RobotFX OCO News was designed to trade news events in an OCO approach. OCO stands for one cancels other and refers to the EA’s ability to close a pending order (or more) once the price triggers an opposite pending order. Traders trading the news usually place two pending orders right before an important news event - that is the most known and profitable way to trade forex news - a buy-stop and a sell-stop. During and immediately after the news the price is likely to move in either direction, up or down, therefore triggering one of the pending orders. After that, the remaining (opposite pending) order is deleted.
OCO = one (trade) cancels other (ie when the price triggers one of two pending trades)
The difference between RobotFX OCO News trading expert advisor and other one cancels other EA is that RobotFX can place multiple pending orders at a distance of your choice from each other. Also, it doesn’t miss the other important features that any good EA must have, like stoploss, take profit, breakeven, trailing stop etc. As you can see in the picture above, the EA placed three pending orders of each kind, longs and shorts. Once the price will reach the first pending orders, the expert will close ALL the other opposite orders.
OCO news allows the creation of more than 2 pending orders, just before news release
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