Creating a bracket order

In this section, you'll learn how to create a one-trigger OCO bracket order consisting of three orders bundled into one. The three orders are as follows:

  • Primary order (long or short) 
  • 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 will be cancelled automatically.

To create a bracket order: 

  1. In the toolbar, click Order entry


  2. Enter the opening primary order details (highlighted in yellow) for the security you want to buy or sell:



    Primary order detail Description
    Symbol  Type the symbol or company name you want to buy or sell. Then press Enter

    Note: all order components within the bracket order must have the same symbol.
    Qty  Enter the quantity of shares you want to trade.

    Note: by default, the quantity will be populated with the value set in your order entry user preferences.
    Order type Select the type of order you want to submit. Only these order types are allowed for the primary order: market, limit, stop, or stop limit

    To learn more, see Order types.
    Limit  This field only applies if you've selected the limit or stop limit order type. 

    Enter your limit price:
    • To have the price fluctuate according to real-time data, click the lock   and select either Follow ask price   or Follow bid price .
    • To choose a custom price, select do not follow .
    Note: if real-time market data is not available, the limit price will be blank and the float limit icon will be unlocked.
    Duration Select a duration to specify how long the order should remain active.

    Note: only Day and GTC order durations are available for each order within a bracket. For more information, see Order durations. GTC order durations cannot be used if you are shorting.
    Route Select a route or leave the selection at Auto to let the platform determine the best one. Canadian routes will be listed for Canadian symbols and U.S. routes will be listed for U.S symbols.
    Sub-route  This field will be filtered according to the route selection. It indicates where you prefer the order to be executed. Leave the selection at Auto to let the platform determine the best route.

    Note: sub-route selection is only available for Canadian symbols.
    Account Specify the account you want to use to submit an order. This field will display the account you have set as your default under order entry user preferences, or the account you have selected in any of the linked windows. See Linking and unlinking windows for details.
     


  3. Enter the closing order details (highlighted in blue) for your limit order (long or short) and stop loss order.

    Note: special instructions are not for available for any orders within a bracket.



  4. Closing order detail Description
    Bracket orders Select the Bracket orders checkbox to create a bracket for your primary order. 
    Limit order Ensure the Limit order checkbox is selected.
    Qty Enter the quantity of shares you want to protect as part of your bracket order. By default, the quantity will match the number of shares you set for your 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.
    Dur 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
    Stop loss order  Ensure the Stop loss order checkbox is selected.
    Qty  Ensure the quantity of shares matches the quantity you set for your other closing order.
    Stop  

    Enter your stop price:

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

    Once the stop order is triggered, it will be transmitted to the exchange as a market order, meaning the order will fill at the stop price or best available price. To guarantee your price, also enter a limit price.

    Limit  Enter your limit price. The order will fill at the limit price or better.

    Note: the limit price is optional for U.S. securities, but mandatory for Canadian securities. 

  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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