How to Code OCO Order

[arjfca 10]

Hello

 

First post on this forum

 

As read on Multicharts documents,

 

MultiCharts supports one-cancels-other (also known as one-cancels-all) orders. An example of an OCO order would be a

bracket order. In a Bracket order, both the profit target and the stop loss orders are sent at the same time. If the profit target

order is filled, the stop loss order is cancelled. If the stop loss order is filled, then the profit target order is cancelled.

Interactive Brokers supports one-cancels-other orders natively. If Interactive Brokers is the broker, Interactive Brokers will

be responsible for cancelling the other orders

 

Using Multicharts and Easylanguage, how do you code a One Cancel Other (OCO) orders.

 

Martin

[Tams 20]

The following exit keywords are part of MultiCharts' strategy engine.

 

SetBreakEven

SetDollarTrailing

SetPercentTrailing

SetProfitTarget

SetStopLoss

 

When using these keywords,

the strategy engine will check to see if there is an open position.

These orders will be posted to the broker when an open position is detected.

 

When the position is closed,

the strategy engine will automatically* withdraw these exit orders.

 

 

* automatic means you do not need to code further instructions to withdraw the orders,

they are done automatically as soon as the position is closed.

 

 

The logic should be coded this way:

 

If Condition = true then
Begin
    Buy ("B") next bar at Market;
End ;

SetProfitTarget ( 200 );
SetStopLoss ( 100 ) ;

 

note the stop loss is outside of the conditional loop.

Edited November 17, 2010 by Tams

[aaa 10]

MC code explained by TAMS is always a pleasure ;=)