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What is an OCO (One-Cancels-the-Other) Order and How to Use It

2019-08-19 07:10

What is an OCO order?

A One-Cancels-the-Other (OCO) order combines one stop limit order and one limit order, where if one is fully or partially fulfilled, the other is canceled.
An OCO order on Binance consists of a stop-limit order and a limit order with the same order quantity. Both orders must be either buy or sell orders. If you cancel one of the orders, the entire OCO order pair will be canceled.
For more details, please refer to our Binance Academy article What Is an OCO Order?.

How to use the OCO order?

Suppose BNB is trading between 510 BUSD and its resistance price of 540 BUSD. You would like to buy BNB if the price drops to 500 BUSD or rises above 540 BUSD.
You can create an OCO order with a limit order at 500 BUSD and a stop-limit order with a stop (trigger) price of 540 BUSD. You can then set the stop-limit order’s limit price to 550 BUSD, so the order will likely be filled.
When BNB reaches 500 BUSD, the limit order will be filled. This means the stop-limit order will be automatically canceled.

OCO buy order example

For buy orders, you should set the stop price (B) above the current price and the limit price (C) below the current price.
For example, the stop-limit order will be triggered when the price goes up to 3,000 (B), and the limit order will be canceled simultaneously. However, if the price drops to 1,500 (C) or below, the limit order will be executed automatically and the stop-limit order will be canceled.

OCO sell order example

For sell orders, you can set the stop price (C) below the current price and the limit price (B) above the current price.
For example, the stop-limit order will be triggered when the price drops to 1,500 (C), and the limit order will be canceled simultaneously. However, if the price goes up to 3,000 (B) or above, the limit order will be executed automatically and the stop-limit order will be canceled.

How to place an OCO order on Binance?

1. Log in to your Binance account and go to [Trade] - [Spot]. Select [Buy] or [Sell] and click [OCO]. We’ll use a buy OCO order as an example.
2. Enter the order details:
  • [Price] is your limit order’s price, e.g., 500 BUSD.
  • [Stop] is the trigger price of your stop-limit order, e.g., 540 BUSD.
  • [Limit] is the limit price of the stop-limit order, e.g., 550 BUSD.
  • [Amount] is the amount of crypto you want to purchase.
3. Click [Buy BNB] to place the OCO order.

How to check my OCO orders?

Once orders are submitted, you can see all open orders under [Open Orders].
You can also find the history of your executed orders under [Order History].

How to set up an OCO order?

For sell orders, we recommend:
Limit price > current market price > stop-loss trigger price (stop-limit)
For buy orders, we recommend:
Limit price < current market price < stop-loss trigger price (stop-limit)
*We recommend setting the limit price closer to the stop-loss trigger price.