One-cancels-the-other orders

A one-cancels-the-other order (more commonly referred to as an OCO order) is a stop-loss order paired with a take-profit order.

An OCO order is the ultimate insurance policy for any open position. Your position stays open until one of the order levels is reached by the market and closes your position. When one order level is reached and triggered, the other order automatically cancels.

Let’s say you’re short USD/JPY at 117.00. You think if it goes up beyond 117.50, it’s going to keep going higher, so that’s where you decide to place your stop-loss buying order. At the same time, you believe that USD/JPY has downside potential to 116.25, so that’s where you set your take-profit buying order. You now have two orders bracketing the market and your risk is clearly defined. As long as the market trades between 116.26 and 117.49, your position remains open. If 116.25 is reached first, your take profit triggers and you buy back at a profit. If 117.50 is hit first, then your position is stopped out at a loss. OCO orders are highly recommended for every open position.

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