Contingent Orders are advanced order types that do not allow an order to be submitted until certain trigger parameters are satisfied.
Contingent on Price orders allow a trigger to be set based on the last price, bid, or ask of either the same or a different security. The trigger can be contingent upon the security increases to or decreases to the specified price, or be set not to be satisfied until the last price, bid, or ask either increases to or decreases to the value defined.
Contingent on Time orders set a trigger contingent on a specified date, hour, and minute.
Contingent on Volume orders set a trigger contingent on the cumulative number of contracts/shares exceeding the specified value.
Contingent on Spread Price orders set a trigger contingent on whether the midpoint increases to or decreases to a specified value.
A Trailing Stop is associated with a buy/sell/short order where the stop price dynamically updates as the Bid/Ask price moves by the value specified. The Trailing Amount can be specified in Points (dollars) or percent.
One Cancels Other (OCO) orders are two orders sent to the exchange at the same time that are live until one of the orders receives a partial or complete execution. When this occurs, a request to cancel the other order is sent. Please be aware that there is no guarantee that the second order will be cancelled prior to receiving an execution. By choosing to establish a contingent OCO orders, you agree to take full responsibility for these orders and you further agree that Charles Schwab will not be held liable in any way for any losses resulting from their execution.
One Triggers Other (OTO) orders are two orders where the first order is sent to the exchange and the second contingent order is held pending the completion of the first order. At the time the first order is completely filled and its status changes to Closed, the contingent order will be submitted to the exchange. Cancelling the live order prior to its receiving a complete execution may result in the cancellation of the contingent order. Further, contingent orders that have not been submitted for execution may be cancelled in the event of a corporate action, including but not limited to stock splits, stock dividends, spin-offs, mergers, or symbol changes. By choosing to establish a contingent OTO, you agree to take full responsibility for these orders and you further agree that Charles Schwab will not be held liable in any way for any losses resulting from their execution.
One Triggers Two (OTT) orders consist of three orders where the first order is sent to the exchange while two contingent orders are held pending the completion of the first order. Cancelling the live order prior to its receiving an execution of any size will result in the cancellation of both of the contingent orders. At the time the first order is partially or fully filled and moves to a Closed status the two contingent orders will be submitted to the exchange. When one of these two orders receives a fill, a request will be sent to the exchange to cancel the other contingent order. Please be aware that there is no guarantee that the second order will be cancelled prior to receiving an execution. Further, contingent orders that have not been submitted for execution may be cancelled in the event of a corporate action, including but not limited to stock splits, stock dividends, spin-offs, mergers, or symbol changes. By choosing to establish a contingent OTT, you agree to take full responsibility for these orders and you further agree that Charles Schwab will not be held liable in any way for any losses resulting from their execution.
The triggering of an Advanced Orders relies on market data from third parties and your order may be set off prematurely as a result of an incorrect or away-from-the-market value sent from one of these providers. Further, Advanced Orders may be cancelled in the event of a corporate action, including but not limited to: stock splits, stock dividends, spin-offs, mergers, or symbol changes.
Once your Advanced Orders’ criteria are met, your order(s) will be automatically submitted for execution. Please be aware that any order(s) triggered by your Advanced Order will be checked and could be rejected. The Trailing Stop feature should not be confused with the Stop Order type.
By placing an Advanced Order, you agree to take full responsibility for your order(s) and further agree that Charles Schwab will not be liable in any way for any losses resulting from orders triggered by your Advanced Order.
A Stop Order is an order to Buy or Sell at the Market price once the security is at or has traded through a certain price (the Stop price).
Buy Stops are entered above the current Market price. If the security trades at or above your Stop price, your Stop Order becomes a Market Order and your broker will buy at the current Market price. A Buy Stop is designed to help protect a profit or limit a loss on a short sale.
Sell Stops are entered below the current Market price. If the security trades at or below your Stop price, your Stop Order becomes a Market Order and it will sell at the current market price. A Sell Stop is designed to help protect a profit or limit a loss on a long position.
The risk of a Stop Order is that it may be triggered by temporary market movements or executed at a price higher or lower than the Stop price. A Stop Order does not guarantee a price.
NOTE: Schwab will not trigger your stop or stop limit orders based upon odd-lot transactions, or any other transactions excluded from the consolidated last sale price calculations.