"Note: We highly recommend reading our guide on limit and stop-limit orders before proceeding."
OCO, or “One Cancels the Other” allows a user to place two orders at the same time. This order type combines limit and stop-limit orders, but only one of these orders is executed.
In other words, after one order is partially or completely filled, the other order will be canceled automatically. Please note that canceling one order will also cancel the other.
When trading on Tokocrypto, users can use OCO orders as a basic form of trading automation. This feature gives the user the option to place two limit orders simultaneously, which may be useful for taking profits and minimizing potential losses.
How to use OCO orders?
After the user logs in to the Tokocrypto account, please go to the Exchange view and find the trading area as illustrated below. Tap on "Stop-limit order" to open the menu and select "OCO."
At Tokocrypto, OCO orders can be placed as a pair of buy or sell orders. Users can find more information about OCO orders by clicking on the question mark.
After selecting the OCO option, a new trading view will be loaded, as shown below. This display allows the user to place limit and stop-limit orders simultaneously.
Price: The price of a user limit order. This order will appear in the order book.
Stop: The price at which the user's stop-limit order will be triggered
Limit: The actual price of your limit order after the stop is triggered
Quantity: User order size
Total: The total value of user orders
After placing an OCO order, the User can scroll down to visualize the details of both orders in the “Open orders” section.
For example, suppose a user recently purchased 0.165 BNB at 411775 BIDR because the user believes that the price is close to a large support zone and is likely to go up.
In this case, the user can use the OCO feature to place a profit-taking order at 412000 BIDR together with a stop-limit order at 411706 BIDR.
If the user's forecast is correct and the price rises above 412000 BIDR, the user's sales order will be executed, and the stop-limit order will be canceled automatically.
On the other hand, if the user turns out to be wrong and the price drops to 411775 BIDR, the user's stop-limit order will be triggered. This will minimize user losses, if the price drops even more.
Please note that in this example the Stop Price is 411775 (trigger price) and the Limit Price is 411706 (the trade price ordered). This means that the user's stop-limit order will be triggered when it hits 411775. However, the actual price of the user's stop-limit order is 411706. Or if the BNB / BIDR drops to or below 411775, a limit sell order at 411706 will be placed.
The OCO feature is a simple yet powerful tool, which allows users and other Tokocrypto users to trade in a safe and versatile manner. This special type of order can be useful for locking in profits, limiting risk, and even for entering and exiting positions. But even though it is simple, it is very important to have a good understanding of limit and stop-limit orders before using OCO orders.
Have a happy transaction at Tokocrypto #SalamToTheMoon