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Entering Bracket Orders
A bracket order is a multiple leg order-places-order (OPO). The first leg is an order with any regular order type (main leg). The second leg has two legs. The first leg is a limit or iceberg target order (profit leg) and the second leg is a stop order (loss leg).
Filling or partially filling the main leg triggers an OCO of the second leg, which has two legs itself - a profit leg and a stop loss leg. If one of those orders is filled, then the other order is cancelled. The main order cannot be an OCO, but bracket orders can be legs of an OCO.
For example, you place a buy bracket order for the E-Mini S&P 500 at 1450.00. You confirm that you want to make an 8-tick profit and suffer no more than a 5-tick loss. Once the buy order is filled or partially filled, a limit offer to sell at 1452.00 and a stop loss order at 1448.75 are placed. If one of those orders is filled, then the other order is automatically cancelled.
Bracket orders are active only when you are logged on to trade. When you log off, you receive a confirmation message (based on your preferences) alerting you that you have active bracket orders and giving you a chance to cancel those orders. If you do not cancel the orders, then the main order is treated as a regular order and the profit and loss legs are cancelled.
Must be enabled for symbol and account.
To modify and cancel bracket orders
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