What is an OCO order?
A One-Cancels-the-Other (OCO) order combines one stop limit order and one limit order, where if one is fully or partially fulfilled, the other is canceled.
An OCO order on Pexpay consists of a stop-limit order and a limit order with the same order quantity. Both orders must be either buy or sell orders. If you cancel one of the orders, the entire OCO order pair will be canceled.
How to use the OCO order?
Suppose BNB is trading between 510 BUSD and its resistance price of 540 BUSD. You would like to buy BNB if the price drops to 500 BUSD or rises above 540 BUSD.
You can create an OCO order with a limit order at 500 BUSD and a stop-limit order with a stop (trigger) price of 540 BUSD. You can then set the stop-limit order’s limit price to 550 BUSD, so the order will likely be filled.
When BNB reaches 500 BUSD, the limit order will be filled. This means the stop-limit order will be automatically canceled.
Limit Order: A limit order is an order you place on the order book with a specific limit price. It will only be executed if the market price reaches your limit price (or better). You may use limit orders to buy an asset at a lower price or sell at a higher price than the current market price.
Stop Limit Order: A stop-limit order is a limit order that has a limit price and a stop price. When the stop price is reached, the limit order will be placed on the order book. Once the limit price is reached, the limit order will be executed.
- Stop price: When the asset’s price reaches the stop price, the stop-limit order is executed to buy or sell the asset at the limit price or better.
- Limit price: The selected (or potentially better) price at which the stop-limit order is executed.
OCO buy order example
For buy orders, you should set the stop price (B) above the current price and the limit price (C) below the current price.
For example, the stop-limit order will be triggered when the price goes up to 3,000 (B), and the limit order will be canceled simultaneously. However, if the price drops to 1,500 (C) or below, the limit order will be executed automatically and the stop-limit order will be canceled.
OCO sell order example
For sell orders, you can set the stop price (C) below the current price and the limit price (B) above the current price.
For example, the stop-limit order will be triggered when the price drops to 1,500 (C), and the limit order will be canceled simultaneously. However, if the price goes up to 3,000 (B) or above, the limit order will be executed automatically and the stop-limit order will be canceled.
How to place an OCO order on Pexpay?
1. Log in to your Pexpay account and go to [Trade]-[Spot].Select[Buy]or[Sell]and click [Stop-Limit]-[OCO]. We’ll use a buy OCO order as an example.
2. Enter the order details:
- [Price] is your limit order’s price, e.g., 30000 USDT.
- [Stop] is the trigger price of your stop-limit order, e.g., 30400 USDT.
- [Limit] is the limit price of the stop-limit order, e.g., 30550 USDT.
- [Amount] is the amount of crypto you want to purchase.
3. Click[Buy BTC]to place the OCO order.
How to check my OCO orders?
Once orders are submitted, you can see all open orders under[Open Orders].
You can also find the history of your executed orders under[Order History].
How to set up an OCO order?
For sell orders, we recommend:
Limit price > current market price > stop-loss trigger price (stop-limit)
For buy orders, we recommend:
Limit price < current market price < stop-loss trigger price (stop-limit)
*We recommend setting the limit price closer to the stop-loss trigger price.