ATCharts™ offers server-side OTOs - also known as order triggers order. In this video, we demonstrate how to send a limit order to the exchange to establish a position and at the same time create a server-side stop loss order associated with the the limit order.
In this case, the limit order is the parent order and is sent directly to the exchange. The stop loss order is a child order and held server-side until the limit order is filled, at which point the stop loss is then sent to the exchange.
Server-side stop loss orders can be applied to market orders, buy limit orders, and sell limit orders. Keep in mind that stop loss orders can also be used in enter a position in futures trading, they are not limited to just being protective stops. If you are entering a position with a stop order, you are also able to apply a stop loss order to the resulting position if you are filled.
Server-side trade and order management, (as opposed to client side - e.g., your local PC) provides traders with two distinct benefits:
First, traders can log out of the device (PC, Mac, tablet or phone) that they used to place the trade and login to another device later in the day. Their stop loss order will still be in play. Furthermore the trader can edit the orders directly from the new device - device agnosticism. E.g., traders placing trades in the morning before they go to work and then login to thier account once the get to work.
Second, traders can place a trade and go about their day or evening. The server-side nature of the stop loss is stored on a dedicated computer system (and internet connection the exchange) that is more robust than most local computer set-ups.
ATCharts™ order entry provides a single click trade ticket that will create an OTO trade. In the example below, the trader has a position in the trade to send a kimit order to buy one contract at a price of 3331 and simultaneously send a server-side stop loss a distance of 8 ticks below the entry at a price of 3329. In the event that the limit order at 3331 gets filled, the stop loss will be sent to the exchange.
Hope this helps. Feel free to reach out to me at firstname.lastname@example.org with any questions.