Advanced Order Types (2024)

Contingent Orders are advanced order types that do not allow an order to be submitted until certain trigger parameters are satisfied.

Contingent On Price

Contingent on Price orders allow a trigger to be set based on the last price, bid, or ask of either the same or a different security. The trigger can be contingent upon the security increases to or decreases to the specified price, or be set not to be satisfied until the last price, bid, or ask either increases to or decreases to the value defined.

Contingent On Time

Contingent on Time orders set a trigger contingent on a specified date, hour, and minute.

Contingent On Volume

Contingent on Volume orders set a trigger contingent on the cumulative number of contracts/shares exceeding the specified value.

Contingent On Spread Price

Contingent on Spread Price orders set a trigger contingent on whether the midpoint increases to or decreases to a specified value.

Trailing Stop

A Trailing Stop is associated with a buy/sell/short order where the stop price dynamically updates as the Bid/Ask price moves by the value specified. The Trailing Amount can be specified in Points (dollars) or percent.

A Trailing Stop for a Sell order sets the stop price at a fixed amount or percentage below the current Bid price. If the Bid price rises, then the stop price will rise by the increased points/percent amount. Conversely, if the Bid price falls, the stop price will remain the same.
A Trailing Stop for a Buy order sets the stop price at a fixed amount or percentage above the current Ask price. If the Ask price falls, the stop price will fall by the corresponding decreased point/percent amount. Conversely, if the Ask price rises, the stop price will remain the same.
Please review the risks associated with Trailing Stops in the disclosure below.

One Cancels Other (OCO)

One Cancels Other (OCO) orders are two orders sent to the exchange at the same time that are live until one of the orders receives a partial or complete execution. When this occurs, a request to cancel the other order is sent. Please be aware that there is no guarantee that the second order will be cancelled prior to receiving an execution. By choosing to establish a contingent OCO orders, you agree to take full responsibility for these orders and you further agree that Charles Schwab will not be held liable in any way for any losses resulting from their execution.

One Triggers Other (OTO)

One Triggers Other (OTO) orders are two orders where the first order is sent to the exchange and the second contingent order is held pending the completion of the first order. At the time the first order is completely filled and its status changes to Closed, the contingent order will be submitted to the exchange. Cancelling the live order prior to its receiving a complete execution may result in the cancellation of the contingent order. Further, contingent orders that have not been submitted for execution may be cancelled in the event of a corporate action, including but not limited to stock splits, stock dividends, spin-offs, mergers, or symbol changes. By choosing to establish a contingent OTO, you agree to take full responsibility for these orders and you further agree that Charles Schwab will not be held liable in any way for any losses resulting from their execution.

One Triggers Two (OTT)

One Triggers Two (OTT) orders consist of three orders where the first order is sent to the exchange while two contingent orders are held pending the completion of the first order. Cancelling the live order prior to its receiving an execution of any size will result in the cancellation of both of the contingent orders. At the time the first order is partially or fully filled and moves to a Closed status the two contingent orders will be submitted to the exchange. When one of these two orders receives a fill, a request will be sent to the exchange to cancel the other contingent order. Please be aware that there is no guarantee that the second order will be cancelled prior to receiving an execution. Further, contingent orders that have not been submitted for execution may be cancelled in the event of a corporate action, including but not limited to stock splits, stock dividends, spin-offs, mergers, or symbol changes. By choosing to establish a contingent OTT, you agree to take full responsibility for these orders and you further agree that Charles Schwab will not be held liable in any way for any losses resulting from their execution.

The triggering of an Advanced Orders relies on market data from third parties and your order may be set off prematurely as a result of an incorrect or away-from-the-market value sent from one of these providers. Further, Advanced Orders may be cancelled in the event of a corporate action, including but not limited to: stock splits, stock dividends, spin-offs, mergers, or symbol changes.