Note: We strongly recommend that you read our limit and stop-limit order guides before proceeding.
An OCO order, or "one cancels the other", allows you to place two orders at the same time. Combines a limit order with a stop-limit order, but only one can be filled.
In other words, as soon as one of the orders is partially or completely fulfilled, the rest will be automatically canceled. Please note that manually canceling one order will also cancel the other one.
When trading on the WOO X exchange, you can use OCO orders as your primary form of trading automation. This feature gives you the ability to place two limit orders at once, which can be useful for profit-taking and minimizing potential losses.
1. How to place an OCO order on WOO X?
After logging into your WOO X account, go to the Standard Exchange interface and find the trading area as shown below. Click on "Limit Order" to open the drop-down menu and select "OCO".
In WOO X, OCO orders can be placed as a pair of buy or sell orders.
After selecting the OCO option, a new transaction interface will be loaded as shown below. This interface allows you to set a limit and a stop-limit order at the same time.
- Price: The price of your limit order. This order will be visible in the order book.
- Trigger: The price at which your stop-limit order will be triggered (eg 0.5 USDT),
- Limit price: The actual price of your limit order after the stop has been triggered (e.g. 0.4987 USDT),
- order quantity (e.g. 1000 WOO),
- total contract value.
After placing an OCO order, you can scroll left to visualize the details of both orders in the "Orders" section “Pending” tab.
As an example, let's say you just bought 1000 WOO at 0.51 USDT because you think the price is close to the main support zone and is likely to go up.
In this case, you can use the OCO function to place a profit order of 0.52 USDT along with a stop-limit order of 0.4987 USDT.
If your forecast is correct and the price rises to or above 0.52 USDT, your sell order will be executed and your stop-limit order will be automatically canceled.
On the other hand, your stop-limit order will be triggered if you make a mistake and the price will drop to 0.4987 USDT. This will potentially minimize your losses if the price drops even more.
Note that in this example, the trigger price is 0.5 (activation price) and the limit price is 0.4987 (your order's transaction price). This means that your stop-limit order will be triggered once the 0.5 mark is reached. The actual order price that would be placed as a limit order would be 0.4987. In other words, if the WOO / USDT drops to or below 0.5, a sell order will be placed with a limit of 0.4987. However, if the price drops below 0.5, there is a risk that the limit order may not be executed.
The OCO feature is a simple yet powerful tool that allows you and other WOO X users to trade more safely and comprehensively. This particular type of order can be useful for blocking profits, limiting risk, and even for entering and exiting a position. Even so, it is important to understand limit and stop-limit orders before using OCO orders.
Please note: WOO X will check your OCO orders when the market hits your trigger price. Your stop-order will be rejected if you don’t have sufficient available buying power or if (Margin ratio*Leverage) is lower than 100%. The limit order will remain active.