One Cancels the Other Order (OCO)
When there are two orders for cryptocurrency placed at the same time, wherein one is accepted and the other cancelled, this is what is called, One Cancels the Other Order or simply OCO. The pair of orders is subject to a specific rule that is enforced: when one pushes through, eventually, the other one is cancelled.
An OCO usually combines a Stop Order with a Limit Order when executed in an automated trading platform. Upon reaching either the stop or limit price, and an order is effectively launched, the other order will be cancelled automatically.
The One Cancels the Other Order type finds its contrast with Order-Sends-Order or OSO as the latter generates a second order.