New article - MQL5 Cookbook: ОСО Orders
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New article MQL5 Cookbook: ОСО Orders has been published at mql5.com:
Any trader's trading activity involves various mechanisms and interrelationships including relations among orders. This article suggests a solution of OCO orders processing. Standard library classes are extensively involved, as well as new data types are created herein.
This article focuses on dealing with such type of order pair as OCO. This mechanism is implemented in some trading terminals competing with MetaTrader 5. I pursue two aims through the example of creation of an EA with a panel for OCO orders processing. On the one hand, I wish to describe features of the Standard Library, on the other hand I would like to extend a trader's tool set.
1. Essence of OCO Orders
OCO orders (one-cancels-the-other order) represent a pair of two pending orders.
They are connected by mutual cancellation function: if the first one triggers, the second one stays untouched, and vice versa.
Fig. 1 Pair of OCO orders
Fig.1 shows a simple order interdependence scheme. It reflects an essential definition: a pair exists for so long as both orders exist. In terms of logic any [one] order of the pair is an essential but not sufficient condition for the pair existence.
Some sources say that the pair must have one limit order and one stop order, moreover orders must have one direction (either buy or sell). To my mind such restriction cannot aid in creation of flexible trading strategies. I suggest that various OCO orders shall be analyzed in the pair, and most importantly we shall try to program this pair.
Author: Dennis Kirichenko