What is a conditional order?
Conditional orders allow you to set order triggers for stocks and options based on the price movement of stocks or indices. There are 4 types of conditional orders: Contingent, Multi-Contingent, One-Triggers-the-Other (OTO) and One-Cancels-the-Other (OCO). Contingent order – Triggers an equity or option order based on any one of eight trigger values for any stock or up to 40 selected indices. Multi-Contingent order – triggers an equity or option order based on a combination of two trigger values for any stock or up to 40 selected indices. The criteria can be linked by “And at the same time”, “Or”, “Then”. One-Triggers-the-Other (OTO) – An order that creates both a primary and a secondary order. If the primary order executes, the secondary order automatically triggers. A One-Triggers-the-Other order can help you save time: place a buy order as your primary order and a corresponding sell limit, sell stop or sell trailing stop at the same time. Or, if you trade options regularly, use a On
