The Bracket Trade (May 2011) (tradeyourfutures.com)
Brackets are profit or loss exits you can attach to your stock or option orders when you place a trade. This can help you integrate your risk management strategy directly into the creation of an equity or option order.
Using brackets, you can predefine profit and loss targets for trades so that if those targets are met, the software will automatically send an order to exit the position.
They consist of your primary order and up to three contingent bracket orders, which if triggered, will close out the position opened by the primary order. Brackets can provide automated risk protection for your open positions regardless of whether you are logged on to the software.