One Cancels Other
Attach dependent orders to a parent order and specify the order action when one group members fills.
Click "One Cancels Other" to expand the panel.
Change the order side if necessary. By default, the order side is the same as that of the original order.
Click "Contract" and enter the underlying.
Specify the order type, quantity, price and time in force.
To add more orders to the group, click +Add Order and follow steps 2 - 4 above.
If an order completely fills, other orders in the group are canceled. The On Fill: box instructs TWS what to do if an order in the group is partially filled. Use the drop down selector to choose the action:
- Reduce other orders: Reduces the quantity of other orders in the group by the partially filled quantity of the order. Please note that using this option without overfill protection will likely result in multiple orders being routed to an exchange, which may in turn result in an overfill, or in a rejection (e.g. in the case of multiple sell orders where one is tagged as "short sale").
- Reduce other orders, overfill protection: Designed to reduce quantity of other orders in the group by the partially-filled quantity of the order, and specifies that only one order at a time will be submitted to an exchange to avoid multiple orders filling (overfill).
- Cancel other orders: All orders in the group will be canceled. When selected, "overfill protection" is automatically enabled to prevent an overfill.