OCO Guide

What is an OCO order?

An OCO order is essentially a one-cancels-the-other order. Users can place two orders at the same time, i.e., one limit order and one stop limit order (an order placed when a condition is triggered). If one order executes (fully or partially), then the other order is automatically cancelled.

Note: If you cancel one order manually, the other order will be automatically cancelled.

Limit order: When the price reaches the specified value, the order is fully or partially executed.

Stop limit order: When a specific condition is triggered, the order is placed based on a designated price and amount.

How to place an OCO order

Navigate to the Spot Exchange page, click OCO, and then create an OCO buy order or sell order.

Limit price: When the price reaches the specified value, the order is fully or partially executed.

Trigger price: This refers to the trigger condition of a stop limit order. When the price is triggered, the stop limit order will be placed.

When placing OCO orders, the price of the limit order should be set below the current price, and the trigger price should be set above the current price. Note: the price of a stop limit order can be set above or below the trigger price. To summarize: Limit price < current price < trigger price.

For example:

The current price is 10,000 USDT. A user sets the limit price at 9,000 USDT, the trigger price at 10,500 USDT, and a buying price of 10,500 USDT. After placing the OCO order, the price rises to 10,500 USDT. As a result, the system will cancel the limit order based on a price of 9,000 USDT, and place a buy order based on a price of 10,500 USDT. If the price drops to 9,000 USDT after placing the OCO order, the limit order will be partially or fully executed and the stop limit order will be cancelled.

When placing an OCO sell order, the price of the limit order should be set above the current price, and the trigger price should be set below the current price. Note: the price of a stop limit order can be set above or below the trigger price in this scenario. In conclusion: Limit price > current price > trigger price.

Use case

A trader believes the price of BTC will continue to rise and wants to place an order, but they want to buy in at a lower price. If this isn’t possible, they can either wait for the price to fall, or place an OCO order and set a trigger price.

For example: The current price of BTC is 10,000 USDT, but the trader wants to buy in at 9,000 USDT. If the price fails to fall to 9,000 USDT, the trader may be willing to buy at a price of 10,500 USDT while the price keeps rising. As a result, the trader can set the following:

Limit price: 9,000 USDT

Trigger price: 10,500 USDT

Open price: 10,500 USDT

Quantity: 1

After the OCO order is placed, if the price drops to 9,000 USDT, the limit order based on a price of 9,000 USDT will be fully or partially executed and the stop limit order, based on a price of 10,500, will be cancelled. If the price rises to 10,500 USDT, the limit order based on a price of 9,000 USDT will be cancelled and a buying order of 1 BTC, based on a price of 10,500 USDT, will be executed.