Description

Cancel Pending Orders When a Related Pending Order Triggers

One of the most useful order types that is missing from MetaTrader 5 is the OCO order, otherwise known and One Cancels the Other, or Order Cancels Order.

This order type cancels a pending order when a related pending order is executed.

Default MT5 does NOT have the ability to do this.

But with this custom EA, you can now add this super useful order type to your arsenal.

Here's why professional traders love this order type…

OCO Orders are Powerful

There are many scenarios where OCO orders can be used, but the 2 most commonly used are retracements and breakouts.

Canceling other pending orders in the same market essentially allows you to take advantage of the best price possible.

Here's what I mean by that…

Retracements

Let's say that you want to go short on this chart because you think that price is at a resistance level.

There are 2 ways that you can do it.

You could try to get in when price retraces, giving you a slightly better price.

That's the sell limit entry.

Or…you could put in a sell stop so you enter the market when price actually drops.

Buuuuut…

There is also a chance that price might start dropping before it hits the pending sell limit order.

So it's a good idea to have a sell stop in place too.

Naturally, you don't want both trades to get triggered because that would double your risk.

However, if you have the TH One Cancels Other EA on the chart, the sell stop would get canceled as soon as the sell limit pending order is executed.

Breakouts

Another scenario when this EA is very useful is in the case of a breakout.

Let's say that you're watching this market and have marked off this range.

You want to take a buy trade if price breaks the top of the range OR a sell trade if it hits the bottom of the range.

In this example, price hit the bottom of the range, so the buy stop pending order would be canceled.

Although price did not hit the buy stop level, there is always the potential that it could.

So using this EA will help you avoid getting into 2 trades at once.

US Account Protection

Now what if you're trading in a US account?

Since you cannot hedge in a US account, in the breakout example above, if price hit the buy stop level after hitting the sell stop, the sell trade would get closed out at a loss.

That's not good.

So using this EA will save you from violating the FIFO rule and only take one trade at a time…whichever gets triggered first.

Stop Missing Trades

Although this is a very powerful order type, it doesn't help to just know about it.

If you miss these trades, it doesn't matter how perfectly you called the trade beforehand.

So an EA is essential to helping you take advantage of these opportunities, before they get away.

Sleep well at night knowing that this EA is watching your trades, so you don't have to.

The Double Stop Out Will Destroy Your Account

You might be thinking that you can just set 2 pending orders and pray that it works out.

That's one way to do it.

But you'll only have to get stopped out on both your orders a few times to realize that the “set and pray” method doesn't work.

Potentially triggering 2 trades on the same day can quickly eat a big hole in your trading account.

It's terrible risk management.

That's why using an EA to cancel the trades that aren't being used is a smart idea.

Simple to Use

One of the best things about this EA is that there are no settings to adjust.

Add the EA to a chart and it's ready to go.

When you want to link pending orders together, simply enter the same Comment in the Comment field.

For example, you could use”8″as the Comment, as shown below.

Once one of the pending EURUSD trades with “8” in the Comment get triggered, all of the other pending trades with “8” in the Comment will be canceled.

If you wanted to create another OCO order in this market, simply use a different comment.

You can still use the same comment in a different market and they won't interfere with each other.

Frequently Asked Questions

Click “+” to see the answer to each question.

Terms of use: By using this EA, you accept 100% liability for the losses and gains. We are not liable for your trading losses.