How “OCO (Order cancel orders)” works on cryptocurrency exchanges Like Binance, Bittrex, Poloniex, KuCoin, HitBTC, CEX, Huobi pro … and more

TrailingCrypto
2 min readAug 5, 2018

An OCO (Order Cancels Order) is a pair of orders stipulating that if one order executes, then the other order is automatically canceled. An OCO order combines Take Profit with a Stop Loss order. If any of the order executed another order automatically gets canceled. Idea behind

According to Investopedia:

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.

For example, let say that an OCO order consists of two orders; 1) a limit order to buy 500 shares of one symbol and 2) a stop order to sell 200 shares of another symbol. If the limit price of #1 is hit and fills, the stop order #2 is automatically canceled.

How to place OCO order:

  • Create an account on TrailingCrypto and log in.
  • On settings page enter your API Key and Secret( Click here to know how to create API and Secret and Click here to know how to configure it on TrailingCrypto)
  • Select exchange. (A drop-down menu on the top left)
  • Select OCO order type.
  • Select Base and Quote coin.

E.g. Market: BTC/LTC

  • Select the number of coins needs to be sold.

E.g. 10 coins. (quantity could be in the fraction)

  • Fill the Stop Loss fields. Refer to Stop Loss.
  • Fill the Take Profit fields. Refer Take Profit .
OCO form

A hypothetical example:

Suppose the current market price of NEO is $100. Now someone placed an OCO order with Taking Profit at $110 and Stop Loss at $90. If the market hit $110 then, Take Profit option will be executed and at the same time, Stop Loss order will be canceled.

Imagine if the market doesn’t go well, and price hit $90. This time stop loss order will be executed and same time take profit order will be canceled out.

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TrailingCrypto

Cryptocurrency trading tool aimed at unifying all crypto exchanges and providing many advanced order types using bot assistance.