OCO (one-cancels-other) order
Combination of two orders, with one order being automatically deleted after the other order is executed.
The One-Cancels-Other order (OCO) is composed of two separate orders, which are both components of an order ticket. Both partial orders of an OCO order are fully configurable. Combinations of purchase, sale respectively limit, stop or other order types are possible. Standard practice is that one of the partial orders is a limit order, while the others is a stop order.
Example: EUR/USD currency pair is at 1.3000. Since you expect the trend to prevail, you are willing to buy should the exchange rate rise to 1.3020, or should the price decrease below 1.2800. In orcder to do so you will an OCO. If one of the two options occurs the second option will be automatically deleted.
Alternative order, OCO order