Your summary is correct. This is definitely swing style trading.
MOO is market on open and MOC is market on close.
I haven't built any Dakota R/T systems, so I can't help you in this regard. Carl Cook and his team at BioComp Systems are very approachable and prompt at answering queries. You could email info@biocompsystems.com if you need more info.
If you have any questions about the EOD version then feel free to ask me.