What is an OCO order?
One Cancels the Other (OCO) allows you to place two orders at the same time. It combines a limit order and a stop-limit order, but only one of them can be executed.
In other words, as long as one of the limit orders is partially or fully executed and the stop-profit and stop-loss orders are triggered, the other order will be automatically canceled. Please note that canceling one order will also cancel the other.
When trading on the Binance exchange, you can use 2-for-1 orders as a basic form of trading automation. This feature gives you the option to place two limit orders at the same time, helping to take profits and minimize potential losses.How to use the two-choice order?
After logging into your Binance account, go to the basic trading interface and find the trading area shown in the image below. Click "Stop Limit Order" to open the drop-down menu and select "OCO".On Binance, OCO orders can be placed as a pair of buy or sell orders. You can find more information about OCO orders by clicking on the exclamation point icon.
After selecting the "Choose one of two orders" option, a new trading interface will be loaded, as shown in the figure below. This interface allows you to set limit orders and stop-limit orders at the same time.
Limit Order
- Price: The price of your limit order. This order will appear in the order book.
Stop Limit Order
- Stop Loss: The price that triggers your stop limit order (e.g. 0.0024950 BTC). Limit Price: The actual price of your limit order after the stop is triggered (e.g. 0.0024900 BTC)
- Amount: The size of the order (e.g. 5 Binance Coin (BNB)).
- Transaction volume: The total value of the order.
After placing a two-choice order, you can scroll down to view the details of both orders in the "Open Orders" section.
For example, let’s say you just bought 5BNB at 0.0026837 BTC because you believe the price is near a major support zone and may rise higher.In this case, you can use the 2-for-1 order feature to place a take-profit order at 0.0030 BTC and a stop-limit order at 0.0024900 BTC.
If your prediction is accurate and the price rises to 0.0030 BTC or higher, your sell order will be executed and the stop limit order will be automatically canceled.
On the other hand, if your prediction is wrong and the price drops to 0.0024950 BTC, your stop limit order will be triggered. This may reduce your losses in case the price falls further.
It should be noted that in this example, the stop price is 0.0024950 (trigger price) and the limit price is 0.0024900 (the transaction price of the order). This means that your stop limit order will trigger the moment the price reaches 0.0024950. The price of the triggered limit order is 0.0024900. In other words, if BNB/BTC falls to 0.0024950 or lower, the system will still place a limit order for you at a price of 0.0024900, but because the price is lower than 0.0024900, your order may not be executed.
The 2-for-1 order type is a simple-to-use yet powerful tool that allows you and other Binance users to trade in a safer and more flexible way. This particular type of order is very beneficial for locking in profits, limiting risk, and even for entering and exiting positions. But before using 2-for-1 orders, you should still have a good understanding of limit orders and stop-limit orders.The above is the detailed content of What is an OCO order?. For more information, please follow other related articles on the PHP Chinese website!

Hot AI Tools

Undresser.AI Undress
AI-powered app for creating realistic nude photos

AI Clothes Remover
Online AI tool for removing clothes from photos.

Undress AI Tool
Undress images for free

Clothoff.io
AI clothes remover

Video Face Swap
Swap faces in any video effortlessly with our completely free AI face swap tool!

Hot Article

Hot Tools

Notepad++7.3.1
Easy-to-use and free code editor

MantisBT
Mantis is an easy-to-deploy web-based defect tracking tool designed to aid in product defect tracking. It requires PHP, MySQL and a web server. Check out our demo and hosting services.

DVWA
Damn Vulnerable Web App (DVWA) is a PHP/MySQL web application that is very vulnerable. Its main goals are to be an aid for security professionals to test their skills and tools in a legal environment, to help web developers better understand the process of securing web applications, and to help teachers/students teach/learn in a classroom environment Web application security. The goal of DVWA is to practice some of the most common web vulnerabilities through a simple and straightforward interface, with varying degrees of difficulty. Please note that this software

mPDF
mPDF is a PHP library that can generate PDF files from UTF-8 encoded HTML. The original author, Ian Back, wrote mPDF to output PDF files "on the fly" from his website and handle different languages. It is slower than original scripts like HTML2FPDF and produces larger files when using Unicode fonts, but supports CSS styles etc. and has a lot of enhancements. Supports almost all languages, including RTL (Arabic and Hebrew) and CJK (Chinese, Japanese and Korean). Supports nested block-level elements (such as P, DIV),

ZendStudio 13.5.1 Mac
Powerful PHP integrated development environment
