New limit order types OCO and TSL
S-Broker, became the first online broker in Germany, to successfully implement increased retail client choice in its off-exchange order types.
S-Broker's clients can now trade:
- One-Cancels-the-Other (OCO): two orders of which only one will trigger, the other immediately cancels when one of two limit settings is activated by a single market maker bid price. For a stop-loss-OCO, the higher limit will create a limit order, the lower limit will create a stop loss market order. For a buy-in OCO, the higher limit will create a stop-buy market order, the lower limit will create a limit order.
- Trailing-Stop-Loss (TSL): A stop-loss market order in which the stop loss limit price is set at a level below the instrument price. If the instrument price rises, the stop loss limit price rises (with every price tick), but if the instrument price falls, the stop loss price doesn't change. The stop loss is activated by a single market maker bid price.
Further new order types planned for implementation include
- NEXT: one order follows the other.
- Bracketed orders: a combination of various order types are allowed, including OCO and TSL.