How do I place an OCO order on TT® Platform?
To place an OCO order on the TT platform we suggest for traders to open the MD Trader widget.
1. With the MD Trader open, users will now need to specify the account they wish to trade with, the order type, and the duration of their order. Users will need to select the TT OCO order type to initiate an OCO order.
2. With the OCO order type selected users can now configure the parameters of their order. Users have the option of selecting multiple types of stop orders, payup size, ticks, triggers, trailing orders, and even the duration or delayed deployment of the order.
Once the user has configured their OCO order parameters, they can begin to place the order through the DOM.
3. To place an OCO order, users will first need to adjust the order quantity by manually entering a value in the appropriate field or by left clicking one of the preset buttons.
We have selected an Order Quantity of 1 for our OCO order.
4. Now that the order quantity has been determined, users can begin to place their OCO order. To place the first leg of your OCO order, the limit leg, left click within the bid side of the DOM at the price at which you would like to place a limit order.
The price level highlighted yellow represents the first leg of your OCO order, the limit order.
5. To place the second leg of your OCO order, left click on a second location within the bid side of your DOM. The platform will automatically configure which order is appropriate for the determined price level, this will be reflected on your mouse cursor.
When OCO orders are activated and the first leg of the OCO is placed, the users cursor will turn yellow and reflect whether an order is appropriate for it’s designated location. An L next to the user’s cursor represents a limit order will be placed while an SL represents a stop limit order. If the platform recognizes that the user is about to place an incorrect order, the cursor will present a stop sign and the user will not be able to place any order.
6. Once both legs of the OCO order are placed, users can monitor the order under the Work section of the MD Trader. Once one of the order legs are touch, the touched order is automatically filled at the best possible price and the second order leg is automatically canceled.