What are Related Trade Orders?
Related Trade Orders, sometimes known as Contingent Trade Orders, are complex trading orders which are created by combining two or more orders. They comes handy when trader want to execute or not to execute the orders (the second or third order) when a specific condition is met. There are mainly three types of related trade orders.
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- IF DONE Orders: Also known as slave orders. These are orders in which the second order or slave becomes only active when the first order is executed. Eg: first order to buy a stock on reaching a price level and the slave order to sell it on reaching another price level.
- OCO (One Cancels Other) Orders: These are related trade orders in which execution of one order automatically cancels the other. Usually an OCO order contains both stop loss and limit order, only one of which is executed.
- 3-Way Related Orders: This is the combination of IF DONE and OCO orders. The first order is a slave order, execution of which automatically triggers the execution of second order, which is an OCO order.
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