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Possible to set a Contingent One Cancels the Other?
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I am wondering if there is any way to set a OCO order with a sell order and stop limit order above current market price.

The hypothetical scenario is this: I have some shares of a current stock trading at $10, I want to place an OCO with a sell order at $20 and stop limit with a stop price of $15 and limit price of $14.

The problem is, the stock is currently trading below the stop price so even if the price increases once the limit price is reached the sell order will execute and my sell order at $20 never had a chance.

Since it seems I can't set an OCO with both prices above market value, my other option is to set a sell order at $20 and separately set a contingent order where the criteria is the stock hits a price of $15 and then triggers say a trailing stop loss at $1. Essentially, I'm trying to set an exit strategy with a "reach price" and a "safety net" price where I believe the value of the stock will increase, but if it never reaches my "reach price" I'll still exit the position at a net gain.

My question is, how will fidelity's system handle a sell order and separate stop loss triggered by a contingent order? Is there some way to do this OCO where both prices are higher than current market value? I don't want to be selling securities I don't own!

Thanks for your help.

Edit: To anyone at Fidelity reading this, it would be great if we could set a contingent order where rather than triggering a single buy or sell, the contingent triggers an OCO... At least this option would be helpful for me :)

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2 years ago