One Cancels Other

Platform: MetaTrader 4
Type: Expert Advisors

A one-cancels-other (OCO) order, sometimes called a bracket order, is used by traders in many financial markets to stay on top of their trades more efficiently.

Say you’re predicting an increase in volatility—a big economic news announcement is coming soon. Use the One-Cancels-Other EA to create a pending buy order above the current market price and a pending sell order below the market price. The news announcement hits: If a new upward trend is established, your pending buy order is executed in the correct direction of the trend. Your pending sell order is automatically cancelled—the one trade has cancelled the other.

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INPUTS

OCO_ EA Order 1

Symbol1: the symbol traded
Amount1: the number of lots traded
OrderType1: enter “buy” or “sell”
StopLoss1: number of pips from the entry price to set stop loss
TakeProfit1: number of pips from the entry price to set take profit
Rate: OCO1’s pending order price

OCO_ EA Order 2

Symbol2: the symbol traded
Amount2: the number of lots traded
OrderType2: enter “buy” or “sell”
StopLoss2: number of pips from the entry price to set stop loss
TakeProfit2: number of pips from the entry price to set take profit
Rate: OCO2’s pending order price

MagicNumber: unique identifier for each use of the EA (use a new Magic Number for subsequent uses)

REQUIREMENTS

This Expert Advisor (EA) is only compatible with FXCM MetaTrader 4 software. It does not operate on MetaTrader 4 software provided by any other brokerage. In order to purchase or download the app, an FXCM live account is required. Once downloaded, the app can be used on both live and demo FXCM accounts.

Risk Disclaimer

The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.

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