OCO Pending

Introduction

OCO (One Cancels the Other) is a popular order type used in a lot of trading strategies. This includes many Forex and CFD trading strategies. It allows traders to link one pending order with another. If one of the two linked orders is triggered, then the other one is cancelled. There are a number of practical use cases for OCO orders. Most common uses are typically associated with risk management and uncertainty. For example, your technical analysis shows that a breakout can be expected, but you can’t be certain if the market will rise or fall. In this case you a place both Buy and Sell pending orders with enough distance from the market so that only a breakout in progress should hit them. Then when one of the orders is hit, the other will be cancelled.

How to use?

Attach this utility (expert adviser) to the desired chart. As soon as you set your stop orders, one pending buy and one pending sell now OCO Pending utility starts monitoring these orders. As soon as one of the orders get hit it will cancel the other. OCO Pending stop always handle it's own orders by symbol and magic number or only by symbol it's been attached to. To only monitor manual placed orders by current symbol without magic ID set this setting to '0'

You can use my other product 'Quick Buy Sell' together with this one if you like

link to Quick Buy Sell - https://www.mql5.com/en/market/product/36862

Trailing stop

OCO Pending can also set trailing stop to your current order. Instead of messing around with the terminals trail system and manual input, now it's all completely automated. Simply set desired trailing stop size in points and it's done. Can be turned on/off.

Strategy tester

You can test this utility in the strategy tester to see how OCO works, it will execute two orders buy-sell simultaneously/day and apply OCO on them. Hope you find this utility tool helpful.

Settings

I refer to screenshots - Any questions just ask ;)