An OTOCO order is a conditional order which links one primary order with a One-Cancels-the-Other Order (OCO) consisting of two orders with different trigger prices. Once the main trade is executed, the OCO order is activated. When one trigger price is reached, that order is processed, while the other is automatically canceled.
A successful execution of an OTOCO order results in two limit orders being placed: one to buy and one to sell the same stock, each for the same volume.
For a comprehensive guide about other conditional orders available on FirstMetroSec, click HERE.
Entering an OTOCO Order
1. Login to your account.
2. Go to STOCKS > TRADE or QUICKTRADE.
3. For TYPE, select OTOCO.
4. Enter the primary and secondary orders:
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BUY or SELL: Select the side of the market for your primary order. The secondary order will automatically be on the opposite side (either a primary buy with a secondary sell, or a primary sell with a secondary buy).
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STOCK: Enter the stock code or select from the dropdown.
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VOLUME: Enter number of shares being bought or sold (same quantity for primary and secondary orders)
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Limit Price (Primary): Enter the price you want your primary order to be posted. This is the highest price you are willing to buy/the lowest price you are willing to sell the stock for. |
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Expiry (Primary): Enter the validity period of your primary order. Could be Day, GTW, GTM. |
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Stop Limit Price (Secondary): Enter the limit price for your stop limit order.
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Stop Trigger (Secondary): Enter the price that needs to be reached by the stock for the Stop Limit Order to be activated.
Buy: must be higher than last price Sell: must be lower than last price
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LIT Limit Price (Secondary): Enter the limit price for your Limit-if-touched order.
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LIT Trigger (Secondary): Enter the price that needs to be reached by the stock for the LIT Order to be activated.
Buy: must be lower than last price Sell: must be higher than last price |
| Trigger Expiry: Select DAY, GTW or GTM depending on how long you are willing to wait before your condition is satisfied. The resulting limit order inherits the expiry. |
5. Confirm the order by entering password.
6. To check order status, go to the CONDITIONAL ORDERS tab.
Status:
T – Triggered: stock has hit your trigger price
P – Pending: stock has not hit your trigger price
X – Rejected: system has rejected your order
7. Status of the triggered order/s can be viewed on the VIEW ORDERS tab.
Status:
O – Open: posted order
PF – Partially Filled: partial volume has been matched
C – Cancelled
F – Filled: matched order
R – Rejected
Q – Queued: prompts before order is processed
PRC – Processing: order is being set to/acknowledged by the exchange
Once the primary limit order is fully filled, the secondary OCO order will be activated. Of the two limit orders in the OCO, only the first to reach its trigger price will be posted for matching, while the other will be canceled.
Note: When using OTOCO to invest in REITs, make sure your account is eligible. Otherwise, orders will be rejected. Click here to learn how to make your account eligible.
Editing/Cancelling an OTOCO Order
You can edit/cancel an OTOCO order based on its status.
To edit an order:
- It must already be TRIGGERED (T) in the CONDITIONAL ORDERS tab. You can edit the order in VIEW ORDERS tab, provided that the status is still OPEN (O) or Partially Filled (PF). To edit, just click Edit Order then enter your password to proceed.
To cancel an order:
- The status in the CONDITIONAL ORDERS tab should be PENDING (P). Simply click CANCEL INSTRUCTION, then confirm by entering your password.
- If already TRIGGERED in the CONDITIONAL ORDERS tab, the order can be cancelled in the VIEW ORDERS tab provided that the status is still OPEN (O) or Partially Filled (PF). Click CANCEL ORDER, then enter password to confirm.
Note: Cancelling the secondary OCO order results in cancellation of both limit orders.