Attaching a bracket to an active open order or existing position

In this section, you'll learn how to attach an OCO bracket order  to an existing position. The OCO bracket order consists of two closing orders bundled into one. The orders are as follows: 

  • Limit order
  • Stop loss order (stop or limit)
One closing order pre-determines a profit exit price, and the other closing order pre-determines a loss exit price. As soon as one of the closing orders is triggered, the other is cancelled automatically. Typically, you would attach an OCO bracket order to an existing position to set up your profit and loss exit plans.

To attach a bracket order to an existing position: 

  1. In the toolbar, click Order entry


  2. In the Summary tab, right-click the position you want to attach a bracket to and select Attach bracket



  3. In the Attach bracket window, enter the closing order details for your primary order. The closing order details will define your profit and loss exit plan.



  4. Closing order detail Description
    Limit order

    Qty Ensure the quantity of shares matches the quantity you set for the primary order.
    Limit  Enter your limit price:
    • If you're long on your primary order, this is the highest price you want the shares to go in order to sell them to make a profit. 
    • If you're short on your primary order, this is the lowest price you want the shares to go in order to buy the shares back to make a profit.
    Stop loss order
    Qty  Ensure the quantity of shares matches the open quantity of your position.
    Stop  

    Enter your stop price:

    • If you’re long on your primary order, this is the lowest price you’ll allow the shares to go before selling the shares for a loss.

    • If you’re short on your primary order, this is the highest price you’ll allow the shares to go before buying back the shares for a loss.

    Once the stop order is triggered, it will be transmitted to the exchange as a market order, meaning your price will not be guaranteed. To guarantee your price, enter a limit price as well.

    Limit 

    Enter your limit price. The order will fill at the limit price or better. If you don't enter a limit, you are not guaranteed to sell your shares at the guaranteed price. 

    • If you’re long on your primary order, this is the lower price you’ll allow the share to go before selling your shares for a loss.

    • If you’re short on your primary order, this is the highest price you’ll allow the shares to go before buying back the shares for a loss.
    Note: the limit price is optional for U.S. securities, but mandatory for Canadian securities.
    Duration
     
    Select a duration to specify how long the order should remain active. Only Day or GTC durations can be selected. For more information, see Order durations.
     

  5. Click Buy or Sell to send your order to the Exchange. 
  6. A message appears explaining the details of your bracket order. Click Yes to proceed.
  7. Depending on your order entry user preferences, an order confirmation window appears. Review your order, and click Send order to send your order to the exchange.



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