ThinkorSwim Web OCO Bracket Order Tutorial (Step-by-Step Tutorial)
Today we'll learn how to place OCO bracket orders on the thinkorswim web app.
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Advanced orders are one of the simplest forms of automation and a way to place multiple orders all at the same time. Today we’ll be specifically discussing an advanced order known as OCO bracket orders, we’ll learn how to place them, and also how to manage them within the thinkorswim web app.
For those of you unfamiliar with this type of trade, an OCO order or one-cancels-other order can be used to close out a position at a either a set profit target or at predefined stop price. Because this would require two separate orders working simultaneously, the OCO would allow you to place both of these at the same time and whichever order happens to fill first, the other would be cancelled automatically.
Timestamps
0:00 Intro
1:29 Closing current position with OCO
8:22 Attaching OCO to new trade
10:53 Adjusting order on the chart
11:32 How to cancel order
14:19 Outro
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