One-Cancels-Other (OCO)
For Mosaic orders, see One Cancels Other.
A One-Cancels-Other (OCO) order is a combination of separate orders that are worked in conjunction with one another in the marketplace. A customer enters orders as part of an OCO group, and when an order is executed, the remaining orders in the group are canceled. If an order is partially executed, the remaining orders in the group are reduced proportionately to the amount that was executed. If an order is canceled before execution, the remaining orders in the group are canceled.
- Display the OCO Group order field: Hold your mouse over any field title until the "+" and "x" Insert and Remove icons appear. Click the "+ " to display the list of available fields. Note that if you hover your mouse over an order field, all available order fields are displayed. If you hover over a market data field, all available market date fields are displayed.
- On the trading screen, create an order (click in the Ask Price to create a BUY order, or the Bid Price to create a Sell order).
- Identify the order as part of an OCO group by entering a group name in the OCO Group field (you can use any descriptive name that you want).
- Continue to create orders, and identify each as part of the group by entering the same name in the OCA Group field for each order you create.
- After you have created all orders for a group, transmit the OCA order by clicking Transmit All Orders on Page on the Trade> Transmit menu.
Because the OCA procedure is an automated process, there is no guarantee that requested cancellations and modifications will reach the specific exchange before an order has been executed. To specify more OCO order parameters, open the Miscellaneous tab of the Order Ticket.
