(OTOCO) One-Triggers-Other-Cancels-Other

One-Triggers-Other-Cancels-Other (OTOCO) provides conditional behaviour to a primary and two secondary orders. It combines both OTO and OCO. The execution of the primary order will trigger the placement of the secondary orders (OTO). The secondary orders are also linked to each other via OCO, which means the execution of one will cancel the other. The most common use for this setup is to place an order to enter a position, along with the corresponding stop loss and take profit for that position, all at the same time.

Example of order

For example, a limit order to buy the BTC perpetual when the price reaches $100,000 [2] is placed[4] with an attached stop loss [5] and take profit [6]. The order to buy at $100,000 is our primary order. Once the primary order is filled, the stop loss [8] and take profit [7] are placed. Once either the stop loss [8] or take profit order is triggered [7], the other is cancelled. So the placement of both the stop loss and take profit was triggered by the primary order being filled (OTO), and the stop loss and take profit are connected to each other via OCO.

Placing an OTOCO 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. Order price

7. Buy and Sell buttons

8. 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.

9. Special ordertype

   • 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.

   • An Iceberg order allows a trader to hide the full size of an order while revealing only a portion (the display amount) in the order book. The visible portion behaves like a regular limit order, while the hidden portion remains concealed until the visible part is filled.

     Aggressive iceberg orders match as regular taker orders. When placed into the order book iceberg orders match as maker orders on the displayed part and taker orders on the hidden part. The hidden amount of an iceberg order also loses priority to regular orders.

   • Post only (post_only) - This setting will ensure the order will not act as a taker, and therefore will not match against orders that are already resting in the orderbook (excluding hidden orders). If the price of the order is such that it would otherwise execute against the best available price, the post only order will be placed into the order book one tick away from the best available price.

10. The current position size on the selected instrument.

11. The maximum leverage possible on the instrument.

12. 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.

13. 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.

14. Initial margin requirement

15. Position impact PM (portfolio margin).