TT Order Types

TT OCO order

TT OCO order

A TT OCO (one-cancels-other) order submits two orders of the same quantity at different price levels on the same side of the market. This order allows you to potentially lock in profits with a favorable move or prevent a downside loss without having to constantly monitor the position.

An OCO combines a Stop order with a Limit order. If you are buying, the Limit order is submitted at a low target price, and the Stop order is placed at a higher price. If you are selling, the Limit order is placed at a high target price, and the Stop order is placed at a lower price. Both orders are placed on the same side of the market (i.e., both orders are bids or asks).

When an OCO is entered and the orders are working in the market, a fill in the Limit order decreases the quantity of the Stop order by the filled quantity. When the Limit order is completely filled, the Stop order will be canceled. However, if the Stop order is triggered, the Limit order will be canceled.

Note: If you change the quantity of one of the TT OCO child orders, it will not automatically change the quantity of the other order.

When you hover on an OCO child order in MD Trader®, it will highlight to show the related working OCO child order:

TT OCO example

In this example, a sell-side TT OCO order was entered at 2768.50. The cursor is placed at a price below the first order on the same side of the market and indicates that a valid Stop Limit order can be entered at that price. The Stop Limit order is entered at 2766.50. As the first order (Limit order) at 2081.25 is filled, it will discount the protective Stop Limit order quantity by the filled quantity. However, if the Stop is triggered first, the Limit order will be canceled and another Limit order will be entered 5 ticks away from the Stop trigger price.

  1. First, click the price level of the profit order, which is submitted as a Limit order.
  2. Next, click the price level of the protective Stop Limit order. If the Stop is triggered, a Limit order will be submitted based on the Payup setting.
  3. The cursor will indicate which OCO order (Limit entry order or Stop) is being used.

TT OCO order parameters

OCO details parameters

  • Stop order type: Sets the stop order type, market or limit, of the stop-loss order:
  • Payup: Sets the number of ticks away from the Stop price to submit a Limit order when the OCO Stop Limit order is triggered. Applies only if you set OCO stop order types as Stop Limit and it specifies the offset (in number of ticks) of the Limit order that will be placed if the Stop Limit is triggered.
  • With a Tick: Sets the threshold for the With A Tick behavior that reprices the order one tick toward the market when available quantity at the opposite inside market is at or below the specified quantity threshold.

    The quantity can be specified as:
    • Qty for an absolute number of contracts
    • % for a percentage of the initial quantity for this order
  • Auto-Resubmit Upon GTD Expiry: Valid only when the child order TIF is Day (GTD). If any child orders are not completely filled by the session close, the exchange will expire the child orders; when the market reopens, the parent order will then resubmit the child orders with the same parameters as when they expired.
  • Exclude Implied Prices: Sets whether to exclude implied prices when evaluating the triggering logic. (Only when Stop order type is TT Stop)

Trigger parameters

  • Trigger: Sets the type of order trigger for the parent synthetic order

    Possible types include:
    • Stop
    • If-Touched
  • Price Type: Sets the price at which to trigger the parent synthetic order.

    Possible values include:
    • LTP: Last Traded Price
    • Ask: Best Ask
    • Bid: Best Bid
    • Same Side: Evaluates the trigger using the inside market price in the Buy/Sell direction of the order:
      • Best Bid for Buys
      • Best Ask for Sells
    • Opposite Side: Evaluates the trigger using the inside market price in the opposite Buy/Sell direction of the order:
      • Best Ask for Buys
      • Best Bid for Sells
    Note: Using Same and Opposite sides instead of Bid and Ask lets you create a single order template that works when submitting either Buy or Sell orders instead of requiring separate templates for Buy and Sell orders.
  • Trail (ticks): Specifies the number of ticks away from the specified Price Type the order should trail the market.

Timing parameters

  • Start: Sets the date and time to start executing the order

    Possible values include:
    • Now to start the order immediately
    • Time to display a date/time picker for you to indicate when to start the order
  • End: Sets the time to stop executing the logic of the order

    Possible values include:
    • GTC, which leaves the order working until canceled
    • Time, which displays a date/time picker for you to indicate when to stop the order
    • Day, which leaves the order working until the market closes

    If End Time is selected and the End Time is reached, the order is deleted and the specified End Action is applied to its child orders. If the trading session is closed when the End Time is reached, the delete request will fail, leaving working GTC child orders on the exchange. It is your responsibility to delete these orders when the exchange re-opens.
  • At End Action: Sets the action to take for any unfilled balance when the End time is reached.

    (Visible only for a custom End time) Possible values include:
    • Cancel to delete the remaining contracts