One-Cancels-All (OCA) Order Explained: How It Works in 2025 and Costs

Daniel Rathburn, an Investopedia editor, specializes in tax, accounting, regulatory, and cryptocurrency topics.

What Is a One-Cancels-All (OCA) Order?

A One-Cancels-All (OCA) order is a sophisticated trading strategy involving a group of at least three stock or option limit orders submitted together. When one order executes fully, all other linked orders are automatically canceled. This feature is primarily available on brokerage platforms designed for experienced traders. Investors typically use OCA orders to either optimize their entry price within a single stock or to select the best stock among multiple candidates. Not all brokers support this order type.

Key Highlights

• OCA orders consist of multiple potential trades triggered by specific conditions.
• Execution of the first order leads to immediate cancellation of the remaining orders.
• A minimal risk exists that more than one order may fill before cancellation completes.
• Common uses include enhancing price execution and refining stock selection.
• Many brokers offer similar functionalities under "conditional orders."

How Does a One-Cancels-All (OCA) Order Work?

An OCA order bundles limit, stop, or stop-limit orders across one or several stocks or equity options. Once any single order within the group is triggered and filled, the broker system cancels the others—provided they are not already being executed. Due to processing speed, there is a slight chance that multiple orders may fill in the brief window before cancellation is complete.

If an order is partially filled, the broker may adjust or leave remaining orders open proportionally. Canceling one order manually also cancels the rest automatically. OCA orders can target the same underlying asset or different securities and may include option contracts. Time-in-force instructions like Good ‘Til Canceled (GTC) apply to OCA orders.

Among major discount brokers reviewed by Investopedia, Interactive Brokers uniquely supports OCA orders directly, while others use conditional orders to achieve similar outcomes.

When to Use a One-Cancels-All (OCA) Order

OCA orders are versatile tools for investors aiming to make optimal decisions. They help select the best stock among several, fine-tune entry prices, and protect profits or limit losses.

Optimizing Multiple Stock Selection

For example, an investor with $15,000 targeting the retail sector might set three limit orders on different stocks, each priced slightly below recent market quotes. The first stock to hit its limit price will be purchased, and the other orders will automatically cancel, ensuring the best deal is captured.

Optimizing Entry Price for a Single Stock

Traders may also combine a standard stock purchase with options contracts within an OCA order to secure favorable purchase rights or prices, providing multiple pathways to the same investment.

Important Considerations

OCA orders, sometimes called either-or or alternative trades, differ from One-Cancels-Other (OCO) orders, which involve only two linked trades. These complex order types are not universally available and may incur additional fees depending on the brokerage.

Protecting Gains and Limiting Losses

Another common use of OCA orders, known as bracketed orders, involves placing a market buy order along with two sell orders: a sell limit order above the purchase price to lock in gains, and a stop-loss order below to limit potential losses. This setup guarantees a minimum acceptable loss and secures profits if the stock price rises, providing a balanced risk management strategy.

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