What is a Contingent Order?

Users are also allowed to place their own contingency order type. This is an order that is in some way linked and ‘contingent’ on the triggering of another order. The options that clients have as it comes to contingent orders are the following:

• An OCO (One-Cancels-the-Other) contingent order consists of two (or more) linked orders.  When one of the orders is executed, the remaining linked order is automatically cancelled.
• An OTO (One-Triggers-the-Other) contingent order consists of two (or more) linked orders: one primary order and one secondary order.  The primary order is immediately eligible for execution (active) while the secondary order is ineligible for execution (inactive).  When the primary order is executed, the secondary order automatically becomes eligible for execution (active).
• An OTOCO (One-Triggers-One-Cancels-the-Other) contingent order consists of three (or more) linked orders: one primary order and two secondary orders linked via OCO.  The primary order is immediately eligible for execution (active) while the two secondary orders linked via OCO are ineligible for execution (inactive).  When the primary order is executed, the two secondary orders linked via OCO automatically becomes eligible for execution (active).
• An If- Then contingent order consists one primary non- executable price trigger which activates a secondary executable order (one or more linked orders). Once the rate is reached on the primary non- executable price trigger, the secondary order automatically becomes eligible for execution (active). 
• An If- Then OCO (One-Cancels-the-Other) contingent order consists of one primary non- executable price trigger which activates a secondary OCO order (two or more linked orders). Once the rate is reached on the primary non- executable price trigger, the two secondary orders linked via OCO automatically become eligible for execution (active).

Please be aware that the order type of a contingent order will be either a Stop Entry (SE) or an Limit Entry (LE) order. The order type (SE or LE) is determined by, at which rate the order is placed in relation to the primary orders rate (For example, if the buy order rate is set above the primary rate, it will create a SE order. If the buy order rate is set below the primary rate, it will create a LE order). In the event that the Contingent order is for a different instrument than the Primary order, the market rate at the time the order is placed will determine if the contingent order is a SE or LE. If an order is removed from the contingency, the order type (SE or LE) will remain the same. If a contingent order is made into an standalone entry order and removed from the contingency, it will become active and may trigger instantly against the market rate.