An OCO order is a “one cancels the other” order. It is two orders placed at the same time.
One is a limit order, and the other is a stop-limit order. If one order is executed, then the other order is automatically canceled.
OCO orders are used when a trader wants to place two orders at the same time, but does not want both orders to be executed. For example, a trader might place a buy limit order and a sell stop-limit order at the same time.
If the price of the asset goes up and hits the buy limit price, then the buy limit order will be executed and the sell stop-limit order will be canceled. If the price of the asset goes down and hits the sell stop-limit price, then the sell stop-limit order will be executed and the buy limit order will be canceled.
To place an OCO order on Binance, go to the “Exchange” page and select the “Advanced” trading interface. Then, select the asset you want to trade from the “Asset” drop-down menu and enter your buy and sell prices in the “Limit Price” and “Stop Price” fields.
Finally, select your desired quantity in either field and click “Buy Limit” or “Sell Limit” to place your orders.