What is a contingent (if done) order?
A contingent order, also known as an ´if done´ order, consists of a primary order, a stop and a limit profit order. You would first need to place a primary order, which can be a stop or limit order. A primary order is used to open a position. After placing the primary order, you can place another stop loss and limit profit order which will be linked to this unexecuted primary order. If this primary order is executed, both the stop loss and the limit profit order will be active. If either the stop loss or limit profit order is executed, the position will be closed.
