OCO orders, or One-Cancels-Other, is essentially a limit order and a stop limit order put together. It allows you to set a buy or sell above and below the current price simultaneously.
When one of the price conditions are met the order goes through and the other half of the OCO is canceled.
The order requires three figures: Limit Price, Stop price, and stop limit price.
How to Use OCO Orders
Say you sit down to trade and see this trend:
You decide you want to buy if the price either breaks above the trend or falls to the bottom of the trend. Your buddy OCO has got you covered.
You would set the limit order at the bottom of the trend and the stop limit at the top as shown with the lines in green.
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