Now You Can Place OCO Orders On ParamountDax
Dear Valued users,
Today, we are excited to announce OCO (One-Cancels-Other) as new addition to the growing list of advanced order types offered by ParamountDax Exchange.
You can jump right into the Advanced Trading Exchange to test and familiarise yourself.
How OCO Works?
An OCO “One Cancels Other” is a pair of orders stipulating that if one order executes, then the other order is automatically canceled.
OCO order can combine a sell-stop order with a buy-stop order or a buy-limit order with a sell-limit order.
When either the stop or limit price is reached and the order executed, the other order automatically gets canceled. Experienced traders use OCO orders to mitigate risk and to enter/exit the market.
For example, if PRDX token is trading in a range between $2 and $4, a trader could place an OCO order with a buy stop just above $4 and a sell stop just below $2.
Once the price breaks above resistance or below support, a trade is executed and the corresponding stop order is canceled.
Conversely, if a trader wanted to use a retracement strategy that buys at support and sells at resistance, they could place an OCO order with a buy limit order at $2 and a sell limit order at $4.
Once you have placed an order, you can find existing orders in “Open orders”.
When orders are executed or canceled, order history can be found in “Order History”.
In summary, with a one-cancels-the-other order (OCO), 2 orders are live so that if either executes, the other is automatically triggered to cancel.
Together we are now officially set for an exciting journey!
Good luck and see you soon!
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