What Is OCO Order?
An OCO order (One-Cancels-the-Other) combines a TP/SL order and a limit order at the same time. When one order is triggered, the other is automatically cancelled. If one order is cancelled, the other will be cancelled as well.
Glossary
- Limit Price (Limit Order): When the market price reaches the limit price, the order will be fully or partially filled at that price, depending on the available quantity from the counterparties.
- TP/SL (Order): Set a trigger price and an order price. When the market price reaches the trigger price, the order will be executed at the order price.
Description of OCO Order
Buy
OCO Buy: Set the TP/SL order's trigger price (B) higher than the current price (A), and the limit order's order price (C) lower than the current price (A).
Scenario 1: When the price rises to 65,000 (B), the TP/SL order will be triggered and the limit order will be canceled automatically.
Scenario 2: When the price falls to or below 55,000 (C), the limit order will be executed while the TP/SL order will be canceled automatically.
Sell
OCO Sell: Set the TP/SL order's trigger price (B) lower than the current price (A), and the limit order's order price (C) higher than the current price (A).
Scenario 1: When the price falls to 55,000 (B), the TP/SL order will be triggered and the limit order will be canceled automatically.
Scenario 2: When the price rises to or above 65,000 (C), the limit order will be executed while the TP/SL order will be canceled automatically.
How to Place OCO Order
Users can set up an OCO order based on their market outlook. On the web version, select the OCO option from the drop-down menu in the "TP/SL" section to access the order panel.
Alternatively, select OCO on the app to place an order. The following order setup will be demonstrated using the web version, with the same principles applying to the app version.
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App Trading Page 1
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App Trading Page 2
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Example of an OCO order
Bullish
User A is bullish on BTC and wants to buy it. User A can place an OCO order to set a limit buy order below the market price and a TP/SL order above the market price.
Example: The current market price for BTC is 60,000 USDT. User A wants to buy 10 BTC and believes 59,000 USDT is a good price. However, if the price rises to 61,000 USDT, User A is willing to accept a maximum buy price of 61,500 USDT. Here’s how the trader could set it up:
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Limit price: 59,000 USDT
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TP/SL trigger price: 61,000 USDT
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TP/SL order price: 61,500 USDT
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Amount: 10
The limit order will be triggered when the price drops to 59,000 USDT. User A's order will be fully or partially filled, resulting in the TP/SL order to be automatically canceled.
When the price increases to 61,000 USDT, the TP/SL order will be triggered to buy 10 BTC at the order price of 61,500 USDT. User A's order will be fully or partially filled, and the 59,000 USDT limit buy order will be canceled.
Bearish
User A is bearish on BTC and wants to sell it. User A can place an OCO order to set a limit sell order above the market price and a TP/SL order below the market price.
Example: The current market price for BTC is 60,000 USDT. User A wants to sell 10 BTC and believes 61,000 USDT is a good price. However, if the price drops to 59,500 USDT, User A is willing to accept a minimum sell price of 59,000 USDT. Here’s how the trader could set it up:
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Limit price: 61,000 USDT
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TP/SL trigger price: 59,500 USDT
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TP/SL order price: 59,000 USDT
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Amount: 10
The limit order will be triggered when the price increases to 61,000 USDT. User A's order will be fully or partially filled, resulting in the TP/SL order to be automatically canceled.
When the price drops to 59,500 USDT, the TP/SL order will be triggered to sell 10 BTC at the order price of 59,000 USDT. User A's order will be fully or partially filled, and the 61,000 USDT limit sell order will be canceled.
FAQs
Q: How to check my OCO orders?
A: In the Spot order page, you can view the order types as "OCO-Limit Order" and "OCO-TP/SL Order".
Q: What are the conditions for setting up an OCO order?
A: If it's a sell order, then the limit price (limit order) > current market price > trigger price (TP/SL order). If it's a buy order, then the limit price (limit order) < current market price < trigger price (TP/SL order).
*For faster execution of the TP/SL order, it's recommended to set the limit price slightly above or below the trigger price, depending on whether you're selling or buying.
Q: Which version supports OCO order?
A: You can try it directly on the website. For the app, you'll need to update to version 4.23.5 or higher.
Q: What are the fees for OCO orders?
A: The fees are calculated based on your account's VIP level. Check out the fee rates here: https://bingx.com/vip/profile.