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OCO orders


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OCO orders

  #1 (permalink)
Bob 30214
Westlake Village CA USA
 
Posts: 8 since Sep 2014
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In Sierra charts they have a bunch of OCO type orders. I'm not sure which one to use.

Here's what I want to do: If I'm long, I want to use an OCO limit order that kicks in when the market hits a certain price and I want to use a stop order below the market to get out if the market falls to a certain price.

Of course the opposite would be true if I was short the market.

Would I use a Sell OCO Limit and Stop for long orders?
Or an OCO Buy Stop Sell Stop or one of the other 7 OCO order types that are available?

Thanks!

Bob P

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  #2 (permalink)
 
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 LDog 
Lafayette, TN/USA
 
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I've only been using the demo for about a week and this may or may not help, but here's the docs for the attached orders - Attached Orders Feature - Sierra Chart

@mattz has some pretty good demos on his Youtube channel - [yt]https://www.youtube.com/playlist?list=PLOGjoJXp0cmpaY-rXK1FsEc5a2QRqk3tc[/yt]


At about 3:45 or so, this one shows an older version of the Trading DOM's attached order usage -


HTH

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  #3 (permalink)
Bob 30214
Westlake Village CA USA
 
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Thanks LDog,

I'll check those links/youtube areas out.

In the mean time, I've been experimenting with SIM trading and I think if you are long, you use "Sell OCO Limit and Stop" and if you are short, you use "Buy OCO Limit and Stop".

The deal is that you have to "Add" those options in Global Settings>Customize Chart Trader Menu>Available Menu Items before you can see them in the chart trade, right-click, options.

Bob

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  #4 (permalink)
 
LDog's Avatar
 LDog 
Lafayette, TN/USA
 
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Gotcha, I've been using it with the Trade window showing in the chart with "Use Attached Orders" checked so the brackets are submitted with the order (or right after the order is filled).

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  #5 (permalink)
Bob 30214
Westlake Village CA USA
 
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Yes, I tried that and it works the best. Thanks.
I'm going use that method (Attached orders) with the trade window.

Bob

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  #6 (permalink)
 
mattz's Avatar
 mattz   is a Vendor
 
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Just reminder for you guys. OCO attached orders, depending on the feed, may be residing on your computer until your limit is filled. Only once limit is filled it may be sent to the exchange. This means, you should NOT shut your computer down before limit is filled. Again, this is feed specific.

Thank you.
Matt Z
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  #7 (permalink)
Bob 30214
Westlake Village CA USA
 
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mattz View Post
Just reminder for you guys. OCO attached orders, depending on the feed, may be residing on your computer until your limit is filled. Only once limit is filled it may be sent to the exchange. This means, you should NOT shut your computer down before limit is filled. Again, this is feed specific.

Thank you.
Matt Z
Optimus Futures

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Yes, thanks Matt. Always good to hit the Cancel All before exiting the platform.
Some platforms will warn you when you are trying to close down that there are pending orders but I see SC/CQG doesn't.

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  #8 (permalink)
 
WilleeMac's Avatar
 WilleeMac 
Prospect, KY. USA
 
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Not sure here but Infinity always warns you of open orders when attempting to close the trading platform

Are you referring to a trailing stop on your OCO ?

The YouTube channel has some pretty good info on all (?) of this

-William

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  #9 (permalink)
Bob 30214
Westlake Village CA USA
 
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WilleeMac View Post
Not sure here but Infinity always warns you of open orders when attempting to close the trading platform

Are you referring to a trailing stop on your OCO ?

The YouTube channel has some pretty good info on all (?) of this

-William

I think Mike was just warning us to not forget about any OCO orders that may be pending before we sign-off.

Bob

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  #10 (permalink)
bradhouser
Northern California where the girls are warm
 
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mattz View Post
Just reminder for you guys. OCO attached orders, depending on the feed, may be residing on your computer until your limit is filled. Only once limit is filled it may be sent to the exchange. This means, you should NOT shut your computer down before limit is filled. Again, this is feed specific.

Specifically: brokers that offer server-side OCO orders work better for you in case you lose your internet connection or you close down your platform. Also, execution is faster. Make sure the feature is enabled in Global Settings>General Trade Settings>Use Server Side OCO and Bracket Orders (if supported).

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