What is OCO and what are its benefits?
An OCO – One Cancels Other – orders are a pair of orders wherein the execution of one order automatically cancels the other order.
It combines a limit order along with stop loss order. And Geojit’s client can place OCO order only from Portfolio. Client can place sell order, along it, with he/can place minimum profit and maximum profit order.
Here you will have two benefits:
You can place a price to “monitor at price”, and the order will be active only if the price reaches the “monitor at price” . You can select Cover at 3, thereby the sell order will be covered at 3, if the sell order is triggered.
What are the fields available in OCO order window and what does each of the fields represent
Features of OCO Order
- OCO orders are placed against your positions
- Geojit Client can put the order and rest is assured, either the target will be achieved, or the stop loss will get executed
- You need not to monitor the market to modify the prices frequently.
- If you select “Cover at 3” option, the order will get executed if both the targets are not achieved, then cover at 3 will square off the position on the trading day
- Target and stop loss will be monitored by the system only if the client has selected Monitor at and the order will be triggered only if it reaches the monitor at price
How to place OCO Order
OCO Order in Selfie Classic
OCO Order in Selfie Mobile
Example for OCO Order
Let’s take a OCO order example:
If a Geojit Client wishes to sell ICICI Bank from his portfolio at 430. In normal scenario, he need to place one orders; ie
Sell Order at Rs 430
In this case, the client need to sell at 430, the order will get executed if the price reaches at 430 or else it will cancelled.
If it is a OCO order, he can place a sell order with, Maximum profit limit and minimum profit in which he wish to sell; say for eg: if price touches at 410 as a stop loss and 430 as a profit order This can be set as GTD order also
Another feature of OCO order is you can give a price to monitor , target and stop loss will be monitored by the system only if the client has selected Monitor at and the order will be triggered only if it reaches the monitor at price.
Also if the client selects “Cover at 3” option, the order will get executed if both the targets are not achieved, then Cover at 3 will square off the position on the trading day during auto square off timings