According to recent tweets from Binance‘s main page as well as its CEO Changpeng Zhao, the crypto exchange may be in the process of developing an OCO (One-cancels-the-Other) feature right after it has rolled out the margin trading add-on to their network.
Several pictures were shared on Binance‘s Twitter account which indicates the existence of an OCO tab, which is located right next to the Limit and Market order options.
The OCO feature is mostly used to mitigate risks on trades when there are no clear indications from the technical analysis, it mostly acts as a market or limit order, but is used very rarely.
CZ also hinted at the introduction of the OCO feature as he teased his followers with the question “What’s an OCO order?”.
Most traders that use OCO orders, use them when they’re unsure of what’s going to happen to the price. They usually place two orders in anticipation that at least one of them will go through, while the other gets cancelled. This helps mitigate the risk significantly, as it raises the chance from 50/50 to a bit more favourable odds.
Judging from Binance’s past of hinting on new features by using their Twitter account, it’s safe to say that the OCO feature is currently being developed as we speak.
The first time we saw Binance sneakily trying to introduce margin trading was on May 24th, when a vigilant Redditor found odd booleans in the source code indicating the feature.