An OCO is an order, which upon execution cancels another pending order. This option gives you the ability to use the available purchasing power in your account to place two buying orders at the same time, or sell one of two different stocks. The original order must be placed normally by selecting (Add New Order). To add an OCO order, you then go to the (Change/Cancel Order) screen and choose OCO at the bottom of the page.
The second order should be the same type as the original one, which means that if the original order is Sell then the second order should be Sell, and if the original order is Buy then the second should also be Buy.
The 2 orders should be placed on 2 different stocks.
The order validity can be a Day Order (DO) or Good Till Cancelled (GTC)
The order can be placed on any stock.
Orders can be placed before, during or after the trading session.
To place an OCO order, the price should be 2% above or below the market price (according to the order type).
The 2 orders will be sent to the stock market and when one of them is fully or partially executed, the other will be cancelled.
Resource id #981
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