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Help with advanced order

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Help with advanced order

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  #1 (permalink)
Coronel Vivida, Parana/Brazil
Posts: 47 since Oct 2020
Thanks: 17 given, 18 received

Is there a way to set up this order as a template in Thinkorswim?

3 profit targets: 50% of shares at 1R, 25% at 2R, 25% at 3R
2 stop losses: 1st stop loss at 1R. If 1R profit is hit, this stop loss is removed and the 2nd stop loss is triggered at breakeven. I would like the entire process to be automated.

So it executes like this:

Initial execution- Sell 50% of shares at +1R or Sell 100% of shares (stop loss) at -1R.
If +1R limit order is executed, initial stop loss of -1R is moved up to breakeven and new sell limit order of +2R of 25% of total shares is set. If +2R is reached, new sell limit of +3R of remaining shares (25% of total shares) is set. Stop loss remains at breakeven.

Ideally I would have this as part of a market buy order, and also as a buy limit order, so if I ever need to enter a trade quickly it will be part of the market order, and if I have more time to choose my entry it will be part of the limit order.

Thanks and sorry if I overcomplicated the explanation.

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  #2 (permalink)
Jackson, MS
Posts: 31 since Dec 2015
Thanks: 1 given, 4 received

You will need to use the advanced brackets OCO template. It will do the multiple if/then triggers but I am not sure if it is able to do % based position size, rather it may require a specific position.

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Last Updated on November 2, 2020

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