What is an OCO order?
An OCO (One-Cancels-the-Other) order combines a TP/SL order and a limit order. When the TP/SL price is triggered, or when the limit order is fully or partially executed, the other order will be canceled automatically.
An OCO order on AlphaX consists of one TP/SL order and one limit order with the same quantity. Both orders must be either buy orders or sell orders of the same type. If either order is canceled, the entire OCO order combination will be canceled.
How to use an OCO order?
Assume ETH is trading between 3,200 USDT and the resistance level of 3,400 USDT. You would like to buy ETH either when the price drops to 3,000 USDT or breaks above 3,400 USDT.
You can create an OCO order that includes a limit order at 3,000 USDT (as shown on the screenshot), and a stop limit order with a stop (trigger) price of 3,400 USDT.You can then set the limit price of the stop limit order to 3,500 USDT to increase the likelihood of execution.
When the ETH price reaches 3,000 USDT, the limit order will be executed. This means the stop limit order will be canceled automatically.Likewise, when the ETH price reaches 3,400 USDT, the stop limit order will be triggered, and the limit order will be canceled automatically.
OCO buy order example
For buy orders, you can set the TP/SL price (B) above the current market price and the limit price (C) below the current market price.
For example, when the price rises to 3,000 (B), the stop limit order will be triggered and the limit order will be canceled simultaneously. A limit order (B1) will then be placed into the order book. However, if the price falls to 1,500 (C) or below, the limit order at 1,500 (C) will be executed automatically, and the stop limit order will be canceled.
OCO sell order example
For sell orders, you can set the limit price (B) above the current market price (take profit), and the stop price (C) below the current market price (stop loss).
For example, when the price drops to 1,500 (C), the stop limit order will be triggered, and the limit order will be canceled simultaneously. A limit order at price C1 will then be placed into the order book. Otherwise, if the price rises to 3,000 (B) or above, the limit order will be executed automatically at 3,000 (B), and the stop limit order will be canceled.
How to place an OCO order via website
How to view OCO order history
OCO order setup conditions
For a sell order, you may set:
Limit order price > current market price > stop trigger price (stop limit order)
For a buy order, you may set:
Limit order price < current market price < stop trigger price (stop limit order)
*For the stop limit order, it is recommended to set the limit price closer to the SL trigger price.