What are OCO orders?
OCOs are a pair of orders (or more) which are logically tied together in a sense that, if one order is executed, the other(s) are automatically canceled. This order type is applicable to pending orders only.
How to setup OCO orders in Metatrader using VTC?
Once you have at least 2 pending orders already setup in Metatrader, you can tie them up as OCOs.
This is done in the following manner (depending on the product you are using):
- Visual Trading Console
You need to select individual orders by holding down the CTRL key and left-clicking on the left margin, next to the pending order ticket numbers. This will highlight the margin next to the order numbers indicating that they have been selected. (At least two orders need to be selected in order to form an OCO group)
Now you need to click the “OCO selected” button located on the bottom of the VTC application widow.
- Visual Trading Console (Multi Terminal version)
You need to select individual orders by clicking on the check boxes in the check box column, next to the pending order account & ticket numbers. A checked box will indicate that the order has been selected.
(At least two orders need to be selected in order to form an OCO group)
Now you need to click the “OCO selected” button located on the bottom of the VTC application widow.
Notice, you can also OCO orders across multiple accounts.
TIP: You can also use the “OCO Selected” split button (arrow point on the right side of the button) to quickly select or unselect all visible tickets:
When this is done, you’ll notice that the labels on the selected OCO buttons in the “Clear [OCO]” column will have a ticket number of the first order in the OCO group.
Once any one of the OCO orders is triggered the remaining orders (from the OCO group) will automatically get deleted.
How to add OCO orders to an existing OCO group?
This can be done by following the steps described above – generally, you should setup the group form the start, but this time you need to additionally include the new orders as well.
How to remove OCO orders from the OCO group?
You can remove an OCO order from the group by clicking the OCO button in the “Clear [OCO]” column. This action will remove the selected order from the OCO group and will also remove the group in there are only 2 orders on the group.
JUL
2012
