8.0 How To Place An Order
Online Platform Guide: Learn How To Place an If Done order, OCO order and OCO / If Done orders
See also: Order Ticket Components
You can place various types of orders on the ODL Spread Betting Trading Platform including If Done orders, OCO orders and OCO / If Done orders.
This section explains how each order is placed, confirmed and monitored.
Placing a New Order
Example:
Market: ICE Brent Oil (UK) Feb 08
Action: Buy
Type:Limit
Expiry: GTC
Stake: £1
Order Level: 9750
Locate the market and click on the order button to raise the ticket.
Select the action. In this case: Buy
Select the type. In this case: Limit.
Select the expiry. In this case: GTC
Enter a Stake. In this case: 1
Select the currency. In this case: GBP
Enter the order level. This is the price the order will be triggered at. In this case: 9750. Please note that the current prices are displayed at the top of the Order Ticket.
Submit the order by clicking on the "Place Order" button.
Once the order is confirmed, you will receive a confirmation message. Notice that the status of the order is "Working".To acknowledge the confirmation you must click the "Close" option on the top right hand side of the confirmation.
The order can be monitored in the "Active Orders" panel until it is filled or cancelled.
6.1 Attach an IF Done order
This example will illustrate how to place an order with an attached If Done order. The If Done order will only become active if the original order is filled.
Market: ICE Brent Oil (UK) Feb 08
Order 1: If Done Order
Action: Buy Limit: 9800
Type:Limit Stop: 9600
Expiry: GTC Expiry: GTC
Stake: £1
Order Level: 9700
Enter the first part of the order details.
Click on the "If Done Order" checkbox. This extends the order ticket to display the If Done order components.
Enter the If Done order levels.
Select the expiry.
Click"Place Order" to submit the order.
Once the order is confirmed, you will receive a confirmation ticket. To acknowledge the confirmation you must click the close option on the top right hand side of the confirmation.
The order and the If Done order (both the Stop and the Limit) can be monitored in the "Active Orders" tab in the Stop and the Limit columns respectively.
6.2 Placing an OCO Order
In this example we will place two orders, one to buy below the market and one to sell above the market. If either of the orders are triggered, the remaining order will be cancelled
Example:
Market: ICE Brent Oil (UK) Feb 08
Order 1:
Action: Buy
Type:Limit
Expiry: GTC
Stake: £1
Order Level: 9750
Order 2 (OCO):
Action: Sell
Type: Limit
Expiry: GTC
Stake: £1
Order Level: 9850
Enter the order details for the first order:
Click the "OCO Order" checkbox.
This will extend the order ticket to display the "OCO Order" components.
Complete the "OCO Order" details.
Please note that for OCO orders you may enter two different stakes for the two parts of the order.
Click the "Place Order" button to submit the order.
Once the order has been confirmed, you will receive a confirmation message. To acknowledge the confirmation you must click the close option on the top right hand side of the confirmation.
The OCO Orders can be monitored in the active orders tab.
6.3 Placing an If Done / OCO Order
This example will show how to place an order with an attached If Done and an OCO order.
Market: ICE Brent Oil (UK) Feb 08
Order 1: If Done Order
Action: Buy Limit: 9800
Type:Limit Stop: 9600
Expiry: GTC Expiry: GTC
Stake: £1
Order Level: 9700
Order 2 (OCO): If Done Order:
Action: Sell Limit: 9700
Type: Limit Stop: 9900
Expiry: GTC Expiry: GTC
Stake: £1
Order Level: 9800
Enter the new order details.
Click on the "If Done Order" checkbox to extend the ticket and display the "If Done Order" components.
Enter the Stop and Limit levels of the IF Done order.
Click on the "OCO Order" checkbox to extend the ticket to display the OCO order components.
Complete the OCO order details.
Click on the IF Done order checkbox in the OCO order frame to extend the ticket to display the OCO/If Done order components.
Enter the OCO/If Done order limit and stop levels.
Click the "Place Order" button to submit the order.
Once the order has been confirmed, you will receive a confirmation message. To acknowledge the confirmation you must click the close option on the top right hand side of the confirmation.
The order and the OCO order are displayed in the "Active Orders" tab. The If Done stops and limits corresponding to each order are displayed in the stop and limit columns.
Legal Disclaimer: Spread Betting is a leveraged product and carries a high degree of risk to your capital and it is possible to lose more than your initial investment. Only speculate with money you can afford to lose.
Spread betting may not be suitable for all investors, therefore ensure you fully understand the risks involved, and seek independent advice if necessary.
ODL Markets is a trading name of ODL Securities Limited, authorised and regulated by the Financial Services Authority. FSA Register number 171487
© 2006 ODL Securities Limited. Click here for an important risk warning and website disclaimer
Privacy Policy: Click here to view ODL Markets' Privacy Policy