What's the name of this order type, forgotten the name!

S

snoopytrader

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?
 
Quote from snoopytrader:
.....let me explain.....
More...
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 :cool:
 
Many thanks for the reply MTE

Quote from nazzdack:

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 :cool:
More...

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
 
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