got an OCO order question

[6erth6rind6ain]

https://ibb.co/42y90gs

This is the OCO window on my binance.us exchange. I'm just using it for an example.

I making this post to check and see if I understood what I learned about this via googling it out and youtubing it out:

Inputs:

Price------------------ the price of the cryptocurrency in question in which I want to sell

Stop------------------ the price in which I want to sell x amount of coins if the value of said coins drops to a certain level(if this order is fulfilled, it'll cancel the higher price that I want to sell, but if
                               the higher price is reached before the price I input in "Stop", it'll cancel the sell order I typed in this "Stop" box, thus this being called a OCO order as in "order cancels order"

Limit----------------- the price I want the OCO bot to stop selling coins (for example, if I want to sell x amount of dogecoins when it makes it to .30/coin (USD) but but not sell anymore if the price
                              goes above .30/coin (USD)

Amount-------------- the x amount of coins I want to sell

slider----------------- just a lazy way to decide my "x amount" of coins that I want to sell

Total----------------- how much my "x amount" of coins is worth in USD at the sell price I set in the top box


Do I finally "get" how to make an OCO order or do I not understand this correctly?

[noorman0]

I'm not a .us user, but I think the OCO feature has a similarity belomg to .com. If you have noticed, the OCO feature is a combination of the "Limit" and "Stop Limit" tabs.

OCO will place 2 active orders with trigger prices you set between "Price" and "Stop" while the current price positions are still in the middle of them. When the price has touched one of them and is filled, the other order will be canceled automatically.
"Limit" is a pair of "Stop" where you have to set the "Limit" price lower than "Stop" if you sell, and set the "Limit" price higher than "Stop" if you buy.

"Amount" is the quantity of coins you want to buy / sell, and "Slide" is just a shortcut to "Amount". "Total" is a conversion of Price * Amount in fiat (e.g USD).

[teosanru]

I'll Make it simple for you with an example and it's purpose too.

For example you bought Bitcoin at $52k using a simple limit order. Now you being a trader have set your risk/reward ratio. you think there is a chance that BTC might go upto 55k but if it falls from here below 50k your trade is more or less over because the pattern you thought it would make will not work.

So you, decide to do things in the sell order.

1. In the first price column, you put 55k which would be the selling price on the upside.
2. In the Second Stop column you will put 50k, as you want to sell if the price goes below 50k this would obviously be below your current price in case of a sell order.
3. In the third column you will put the limit price to sell if BTC breaks 50k.
4. In the last column obviously the qty. of the coin

Now this way all the things that you wanted to do have been done using this one single order. With a simple limit order, you cannot put a stop loss on the downside. While with a stop-loss order your amount won't be available for an Upside sell order. But this function does both things.

Things will be vice versa for a Buying OCO order. I hope it helps.