Investment Education Trading Topics Order Types Advanced Orders Using a Condition to Mimic a Stop
Advanced Orders
When placing a one cancels other (OCO) order, you can mimic a stop order by using a condition. This is especially helpful for those who prefer to use a regular stop order over a trailing stop.
Note: This is actually emulating a hidden stop.
For the leg of the OCO order on which you would like to place a stop, enter a market order to sell the stock you are interested in and click "add condition." After the box with the header "If the following event occurs:" appears, enter a condition for the same security in your order. Set the trigger as "Last" and condition as "less than or equal to." Set the amount equal to the price at which you would like to stop out. Finally, set your expiration date and time.
The image here shows an example of how such an order would look. This OCO leg is identical to placing an order to sell 1 share of XYZ with a $15 hidden stop.
| Stop Orders |
| Trailing Stop Orders |
| One Cancels All Order (OCA) |
| Conditional Order (CO) |
| Scottrade Trading Site: One Cancels Other (OCO) Orders |
| Scottrade Trading Site: Stop Orders |
| Scottrade Trading Site: Trailing Stop Orders |
| Scottrader Streaming Quotes: Order Status in Advanced Orders |
| Trading Web Site | 9/18/10 |
| ScottradeELITE | 9/18/10 |
| Trading Web Site | 10/9/10 |
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