European investment services company EXANTE has just added a new feature to its trading platform - the possibility to implement conditional orders.
What are they?
They are a new type of orders (One-Cancels-the-Other) that allow traders to execute complex multi-leg trading strategies.
Explained in simple words, this new feature, which can be linked to active orders, cancels all orders automatically if one of them, which is set as a condition, triggers. This is why they are called conditional orders. If X triggers, all the rest orders are cancelled.
This is how they can be activated:
- Open Current Orders.
- Select up to five orders you want to group.
- Choose Set OCO group in the context menu.
One of the best ways to benefit from OCO grouping y by combining Take Profit + Stop Loss orders with the main order. In this way, whether the price goes up or down, one of these orders will be executed, and the other(s) won’t.
You have two options to implement this new feature - by linking up existing orders as shown above or by creating a dedicated TP/SL pair:
- When placing an order via Click-Trade, Order or Market Depth modules.
- To a Placing, Pending, Working, or Filled order in the Current Orders context menu.
Take Profit / Stop Loss orders created this way are treated as Conditional If-Done orders, which means that one of them will only be executed if their parent order is successfully filled. Otherwise, these orders will be pending.
Choose whatever suits you best:
- Use preconstructed TP/SL to place Limit and/or Stop orders, or
- NEW! Combine orders of your choice, e.g. basic Limit with Stop Limit or Trailing Stop for more complex trading strategies!