Create If-Then OCO Order

Brief

The article explains how to create an If-Then OCO order.

Details

You can create an If-Then OCO order only with the help of the Create Contingent Order dialog box.

To create an If-Then OCO order

1. Do one of the following:

• In the Dealing Rates window, right-click in the field of a symbol of your choice, and then click Create Contingent Order.
• In the Entry Orders list of the Orders window, right-click an entry order of your choice, and then click Create Contingent Order.
• On the Trading menu, point to Dealing Rates or Orders, and then click Create Contingent Order.
• Press ALT+E
2. The Create Contingent Order dialog box appears. It opens on the order type page of the previously created contingent order. If the value of the Order Type box is If-Then OCO, leave it as it is, otherwise, click the arrow , and then click If-Then OCO.
   
   
   
   
3. Specify the order parameters as follows:

• In the Account box, click an account of your choice if you have more than one account.
• In the Time In Force box, click an option of your choice. If you click GTD (Good Till Date), in the date box below, select or type the order's expiration time. By default, it is the time when the current trading day ends.
• In the Symbol boxes, click a symbol of your choice for all orders.
  
• In the Rate boxes, select or type price values of your choice for all orders.
• In the Order Type boxes, select an order type for all secondary orders. If you select Range Entry, select or type values of your choice in the appropriate Range boxes.
• In the appropriate Amount (K) boxes, select or type amount values of your choice for all secondary orders.
  The cost of one pip price movement and amount of the used margin of the specified amounts appear in the Per Pip and Usd Mr boxes respectively.
  Note: Depending on the version of your trading station, instead of Amount (K) you can see Currency/Point in this dialog box. You can specify the Amount mode option at your choice in the Options dialog box of your trading station. For details, see the Change Amount Mode article.
  
• In the appropriate Trailing box (optional), to make a corresponding secondary order trailing, click Dynamic or Fixed. Otherwise, click None. If you click Fixed, in the adjacent box, select or type the trailing step size in pips.
  Note: The box appears in the dialog box only if the Trailing entry orders enabled option under the General Trading heading of the Options dialog box is set to True. If it is set to False, the Trailing box is hidden.
• In the Sell ans Buy boxes, select trade operations of your choice for all secondary orders.
• Select the Sync Rates check box if you want the rate of the second secondary order to be calculated automatically while you select or type the rate of the first secondary order and vice versa.
  Note that the option works only if the Symbol boxes of both orders have one and the same value (symbol). Otherwise, the option is disabled.
• Select the Secondary orders in pips check box if you want to set the rate of the secondary order a certain number of pips away from the current market price of its symbol at the moment of the primary order execution. Clear the check box to set the rate of the secondary order in the chart price values.
• Clicking the Advanced button expands the dialog box.
  
  
  
  To add a stop and/or limit order to any secondary order, select appropriate Stop or Limit check boxes and, in the adjacent boxes, select or type rate values of your choice. To specify the values in pips, select the In pips check box at the bottom of the dialog box.
  You can also make your Stop orders trailing by clicking Dynamic or Fixed in the appropriate Trailing box, otherwise, click None. If you click Fixed, in the adjacent box, select or type the trailing step size in pips.
4. Click OK.

Once the If-Then OCO order is created, it appears in the OTOCO group of the Orders window. The orders within the If-Then OCO order remain waiting until the market price hits the price value of its primary order, or until the order is deleted. When the market price hits the price value of the primary order, a new OCO order with the specified parameters of the secondary orders is executed. The If-Then OCO order disappears from the OTOCO group and the new OCO order appears in the OCO group of the Orders window.