How to Use OCO (One-Cancels-the-Other) Order Type
2019-08-19 07:10
An One-Cancels-the-Other (OCO) order combines two market orders, 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. If a trader cancels one of the orders, the entire OCO order pair is canceled.
For more details, please refer to our Binance Academy article What Is an OCO Order?.
BNB is trading between 510 BUSD and its resistance price of 540 BUSD. You would like to buy 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 one order is fully or partially filled, the other is automatically canceled.
How to place an OCO order
Select [OCO] from the drop-down menu in the buy/sell section of the trading interface.
The [Price] field is your limit order’s price. Using our example from earlier, we’ll set that at 500 BUSD. [Stop] is our stop-limit order’s trigger price, 540 BUSD. The limit price of the stop-limit order is set at 550 BUSD.
Finally, the [Amount] field is how much we want to purchase the crypto. Click [Buy BNB] to submit the order.
How to check my existing OCO orders
Once orders are submitted, existing orders can be found and reviewed under [Open Orders].
You can also find the history of your executed or canceled stop-limit orders under [Order History].