifically, each market position has at its side two squares of Stop Loss (SL) and Target Price (TP), by left-clicking on them you can quickly place exit orders and eventually link them to each other creating precisely an OCO strategy.