Cryptocurrency exchange Bybit has announced that it has added a new One-Cancels-the-Other (OCO) orders feature to the site for spot trading by users.
OCO orders work by setting two conditional triggers: one for the upper limit and one for the lower limit. When one of the limits is reached, the other is automatically canceled, and a market order is executed. When an OCO order is placed, only the one-way order value is set.
The exchange notes that this feature is not available when using the API. This means that users using the API will not have access to OCO orders. This is because they have the ability to create strategies that perform a similar function.
Therefore, the new functionality is only applicable to spot or margin traders, including those with standard and unified trading accounts.
Bybit announced the basic terms and conditions for the use of OCO:
- The exchange supports TP/SL with conditional market or conditional limit orders. For conditional market orders, only the trigger price is required. However, conditional limit orders require both the trigger price and the order price.
- Limit orders control the order execution price more precisely, but if the market does not reach the specified price, the limit order will not be executed.
- For OCO TP/SL with a conditional limit order, consider that if one of the conditions is met, the SL or TP order will be canceled even if the limit order is not executed. If the trigger price of one order is reached, the other order will be canceled.
You can read more about the conditions for using OCO orders on the website of the crypto exchange.
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