Placing a custom OSO order allows you to group conditional orders with multiple symbols using your own combination of existing order types. When the first order(group) is filled, the next order(group) is activated.
Access this order type using the ORDER DROPDOWN options from Order form, and select OSO – CUSTOM Order. The Custom OSO Order form is displayed with two more dropdowns to configure Primary Order and Secondary Order.
Description
To give a demonstration of a sample use case we will take the example of a Bracket Order comprising of Stop Buy Order (Primary) and OCO Order (Secondary)
Primary Order : From the Primary order dropdown select Stop Buy Order. Configure order parameters as you would do in any Normal Stop Buy Order.
(Optional)
Trigger : Primary order can also be configured to be executed based on Email or Telegram Signal.
Once Primary Order is configured. Click on Next button to start configuring Secondary Order.
Secondary Order : From Secondary Order dropdown options select OCO order.
Configure the OCO order parameters as you would do in any normal OCO order.
Note : Since Secondary Order is in series of Primary Order and becomes active once primary order is filled so Trigger settings are not available for Secondary Order.
Reset: Clicking on Reset will empty all the fields and bring forms in the initial state.
Understanding Order History to check Order Status
As you can see in the Open Orders List, System has placed 3 orders. One to buy the coin pair and 2 orders as part of OCO to take profit and protect loss. Since OCO is in series of Stop Buy order. So if you look at status of Order then Stop buy is Open and rest 2 are in the pending state waiting for Stop Buy to get Filled.
In case you have opted for trigger option then all the Orders will be initially in Pending State waiting for the Signal to Open the Primary Order which once filled will trigger the Secondary Order.
First column in order table denotes order group ID and can be used to identify order belonging to same OSO group in a large list of orders.
Cancel Order: If a user cancels any order belonging to an OSO group then all the attached order of that group also gets deleted.
Recommended Order Combinations :
- Stop Buy + Trailing Stop Sell
- Market Buy + OCO (With Trigger)
- Stop Buy + Take Profit
- Stop Buy + Stop Loss
- Stop Buy + OCO
Not Recommended Order Combinations:
- Limit Buy + OCO – System doesn’t know when Limit order gets filled. So it will Open OCO order without waiting for limit order to get filled.
- Limit Buy + Trailing Stop Sell
TIPS: Limit Buy order can be easily replaced with Stop Buy Market thereby providing the extra benefit of having full control on execution time, Preventing funds Locking, Getting execution notification, Combining with other order, etc.
Other Useful Info:
Relative Quantity: If a user enters Quantity in percentage form by clicking on % icon next to Quantity input then System will evaluate exact quantity based on the percentage of available balance of that particular coin at the time of final execution which is just before sending a limit or market order on exchange.
Relative Stop Price: User can enter stop price in percentage by clicking on % icon next to any Stop price field in each order type. Equivalent absolute price is calculated once the order reaches our backend based on the latest price at the time of entry of the order.
So this is like to build “templates” that are then used by the telegram signals…
For example, I have to create a template for buy orders as well as for sell orders, right?
if your telegram signal contains all the targets at once then no need to create multiple templates. Single template with order type `stop buy + oco sell`, `DCA Buy`, etc will be sufficient. You will need separate template if your buy signal and sell signal comes in channel at different point of time. Have a look at this article for more details – https://www.growlonix.com/support/article/telegram-signal-orders