I think it's called a stop market order, but let me explain a bit more I want to buy a contract(s) at a limit price, then place a stop market order to get me out at say 10 ticks, but place as well in this same stop order a limit order to trigger if my contract rises above say for example 6 ticks. What's the name of this order type? It's always been my understanding that this can all be done with a stop market order, you have your trigger price set at x amount of ticks below, and a stop loss limit set for the price, is this possible?
1) ?....... ! ...... an OCO? One Cancels the Other? 2) For example, the euro-currency last traded at 125.00. You place a limit order to buy at 124.90. You get filled at 124.90. You then place an OCO with a sell-stop at 124.80 (10 ticks lower) AND a sell-limit at 124.96 (6 ticks higher). Ideally, you then get filled at 124.96
Many thanks for the reply MTE Hi nazzdack, Thank you for the explanation, so with this OCO once I placed the limit order to buy, then another OCO with a sell stop - can this sell stop be executed at the market price. Then the sell-limit as a limit order. Is this possible? It's my understanding you cannot do this as your trading platform will set this OCO both as a limit order only or both as a market order only, can you explain please? Many thanks in advance