OCO order: what is it and how to use it?

OCO order (One Cancels Other) is a type of order that allows you to place two orders for buying or selling simultaneously, with the execution of one automatically canceling the other. This approach is especially useful for traders aiming to limit risks. For example, you can set a buy order if the price reaches a certain level and simultaneously set a sell order if the price falls to another value. This allows you to protect yourself in advance from unexpected market fluctuations, minimizing potential losses.