OCO Quick Guide
What is the OCO order for?
When can it be used?
How Does the OCO order work?
How to place an OCO Order

OCO Quick Guide
The OCO order can only be used on Binance and Binance US exchanges (not Binance Futures).
Smart Positions replace OCO orders for plans that include them.



What is the OCO order for?
Once some coins have been bought, we want to create a Sell order to take profit. At the same time, it can be wise to use a Stop Loss to protect against downside risk.

OCO stands for One Cancels Other, and as that implies, it allows the trader to place both a Take Profit exit (Limit Sell) and a Stop Loss (Stop Limit order) on the same coins. As soon as one of these orders is reached and filled, the other order is cancelled.

When Can the OCO order be used?

OCO can be used for any unreserved coins in your wallet that you wish to Sell.

Note that the OCO order can also be used to Buy coins, with a Take Profit (Limit Buy) usually below the current price and the Stop Loss (Stop Limit order) above the current price. You could use this option if your strategy involves shorting your own coins and buying them back.

How Does the OCO order Work
The inbuilt Binance OCO order is used for Altrady’s OCO order, so the exchange manages the Take Profit order and the Stop Loss order from when the order is placed on Altrady.

As soon as the OCO order is placed, the coins are reserved.

How to place an OCO Order

The OCO order has two components:
a Limit Sell
a Stop Limit Sell

Both parts of the order must be entered, and each part is entered in the same way as for those individual order types.

Limit Sell
A Limit Sell is a sell order that is placed in the Order Book. Once the price is reached, the coins will sell for that price. If a Sell price less than the current highest Ask price is used, the order will be executed as a Market order, taker fees (where relevant) will apply, and the Stop Loss will be cancelled. This can also apply to part of the order: if the price entered results in part of the order being filled as a market order the remainder would be placed in the Order Book. In this case, the SL would be placed for the remaining coins.

The Limit Sell (Take Profit) can be placed by:
Clicking the Price Picker (Eye-dropper icon) next to “Limit Price”, then clicking the price in the chart.
Clicking Buy, Ask or Bid below the price box
Typing a price in the price box
Dragging the white section of the price flag on the chart



Stop Loss
The Stop Loss uses a Stop Limit order, which requires two prices to be entered:
Stop Price
Limit Price
These two prices can be entered using the same methods as for the Limit Price, above.

The Stop Price determines when the Stop Loss is triggered.
When a trade is executed at the Stop Price, the Stop is triggered and the Limit Order is placed in the Order Book.
Usually the Limit Price will be somewhat lower than the Stop Price, so that the order will be executed immediately as a market order.

The Limit Price can be significantly lower than the Stop Price if the trader wants to ensure that the order will be filled at any price. In all cases, the order will be filled at the best prices available in the order book at the time the order is placed. If the order book is thin, the fill price can differ significantly from the Limit Price.

Advanced traders may wish to use a Limit price that is closer to the Stop price to avoid slippage. The risk is that if the price keeps falling, the order may not be filled.

Sell or Receive Amount
Enter either a Sell amount (number of coins to sell) or Receive amount (amount to receive for your coins).
The Sell amount can be entered by:
Clicking a percentage below the entry box (percentage of available coins to sell)
Typing a percentage to the left of the “%” in the small box
Typing an amount in the Sell box

Replaced 29th Sept, 2021
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