Order giving a broker a choice between two courses of action regarding one security.

Also known as an 'either-or order' or a 'one cancels the other order.' This is the decision whether to buy or sell, the choice of one immediately eliminating the other. For example, a broker may be presented with a decision between a buy limit order and a buy stop order. If the price is below a specified price the buy order will be executed and if it is above this price the buy stop order will be chosen. Because there can only be one correct decision, as soon as it is made the other is cancelled. This is a way of limiting both potential gains and losses, similar in this sense to a collar strategy.