OCO Order Guide | One Cancel Other Order

Order Entry Tools

The order entry tool is located at the bottom of the main screen. You can bring up this section by clicking buying/selling from the bid/ask price.

For typical single entry order, you can just select your options from the line and click on the button “Confirm and Send”.

For advance conditional options, you can look for a gear icon at the end of the line (as shown by the red arrow).

Gear box for condition order

The following “Order Rules” dialogue box will appear when you clicked on the gear icon.

Order Rules

The order rules dialog consist of the following options to choose from,

  • Side: (Buy/Sell), Quantity: (±1 options contract)
  • Price rules: (Market/ Limit/ Stop/ Stop Limit/ Trail Stop/ Trail Stop Limit)
  • Limit price:
  • Time in force: (Day/GTC)
  • Conditions
    • Submit at <date>, <time>
    • Cancel at <date>, <time>

condition order rules

Warning!!! For complex order, always remember to visit the order rules to check if the settings are correct. This is especially when you use “Duplicate Order” features to add in your new line of order. The order rules will be duplicated as well. You may accidentally duplicate the order rules, and if you forget to check, the execution may not be what you wanted. In some cases, 2 or more OCO orders can be executed resulting in a naked short position.

Price Rules

  • Market           – Guarantee order filled at the next available market price.
  • Limit            – Order filled at a specific price or better.
  • Stop             – Send a  Market order, when the defined price is triggered.
  • Stop Limit       – Send a  Limit  order, when the defined price is triggered.
  • Trail Stop       – Similar to Stop      , trigger price will move in the direction of favour at an offset.
  • Trail Stop Limit – Similar to Stop Limit, trigger price will move in the direction of favour at an offset.
  • MOC              – Market-on-Close, a time trigger that will change the order to a Market order just before the market is closed.
  • LOC              – Limit-on-Close , a time trigger that will change the order to a Limit order just before the market is closed.

Note: MOC & LOC has to be placed at least 20mins before the market closed.

Link (???)

  • Link
  • Trigger
  • Last
  • Bid
  • Ask
  • Market
  • Avg PRC

Advanced Order

  • OCO (One-Cancels-Other)
    If one of the order is filled, the rest will be cancelled.

    • Single Order    – default, allows only a single order.
    • Blast All       – Send all the orders in the list at once.
    • 1st trgs Seq    – Order will be trigger (filled) one after another in sequence.
    • 1st trgs All    – If the first order is triggered (filled), the rest of the orders will be summited.
    • 1st trgs OCO    – If the first order is triggered (filled), the rest of the orders will be summited as OCO orders. In theory, 2 orders is expected to be sent.
    • 1st trgs 2 OCO  – ???
    • 1st trgs 3 OCO  – ???
    • OCO             – If any of the order is filled, the rest of the orders will be cancelled.
    • Pair
  • Sequence Orders
    If an order is filled, the next order will be summited.

Selling an Options at a Target Price, Stop Loss or Time Target

OCO Order Select

  1. Select the options to sell. A sell order line will be presented at the Order Entry Tools.
  2. Select the Advance Order option “OCO”.
  3. Right click the first order and click “Create duplicate order”. Create another duplicate order, so that there are 3 lines of order.
  4. For the first one, select “LIMIT”. Click on the gear icon
    • Price rules: LIMIT
    • Limit price: $x.xx
    • Time in force: DAY or GTC
    • Check “Cancel at” <date><time>
  5. For the second one, select “STOP”. Click on the gear icon
    • Price rules: STOP
    • Stop price: $x.xx
    • Time in force: DAY or GTC
    • Check “Cancel at” <date><time>
  6. For the third one, select “MARKET”. Click on the gear icon.
    • Check “Submit at” <date><time + 1 minute>

Warning!!! Be sure that it is not possible that any 2 or more orders can be triggered at the same time. LIMIT and STOP will not happen at the same time (assuming the price is sufficiently far apart). But because the 3 third condition is a time target order, the LIMIT & STOP order has to be cancelled before the time target order takes place.

Sell Vertical Spread at Target Price and Time Target

Similar to above, except now is a spread.

Managing Winners (Sell Vertical Spread with a 50% Target Price)

Position a closing position to manage a winner, when opening a new position.

Managing Winners (Buy Time Spread with a 25% Target Price)

Managing Winners (Buy Vertical Spread with a 25% Target Price)

Buy Custom with OCO Bracket

This is use to enter in your closing position when opening a new position.

  1. Right click on the order, click on “Buy custom”, then click “with OCO Bracket”.
  2. The 3 line orders will appear.
  3. Set the LIMIT, and STOP price, set the Time-in-Force as “GTC

Open Vertical Spread with OCO Bracket

Open Calendar Spread with OCO Bracket