How to Use the OSO (Order Sends Order) Order Type

9th, September 2020

Last Update :9th, September 2020


OSO (Order Sends Order) order type is an automated order that executes buy and sell order in succession for a number of time specified by the user without the user interference.

Concept

If the user specify to place a BUY OSO order for 10 LIBO at 10.55 USDT, then the user will input the price to SELL compulsorily as an opp price, and the the user will input ITERATION (Number of time to loop).

Assuming the user input ITERATION to be 5 and SELL (opp price) to be 10.75, after executing the order, the BUY order will be placed for BUYING 10 LIBO at 10.55 USDT (Iteration will be 0), after that order is completely filled, a SELL order for 10 LIBO at 10.75 USDT will be placed immediately (Iteration will be 1), when that is filled, a BUY order will be placed again for the same price and amount as the first BUY order (Iteration will be 2), when that is filled, a SELL order is placed for the price and amount of the first SELL order (Iteration will be 3).

This sequence will continue until the count reaches the ITERATION set by the user while placing the order which in this case is 5.

Understanding

SO an OSO order is an order that places another order when it is filled, the order it will place will be on the opposite side (i.e if the previous order is BUY then the new order will be SELL). The price and amount to be placing the order at will be set by the user while placing the first order.

OSO is an automated order placing type, you will only specify price and amount to place at and the number of times to continue the loop once, then the system will handle placing the orders for you.

Info

- Only the first order can be a Maker or Taker, the rest will always be a Maker.

- If your balance isn't sufficient for placing an automated order while the count hasn't completed then the whole sequence and count will be cancelled and stopped.

- ITERATION starts at 0, so setting it to 1 will execute two orders. Default is 1, if you don't specify an Iteration number then it will be taken as 1.

- Placing a BUY OSO order will start at BUY then SELL then BUY till the Iteration is complete

- Placing a SELL OSO order will start at SELL then BUY then SELL till the Iteration is complete

- To make profit on the iterations SELL price must be HIGHER than the BUY price. If you set it otherwise then it will amount to some loss on each two iteration.

- The same amount will be used for BUY and SELL orders. Only the price is different.

How to place an OSO order

Select OSO the OSO. For BUY, input the price you want to be buying at and amount you want to be buying, then input the price you want to be selling at, then input the number of times the loop should run in Iteration.

For SELL, input the price you want to be selling at and amount you want to be selling, then input the price you want to be buying at, then input the number of times the loop should run in Iteration.




Pending orders can be found on open orders page and completed or cancelled orders on trade history page. you can also find those two at the bottom of the trading page.