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    Thread: How to Use OCO (One-Cancels-the-Other) Order.

    1. #1 Collapse Post
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      Default How to Use OCO (One-Cancels-the-Other) Order.

      A One-Cancels-the-Other (OCO) is a pair of orders that combines a stop-limit order and a limit maker order on the same side, with the same order quantity. When either one of the orders is executed (the stop price is triggered for stop limit order), the other one is automatically canceled. When either one of the orders is being cancelled, in effect the entire OCO order pair is canceled. OCO is often times used in the cryptocurrencies trading.

      The question is, is this principle also applicable to Forex trading?


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      the order cancel order is a system of placing trades in the forex market where one order is placed above the current price and the other order is placed below the the current price. when the order above the current price is triggered, the other other below the current price is cancelled automatically. the benefit of this is that it allows you to bet on both sides of the market if you are not sure of the real direction of price. however, this is not the same as the usual pending others and is also not a functionality on the metatrader 4 trading platform. for a trader to have access to the order cancel order option, he would have to download an expert advisor so as to add to the trading platform. still, the order cancel order system are illegal in some countries like the United States of America.
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      In the market, there are several pending orders I the forex trading market, and the one cancel the order order combines a stop order with a limit order on an automated trading platform.
      The once cancel the order is the order which stipulate the cancelation of one position if one is executed. Whenever a trade is open in the market, meaning the pending order got filed another will have to be closed to create out margins do the opens Order.

      Though I haven't make use of this order in the market but I can sense it's a mainly use in the stock market. And among traders for volatile stocks that trade in a wide price range.
      visit here 👇 for price action opportunities https://forum.mt5.com/showthread.php...rading-journal


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      Before answering the question, I will give you a strategy that need one cancels the other order technique. I am not say that you use this strategy. You may be tune to profitable, but I am not able to make profits from this strategy. If you backrest it, it will give you reasonable result. If first tell you that strategy

      Strategy:
      Strategy is very simple. It is based on the fact that we observed big volatility during London session. We used GBP/USD pair, it is most volatile pair of session. According to insta forex terminal, London session open at 10 GMT. We need two pending order at 9, 10, 11 GMT. Note the open price of these hours, open two pending order, buy stop and sell stop, at 10 pairs up or 10 pair down. Stop loss of these order is at opening price of the hours. Use 1:5 risk reward ratio for these order. You can tune this strategy more. This is a basic idea.

      How to manage position:
      If buy stop executed then close the sell stop. If sell stop executed then close the buy stop. When I test this in past, we manually close the other position. But you give me idea that how can we mange this trader automatically. I thing, this information is very useful for forum members.

      How automatically manage position:
      You can use a one cancels the other orders EA to do it automatically. You can download a one cancels the other order indicator by following the below link.
      OCO_EA.mq4
      “Behind every successful trader, there is a lot of unsuccessful years”


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      The one cancels the other is used in the forex market too but it is not common. It is almost like hedging but it is different in the sense the one cancels the other is done on the price of entry of the market in the two given market direction. The one cancels the other is used to place trades orders at prices above the current market and the prices below the current market trading price. If the price moves and gets to the one below the market price, the trade kicks off using that price while the other price that is above the market price will be cancelled. If the trade prices moves toward the price that is set above the current price, then the trade kicks off using that price and the lower price is cancelled.


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      Quote Originally Posted by Amazing Guy     
      A One-Cancels-the-Other (OCO) is a pair of orders that combines a stop-limit order and a limit maker order on the same side, with the same order quantity. When either one of the orders is executed (the stop price is triggered for stop limit order), the other one is automatically canceled. When either one of the orders is being cancelled, in effect the entire OCO order pair is canceled. OCO is often times used in the cryptocurrencies trading.

      The question is, is this principle also applicable to Forex trading?
      A one-cancels the other (OCO) :
      is an option can be used in the stock market and on the Forex market and this type of orders allows us to place two concurrently orders in the market, and this option makes those two orders linked to each other i.e. the execution to one of those two orders will mean the automatic cancellation of the other order linked to it, because An OCO order combines between a stop order with a limit order on the trading platform, for example suppose that a particular stock is trading between $10 and $15, you may create an OCO order that either buy on a resistance breakout above $15, or buy if the price declined to the $10 support level, and in that case, when one of those two orders gets executed the other will be cancelled automatically.

      This option can help us much during the trading, because it helps us to avoid monitoring the chart for long time during the trading, because it can perform all what we want to do in the market automatically without any intervention from us, and we can see an example on the OCO order on the image below :

      Name:  one_2.jpg
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Size:  33.6 KB


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      Irrespective of the movements of price, only one order can be carried out or remain in effect in the market at any point in time. Trade automation is crucial for the success of forex trading. This is where the OCO comes in. It basically get rid of emotions from trading operations and enhances systematic trading by making sure triggered entering of positions. A trader roll out the parameters to be accomplished, the position is opened; else, the alternative position, normally in contrary to the present trade, executed. This essentially get rid of human ignorance in trading and promotes objectivity. An OCO is also used as a means of managing your risk, making sure that traders reduces bad openings to the market, which at the same time promoting their profits.


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      The OCO, one cancels the other method of trading of course is a method of trading connected with trading in the largest financial market in the world. This type of trading method is automated, allowing the broker to enter into the trade and execute it for a trader as long as his predicted position have been hit. This is a rather food method of making market prediction, you could say that it is more like trying to eat your cake and have it too, I personally like this trading system too because at least it saves a trader from incurring unnecessary losses in the market. The order basically requires that a trader enters into two market prediction which would most of the time be in opposing directions, once one of the order gets triggered, it is expected that the other one gets stopped out automatically.


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      A one-cancels-the-other order (OCO) is a pair of orders stipulating that if one order executes, then the other order is automatically canceled. An OCO order combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled. Experienced traders use OCO orders to mitigate risk and to enter the market.


      Basics of a One-Cancels-the-Other Order - (OCO)
      Traders can use OCO orders to trade retracements and breakouts. If a trader wanted to trade a break above resistance or below support, they could place an OCO order that uses a buy stop and sell stop to enter the market.

      For example, if a stock is trading in a range between $20 and $22, a trader could place an OCO order with a buy stop just above $22 and a sell stop just below $20. Once the price breaks above resistance or below support, a trade is executed and the corresponding stop order is canceled. Conversely, if a trader wanted to use a retracement strategy that buys at support and sells at resistance, they could place an OCO order with a buy limit order at $20 and a sell limit order at $22.


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      How can we understand One_cancels_the_other order(OCO)?

      A one cancels the other order OCO is a pair of orders stipulating that if one order executes, then the other order is automatically cancelled. An OCO order combines a stop order with a limit order on an automated trading platform. When either the stop or limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets cancelled. Experienced traders use OCO orders to mitigate risk and to enter the market.

      Traders can use OCO orders to trade retracement and Breakouts. If a trader wanted to trade a break above resistance or below support, they could place an OCO order that uses a buy stop and sell stop to enter the


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