One-Cancels-All (OCA) Orders
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A One-Cancels All (OCA) order comprises a group of orders linked by a customer-created title entered in the OCA field for each order. By default, once an order in the group fills, all other linked orders are canceled. If an order is partially filled, the remaining orders will be reduced proportionately to the remaining quantity of the unfilled order. If an order is canceled by the customer before execution, all remaining orders in the OCA group will automatically be canceled, but if one of the orders is rejected or canceled by the system, the remaining order(s) WILL NOT automatically be canceled. You can specify alternative OCA actions using the Misc. tab on the order ticket. |
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You want to buy some tech stock at the best possible price, but you only want 100 shares. You could buy 100 shares of YXX at $11.40/share, XYZ at $19.60/share, or YZZ at $16.80, but you don’t want more than 100 shares total. Before you place the order, display the OCA Group column on the trading screen. Then create a buy limit order for YXX, selecting LMT in the Type field and entering $11.40 in the Lmt Price field. In the OCA Group field, enter a group name, for example “Tech.” Create two more limit orders, one for XYZ at $19.60 and one for YZZ at $16.80, and in the OCA Group box enter the same name, “Tech,” to link these orders. After you have created all orders for a group, transmit the OCA order by selecting Transmit Page on the Order menu. You have created a one-cancels-all (OCA) group. If one of the orders executes, the other two orders are automatically canceled. If one of the orders partially executes, the quantity of each of the other orders is reduced proportionately. If an order in the group is canceled, the remaining orders are also canceled.
Note: Any stock or option symbols displayed are for illustrative purposes only and are not intended to portray a recommendation.
The Reference Table at the top of the page provides a general summary of the order type characteristics. The checked features are applicable in some combination, but do not necessarily work in conjunction with all other checked features. For example, if Options and Stocks, US and Non-US, and Smart and Directed are all checked, it does not follow that all US and Non-US Smart and direct-routed stocks support the order type. It may be the case that only Smart-routed US Stocks, direct-routed Non-US stocks and Smart-routed US Options are supported.