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Creating different targets in ThinkorSwim Active Trader


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Creating different targets in ThinkorSwim Active Trader

  #1 (permalink)
 sblanco1978 
Miami FL
 
Experience: Beginner
Platform: Thinkorswim
Trading: Stocks
Posts: 2 since Dec 2014
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Hey guys, I am trying to setup a certain trade order on ThinkorSwim but cant seem to figure it out, I would like to see if you guys can help out with the steps I need to follow in order to make this possible. Here is what I would like to see when I place an order using Active Trader.

-Trade 1 "Going short with a total of 13 contracts"
1. Place a stop 3 ticks above my entry.
2. Target1 = BUY 10 contracts 3 ticks below my entry.
3. Target2 = Allow 3 contracts to trailstop. (I will trailstop, so no need to include this in the template.)

My issue when creating templates is that when I create a TRG with/bracket, it doesnt allow me to change the QTY and forces me to choose a target of the same amount of contract I placed when I entered the trade. I dont want this. I only want 10 out of 13 contracts to close on my first target. TOS doesnt seem to allow this or maybe i'm not doing it right. Would appreciate the help.

Thank you.

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  #2 (permalink)
bluedragon
Los Angeles, United States
 
Posts: 20 since Dec 2018
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Since i can't post any links on here, look up "Thinkorswim AutoTrade Almost" on YT. I found it informative. Maybe something you can follow.

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 Leon of Pizza 
St. Louis
 
Experience: Beginner
Platform: thinkorswim, NT8
Trading: equity and fx futures and options
Posts: 137 since Sep 2013
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sblanco1978 View Post
...it doesn't allow me to change the QTY...

As far as I know, qty can't be saved with templates. There are a couple of workarounds.

Save the 2 brackets in 1 template, set the default order size to 13 and then use the order editor to adjust the inside bracket for 10 contracts (the outer bracket automatically adjusts down to 3). See pic.


Or, use 2 single bracket templates and load the qty when they are placed. That's 5 steps to get the whole package placed. You could trim it down to 4 steps by setting your default size to 10 contracts.

Or, save the whole package in the order book. Then you would copy it out, set the entry price and submit it.

Default settings are at: Setup > Application settings > Order defaults > Futures).

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Last Updated on January 13, 2019


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