OCO orders

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janus
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OCO orders

Postby janus » 27 Jul 2009

I have some questions on OCO orders.

1. What's are the commands to send and cancel an OCO order from a study?

2. Can a bracket OCO order be made so that when one of the orders is partially filled the other order's quantity is automatically reduced by the same amount?

3. Are the OCO orders sent to IB as real OCO orders, or does MC simulate them by keeping track of the market and subsequently sending the appropriate side of the order to IB? In the latter case, if I exit MC the order will no longer be valid. In the former case, the OCO order is handled by IB independent of any action by MC, or any loss in Internet connection, PC failure, etc.

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Re: OCO orders

Postby janus » 28 Jul 2009

Sorry, for all those who haven't seen the abbreviation before; OCO stands for One Cancels the Other.

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Re: OCO orders

Postby janus » 28 Jul 2009

I'm puzzled as to why there's no response to my questions. Are they unclear? Is it because MC doesn't support OCO orders?

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Andrew Kirillov
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Re: OCO orders

Postby Andrew Kirillov » 29 Jul 2009

Janus,
Please keep in mind whenever you need an urgent help please contact our live chat or call us. Forum is a low priority for our support team. Please let me comment your questions.
I have some questions on OCO orders.

1. What's are the commands to send and cancel an OCO order from a study?
There are no commands. Our software is smart and manages this task for you. You don’t need to care about it. Every time you use several entry or exit statements MultiCharts will handle it as OCO group.
2. Can a bracket OCO order be made so that when one of the orders is partially filled the other order's quantity is automatically reduced by the same amount?
Currently MultiCharts can’t reduce size of the OCO group orders but we will improve it since you need it. IB has two options: kill the other order completely or reduce a size. We use the first option. We realize that this is necessary for exit orders only (brackets). At the same time if you use OCO to enter the market it is necessary to kill the other orders if there is a partial fill. MultiCharts will handle it in the nearest future.

3. Are the OCO orders sent to IB as real OCO orders, or does MC simulate them by keeping track of the market and subsequently sending the appropriate side of the order to IB? In the latter case, if I exit MC the order will no longer be valid. In the former case, the OCO order is handled by IB independent of any action by MC, or any loss in Internet connection, PC failure, etc.
OCO handling depends on a broker. If a broker supports a native OCO group we use it. Interactive Brokers does support OCO and thus even if MC is down your order will be filled. Other brokers don’t support it and we emulate it on our side.

I hope I was clear.

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Re: OCO orders

Postby janus » 29 Jul 2009

Thanks Andrew for the answers - yes they are fairly clear. I wasn't meaning to push you - these are not urgent questions. Just puzzled as to why I got no response given others posted questions since mine and were answered.

Now that I see MC does support OCO orders with IB I can "play" with them to see exactly how it works. Here's a simple example I like to try:

If I'm long 2 contracts and the current market is trading at say 8020 and I want to take profit on just one or stop out on two, do I use the following orders:

sell 1 total 8030 limit
sell 2 total 8010 stop

or should I say:

sell 1 total 8030 limit
sell 1 total 8010 stop
sell 1 total 8010 stop

If the sell limit order is hit, I want only one of the sell stop orders to be canceled automatically and leave one left to stop out on the remaining long. If the sell stop orders are hit then I want the sell 1 limit order canceled automatically. If only one sell stop order is filled, I understand things get more complicated so I won't bother with that scenario at the moment.

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Postby Andrew Kirillov » 30 Jul 2009

Both will do the same.

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Postby janus » 30 Jul 2009

Both will do the same.
Thanks, I will try it. Is there a document somewhere (TS or MC) that describes how to use the built in strategy orders for various scenarios, like OCO and OSO?

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Postby Andrew Kirillov » 31 Jul 2009

MultiCharts 5.5 Release help will have OCO notes.


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