Before placing an OCO order, there are various factors that need to be considered. These factors include Margin Available, Market Status and Margin Requirement. If the product’s market status is ‘Open’ then you will be able to place an order for this product. It is advisable to view the product’s Product Information screen to familiarize yourself with the parameters that will affect the margin requirement, your P&L and risk of the trade.
Once you open a deal ticket, select ‘OCO Order’. This will take you to the OCO Order deal ticket. Firstly input the trade size. You will notice that the Trade Value and Margin Requirement figures are displayed. You will not be able to place an opening order if the margin requirement exceeds your margin available.
After you have input the trade size you will now be required to set up both sides of the OCO order.
You will be able to enter the direction of each order; whether you would like them to open Buy or Sell orders. Both can be Buy orders, sell orders or one of each.
Once you have input the direction for both of your orders, you will now be required to input the entry prices. If the market price reaches either of your stated entry levels, then that side of the order will trigger and be filled; you will enter into a trade. The other side of the order (along with any contingent orders) will then be cancelled.
To reduce your margin requirement and to help limit the liability of an open position from downside risk you can now enter a stop loss level for one or both sides of the OCO order. Based on the level of the stop loss, your margin requirement will change accordingly. To the left of the stop loss input field, the minimum stop distance and (if applicable) minimum guaranteed stop distance will be displayed. By hovering your mouse over the stop loss field, the tool tip will display the estimated distance and potential profit/loss incurred if triggered.
If you would like to place a limit profit onto one or both sides of your order, enter a value into the Take Profit field. There is no minimum distance for the Take Profit. Hovering your mouse over the Take Profit field will also display an estimated distance and potential profit made if triggered.
After you have completed the required fields, you will now be able to select the Order Expiry. When you are happy with the order details, click ‘Place OCO Order’. You will receive an order confirmation once the order has been placed. If not successful, you will receive a notification advising you why your order was not successfully placed.
Please note, that you will be charged the margin requirement for the side with the highest value and like regular Opening Orders, OCO orders are not guaranteed and may be subject to slippage.
If your OCO order is accepted, your newly created OCO order will be present in the Open Positions and Orders window. When you select the ‘Orders’ tab, you can view the order details, entry price, current market price and distance from current market price. An OCO order can be identified by the small ‘chain link’ OCO icon. If you have attached a stop to your trade, there will also be either a ‘G’ or ‘N’ present displayed under ‘Linked Orders’. The ‘G’ indicates that the stop loss is Guaranteed, while the ‘N’ indicates that the stop loss is Non-Guaranteed.
If you would like to amend the order, hover your mouse over the OCO order row and select ‘Amend Order’. This will open an Amend OCO order deal ticket. Using this ticket, you will be able to increase/decrease the size, move the entry price, add/remove Stop Losses and Take Profits, amend the margin rate and change the Order Expiry. Once you are happy with the details, click ‘Amend Order’ to submit the amended order.