Show you where you can locate OCA orders within the Activity panel<\/li>\n<\/ul>\nOCA order<\/h4>\n
This lesson will show you how you can enter multiple orders, such that as one of them begins to fill, the remaining ones will be cancelled.<\/p>\n
Imagine you\u2019ve done your research and you\u2019ve identified three companies you may want to invest in, and you\u2019ve also determined the right price below the market to enter your trades.<\/p>\n
However, while you don\u2019t want to miss an opportunity, you also don\u2019t want to commit to all three trades \u2013 just whichever one reaches your entry point first. That\u2019s where the One-Cancels-All<\/strong>, or<\/strong> \u201cOCA<\/strong>\u201d, group order type comes into play.<\/p>\nCreating an OCA order in TWS Mosaic<\/h4>\n
Now let\u2019s see how we can do this In Mosaic. The first thing I\u2019ll do is select Microsoft \u2013 ticker MSFT, the first ticker \u2013 create an order to buy, let\u2019s say 500 shares in Microsoft \u2013 ticker MSFT \u2013 at my target price below the market, where the time-in-force is GTC.<\/p>\n
To add and group further associated orders, I\u2019ll select Advanced and then the One Cancel Another<\/strong> option in the expand menu.<\/p>\n![\"\"](\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\")
I\u2019ll now add a second contract in the input field \u2013 this will be buy Intel \u2013 ticker INTC \u2013 with a GTC order for 400 shares, and again set the price to my target.<\/p>\n
When additional contracts are added using the One Cancel Another<\/strong> functionality, the Order Entry panel will display the letters OCO plus the number of group members to clearly display the nature of the OCA order.<\/p>\nNow, using the Add Order button I can tack on a third GTC order \u2013 this time to buy Google \u2013 ticker GOOG \u2013 for 300 shares, setting the limit price once again below at my target price.<\/p>\n
Great, I\u2019ve now set up three GTC limit orders for my three favorite tech companies at target prices below the ones prevailing in the market, but remember, I only want to commit to the first one that fills \u2013 not all three.<\/p>\n
So, I have to instruct TWS what it should do in the event that one of them starts to execute. To do this, I\u2019ll use this dropdown menu for what we call On Fill<\/em> instructions.<\/p>\n<\/p>\n
Here, I have three choices, and for the purposes of this example, when that first order starts to fill, I want to make sure the other two get cancelled.<\/p>\n
<\/p>\n
This will be the case If I click on Cancel Other Orders.<\/p>\n
Now, if I selected Reduce<\/em> other orders, I may continue executing across the three tickers, and the order will rebalance the outstanding positions.<\/p>\nFinally, the choice to provide Overfill Protection dictates that only one of the submitted orders will be routed to an exchange at a time. This completely removes the possibility of overfill within the order. Remember that the first ticker I entered became the main order.<\/p>\n
Once you are satisfied with the variety of input choices for your order, as I am with mine in this example, I\u2019ll transmit it by clicking on Submit.<\/p>\n
Once I do, the Order Preview window will display all orders in the OCA Group, which is also assigned a number.<\/p>\n
The initial order appears first and shows the additional ones as group members. You\u2019ll also see that the Order Confirmation window shows your estimated Post-Trade margin impact.<\/p>\n
<\/p>\n
*Note<\/strong> the footnote stating that the estimation is presented for the main order only. This is important because if your main order was a futures contract, as opposed to a security, your margin requirements would most likely differ.<\/p>\nLocating OCA orders within the Activity panel<\/h4>\n
You can also cancel all parts of your OCA group by right-clicking on any member in the Orders tab in the Activity panel \u2013 there you would select Cancel from the expansion menu.<\/p>\n
The OCA group is a smart order type that offers you greater flexibility over your investments. Remember to take a look at this order type using the Advanced expand button in the Order Entry tile.<\/p>\n
Now that you know how to create an OCA order in Mosaic, let\u2019s turn our attention in the next lesson on order types in Traders\u2019 Academy.<\/p>\n","protected":false},"excerpt":{"rendered":"
TWS users may create several orders simultaneously and group them together. The software can then be programmed to respond automatically with cancellation instructions when one piece of the order starts to fill. This lesson demonstrates the creation of the One-Cancels-All order type in Mosaic.<\/p>\n","protected":false},"author":899,"featured_media":221491,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13125,13128,13132],"class_list":{"0":"post-175484","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-interactive-brokers","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\n
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![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord24.png\")
I\u2019ll now add a second contract in the input field \u2013 this will be buy Intel \u2013 ticker INTC \u2013 with a GTC order for 400 shares, and again set the price to my target.<\/p>\n![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord25.png\")
<\/p>\n![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord26.png\")
<\/p>\n![\"\"](\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord27.png\")
<\/p>\n