TT Order Types

TT Order Types

TT OCO

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 discounts the quantity of the Stop order by the filled quantity. However, if the stop is triggered, the Limit order will be canceled. Otherwise, when the Limit order is completely filled, the Stop 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 2081.25. 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 2079.50. 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 3 ticks away from the Stop trigger price.

TT OCO order parameters

The following parameters are required:

  • 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.

The following parameters are optional:

  • With a Tick — 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
  • Exclude Implied Prices — Sets whether to exclude implied prices when evaluating the triggering logic. (Only when Stop order type is TT Stop)

  • 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 order a single order template that works when submitting Buy and Sell orders instead of using one template for Buy orders and other template for Sell orders.

  • Trail (ticks) — Specifies the number of ticks away from the specified price to submit the child order, based on the specified Trigger price.

  • Time and Date — to set the date and time to start executing the order

    Possible values include:

    • Start, which sets the date and time to start executing the order
    • End, which sets the time to stop executing the logic of the order
  • Start — to set 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 child orders working until the market closes
    • Time, which displays a date/time picker for you to indicate when to stop the order

    When the End Time is reached, the order is deleted and the specified End Action is applied with its associated 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