(OCO) One Cancels Other

One-Cancels-Other (OCO) provides conditional behaviour between two orders. If either one of the orders is executed the other is cancelled. One example use of OCO would be linking a take profit and stop loss order, only one of which is intended to ever execute.

Additional details

In the UI, the only way to create an OCO order is to create both a stop loss and take profit for a primary order. Once the primary order has been filled, the stop loss and take profit orders will be linked with each other via OCO. OCO conditional orders are available in the UI, and via the API

Example of order

For example, a limit order to buy the BTC perpetual at $100,000 [2,4]. This is our primary order. Once our primary order is filled - we would like to get out of the resulting long position if the price moves down to $95,000 [1,8], or up to $105,000 [3,7]. This means we would like to place a stop loss at $95,000, and a take profit at $105,000. Once either the Stop loss or Take profit order is triggered, the other is cancelled. So the stop loss and the take profit are connected via OCO (one cancels other).

Placing an OCO order on Deribit

1. USD or asset selection. Choose whether you want to enter the size of the order in USD or an amount of the underlying asset. Values will be rounded to the nearest valid amount.

2. RFQ. This button allows traders to send a notification to market makers that indicates they are interested in trading the instrument. This will allow market makers to put a quote into the order book for the requested size. This button is informational only, not an execution mechanism.

3. A profit and loss calculator.

4. Order type. Some order types are not available for certain instruments.

5. Order amount

6. Buy and Sell buttons

7. TIF

   • Good till cancel (GTC) - GTC is the default setting. The order will remain open until it is filled, cancelled, or the instrument expires.

   • Good till day (GTD) - If it has not already been filled or cancelled, the order will be cancelled automatically at the end of the current daily session (8 AM UTC).

   • Immediate or cancel (IOC) - Any portion of the order that cannot be filled immediately will be cancelled.

   • Fill or Kill (FOK) - The order is either filled immediately and completely, or not at all.

8. Special

   • Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.

9. The current position size on the selected instrument.

10. The maximum leverage possible on the instrument.

11. Take profit as secondary order.

    1. On/Off toggle.

    2. Order type. Some order types are not available for certain instruments.

    3. Trigger Price - The price which once reached, will trigger the placement of the order.

    4. Order price

    5. Trigger

       • Mark - When “Mark” is selected for the trigger price, the mark price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.

       • Last - When “Last” is selected for the trigger price, the last traded price of the instrument reaching or crossing the chosen trigger price will trigger the placement of the conditional order.

       • Index - When “Index” is selected for the trigger price, the index price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.

    6. Special

       • Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.

    7. Estimated profit if the primary order is filled and then the secondary order is also filled.

12. Stop-loss as secondary order.

    1. On/Off toggle.

    2. Order type. Some order types are not available for certain instruments.

    3. Trigger Price - The price which once reached, will trigger the placement of the order.

    4. Order price

    5. Trigger

       • Mark - When “Mark” is selected for the trigger price, the mark price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.

       • Last - When “Last” is selected for the trigger price, the last traded price of the instrument reaching or crossing the chosen trigger price will trigger the placement of the conditional order.

       • Index - When “Index” is selected for the trigger price, the index price reaching or crossing the chosen trigger price will trigger the placement of the conditional order.

    6. Trigger Offset - Used to set the maximum distance from the current price for a trailing stop.

    7. Special

       • Reduce (reduce_only) - This setting will ensure the order can only reduce an open position. It can not increase the size of any existing positions, or open any new positions.

    8. Estimated profit if the primary order is filled and then the secondary order is also filled.

13. Initial margin requirement

14. Position impact PM (portfolio margin).