OCO order | Bracket order

 To place an OCO order, navigate to your trading platform's order ticket or trade bar, select the OCO option, and then input the two linked orders, such as a limit order for taking profit and a stop order for cutting losses, specifying the desired price and quantity for each. Confirm the parameters and send the order, which will appear in your monitor or order book, ensuring that if one order executes, the other is automatically canceled.  

What an OCO Order Is

• An OCO (One-Cancels-the-Other) order is a pair of linked orders where the execution of one order automatically cancels the other. 
• It's commonly used by traders to set both a profit target (a limit order) and a stop-loss to limit potential losses for an existing position or an anticipated trade. 

How to Place an OCO Order

1. Access the Platform: 

   Log in to your trading platform (e.g., thinkorswim, TradingView, Tradovate). 
2. Select the Order Ticket/Trade Bar: 

   Locate the order ticket for the asset you wish to trade or find the "OCO/OSO" button on your trade bar. 
3. Choose the OCO Option: 

   In the order ticket or trade bar, select the option for an OCO (or "Bracket") order. 
4. Enter the First Order (e.g., Limit Order): 

   Set your first order, such as a limit order to take profit at a specific price. 
5. Enter the Second Order (e.g., Stop Order): 

   Set your second order, for example, a stop order to limit your losses at a certain price. 
6. Set Order Parameters: 

   Specify the quantity, the duration (e.g., "Good Till Canceled" or GTC), and any other relevant parameters for both orders. 
7. Preview and Send: 

   Review the order details, then send the complete OCO bracket order to your broker. 

Key Tips

• OCO vs. Bracket: 

  OCO and "bracket" are often used interchangeably to describe this type of linked order that exits a position for either a profit or a loss. 
• OCO Bracket: 

  When applying an OCO to an existing open position, you may see the term "OCO Bracket". 
• Monitor Your Orders: 

  After placing the order, you can monitor its status in the "monitor" or "working orders" section of your trading platform.