An OCO order allows you to place two exit orders simultaneously, typically a profit target and a stop loss, so that whichever order is executed first automatically cancels the other. This ensures your trade is fully planned from the outset, without requiring constant monitoring.
How it works
An OCO order combines a limit order (or stop limit order) to take profit and a stop limit order to cut your losses. Once one side is triggered and executed, the remaining order is immediately cancelled to prevent duplicate or conflicting trades.
Example: Setting an OCO order
You bought a stock at ₱62.00 and mapped out your trade plan where you plan to take profit at ₱70.00 and cut your losses below ₱58.00. Instead of manually managing the position, your set an OCO order:
- Sell limit order: limit price at ₱70.00
- Sell stop limit order: stop price at ₱57.95.00, limit price at ₱57.50