So what is an OC Oh order in thinkorswim and how do you use it in your trading in
this video I'm gonna walk you through how to trade with an O Co order so you
can streamline your trade hey how's it going on this channel you will learn the
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down there now today we were talking about Oh Co brackets in thinkorswim so
an o co order stands for one cancels other so essentially if one of the
orders gets filled the other one will get cancelled so generally what these
can be used for is a stop loss and a buy limit so essentially for either cutting
your losses in a trade or taking profits so for an example if we bought into
Apple right here and we wanted to take profits if Apple went up to here or cut
our losses if Apple broke below this level and so what you would do is then
you would place in a oshio order and if the stock went up here and hit your
limit to take your profits this order down here would get cancelled and then
the other way around if the stock went down here this order up here would get
cancelled and you would get stopped out of the trade one way to enter into these
trades is going to the trade tab and then clicking on the price up here and
then clicking buy custom and then you'll see it comes up with with osio bracket
and so this will bring up a trade to then buy shares of Apple and then create
that osio bracket around that to where we can essentially buy in and then the
trade will just run itself and we won't have to do anything we can have that
stop-loss or that take profits limit order
and I actually like to do this any charts so then you can look at it a lot
more visually so we're actually going to go back to charts but I just wanted to
show you this is one way to do it though back in charts over here another way to
do this and bring this up is right click on the chart and then again it'll bring
up that by custom and then we can go over here with Osio bracket and so I'm
just gonna change down here you'll see that we have to buy the shares and then
it'll have that Osio order these two sell orders will be that ocl order so
first I'm going to change this to a market order to buy just so we can make
sure we get filled and then the first order down here this limit order is
going to be that profit-taking order so if we look up here maybe we want to take
profits when the stock gets up to around 22 or 222 so I'm going to just set this
at 222 and so that'll put that limit order for taking profits on this trade
up here and then we can say oh maybe we want to have it down here at 220 and and
a half for our stop loss so if the stock goes down that far we want to get out of
this trade and not lose any more money so we're gonna change this and then to
220 and a half and so this will set up this order and when I send this in
it'll fill us at the market order for these shares and then we can go in and
we can see where these orders will be set up so I'm gonna click and send looks
like we have enough buying power so send this order in initially you'll see that
order of a hundred shares of Apple get filled and then this order or this Osio
bracket pops up so up here at the top we have that limit order and then down here
we have that stop-loss order and so this allows you to then just leave this trade
forever and it will do exactly what you said it to do you won't you have limited
risk you'll you won't get stuck in the trade
if it keeps going down you automatically closed out and you'll
automatically get your profits taken and then once one of those gets triggered
your other order will get cancelled so you don't have to go in and cancel it so
you don't get filled by that other order by accident and you're by accident long
shares or short shares so one way you can either change these as you can if
you wanted to move your stop up you can just click and drag and then it'll just
click with another send box and then that'll change that ordering again you
can also do this with your limit you can move your limit up and then resend that
and that'll just change the price of these orders another way you can do this
is right-click on this and it'll come up with copy cancel or cancel and replace
and so if you want to go in here and do actual value like to the cents this is a
better way to do that instead of just clicking and dragging an easy way to
tell that these orders are linked if you're not sure is you see this little
chain it has next to the amount of shares you have bought and also it has
this little line that goes up the side that shows that it's also linked if you
want to actually cancel these orders you want to make sure you click cancel o Co
Group if you just click cancel order it'll cancel this single order so
another way to do that is just click X but this will also just cancel the one
order so if you want to cancel this you want to make sure you want to click
cancel o Co Group and then it'll take both of those trades out another way to
actually put these Osio orders in is actually using an active trader tab so
if I click over here on the right on the active trader tab it'll bring up this
active trader tab and we can create a another oshio order or a buy with a no
Co order so how to do that is you want to click on template and then trigger
with bracket and so this will allow you to buy shares with
the O Co bracket order with that you know stop-loss or that buy limit for
taking profits for Apple here for this trade we probably want to have about 50
cents on each side just for a good example so we want to change the offset
here to 50 Cent's and we want to make sure that this stays a negative number
for our buy stop otherwise it'll be positive and we might get filled 50
cents above the market right away so even though on here you can see at the
active trader it says that these triggers look like they're gonna be
right next to each other once you get filled they will go to their respective
distances so if I click over here to actually buy because we want to buy
under chairs I'm just gonna buy 100 shares here and then that'll get filled
up potentially so you can see that this order then because we haven't got filled
on these buying a hundred shares that that order will be shown there as well
so you can see we have the hundred shares trying to get filled and then we
also have the stop order as well here to quickly show you one last thing if you
want to just move this whole bracket up as a whole
essentially trailing up your stop and moving your limit higher you can drag
this gear over here or the link on the side so if I just click and drag this
you can see that the little bar is moving and that's where your stops will
get moved to so I can just move these if I wanted to move them a little higher
it'll come up with another order and then that'll send in that new limit
order and you can see it'll be in a different spot so that's a different way
to just change both of them around instead of one individually at a time a
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