One Cancels Other – OCO

One cancels other, OCO, is a VTL script which contains a set of 2 orders, a buy stop and a sell stop, when one of these orders gets filled, the other order is cancelled automatically by the VTL script.

This kind of orders are useful to open trades at important news release, at major support resistance etc… The OCO expert adviser opens 2 orders, a buy stop and a sell stop, when one order gets filled the other is cancelled. When a trade is opened, the EA applies stop loss and targets and manages the trade. It has the capability to apply a trailing stop loss as well.

Parameters:

• closeAtDayEnd = false ”’ Close position at Day end distance = 20 ”’
• Open buy stop and sell stop orders at start Hours “distance” pips away from current price. stoploss = 50
• Pips takeprofit = 100
• Pips lots = 0.1 ”’ lot size to trade trailingStop = 20
• Trailing stop loss in pips hourStart = 8 ”’ The hour of the day to send 2 OCO orders.

If OCO orders are placed manually and then OCO script is attached, the EA will not sed OCO orders at “hoursStart”. This feature can be used to manage manually placed OCO orders.

Usage

• Download the attachment.
• Copy it to your company VertexFX  Local VTL Files folder i.e. C:Program FilesCompany Namevtl10Local VTL Scripts
• Restart your Client Terminal or Right Click on “Local VTL Scripts” Tree Node to find the script.