One Cancels the Other is a contingent order where the execution of one part of the order automatically cancels the other part.


Open Order

An order that will be executed when a market moves to its designated price; normally associated with Good-Till-Cancelled Orders.


Open Position

An active trade with corresponding unrealized P&L, which has not been offset by an equal and opposite deal.



An agreement that allows the holder to have the option to buy/sell a specific security at a certain price within a certain time. (Two types of options – call and put; a call is the right to buy while a put is the right to sell. One can write or buy call and put options.)



An order is an instruction, from a client to a broker to trade. An order can be placed at a specific price or at the market price. Also, it can be good until filled or until close of business.


Overnight Position

A trade that remains open until the next business day.

Other terms

All terms

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