A one-cancels-the-other order (OCO) is a pair of conditional orders stipulating that if one order executes, then the other order is automatically canceled. An OCO order often combines a stop order with a limit order on an automated trading platform. When either the stop or limit price is reached and the order executed, the other order automatically gets canceled. Experienced traders use OCO orders to mitigate risk and to enter the market. (Source: Investopedia.com)
The following are the steps on how to set-up OCO order on Haywood Trader platform with Long and Short Positions.