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Life saver. I have been searhng for this for so long. I've been waiting for someone to show an easy way of doing a set it and forget it option buyiing and selling based on stock price for the longest. I tried it out and it works like a char. Thank you SOOO MUCH !!
My favourite channel so far. Crystal clear and fast. IMHO those looking for these type of videos are most probably not a slow beginner, so there is no need to talk super slow and add so many filler words just for the sake of making the videos longer. Keep it up, really appreciate your efforts.
So helpful, just what I was looking for. Thanks for the clear explanation and demonstration, crazy I've never seen this much needed task explained elsewhere.
I'm so excited I found this video. It's Saturday so I can't work it into my trade system/plan at this second but I am so excited to make this work. I've been really trying to figure out a better way at controlling my down side on my options day trades (which has been a struggle) and its mostly because (one of the reasons anyway) is that I've been trying to control my stops myself without actually placing a limit order in. So what I mean is, when I see my trade not working I would then go in and put in an order to get out (which takes a minute) and if its really going against me (fast mover) I'm usually chasing to get out, and its all because I didn't know how to (or that I could) do exactly what you just explained in this video. Just another tool to my arsenal lol, I'm so thankful for this vid... thank you for taking the time to put it up. I CAN NOT WAIT TO USE THIS!!!!! lol. I'm gonna check out your other vids now... and just subscribed. - Thank you.
Excellent tutorial! The' limit link to market' order -type taught in this video worked well on a recent option trade that unfortunately stopped out but at a lower loss of capital. Thanks for saving me some valuable trading capital!
Thanks for this video! I was missing out on lots of covered call selling on Tesla because I didn't know where to put in a sell price on the option a few days out and it can be crazy volatile sometimes. I can't watch my computer all day and for tax reasons I didn't want to get assigned so I often just would put off selling the call at all and missed out on easy premium. Now I can relax a little on that and sell more calls! The only question I have is that when I set up the conditional call just like you do with the limit price offset at -0.05 or +0.05 is gives me an error saying "Single Orders must have a positive limit price". Not sure why, so I end up having to put in a market order conditional order and hope I don't get burned on the spread. Thanks again! Russ
Wow, thank you! So you’re building out an order to sell the call if Tesla hits a set price, and want the call to go in at whatever the mid point is whenever that happens? I’ll have to try and recreate what you’re seeing. That message should really only be displayed if the order would go in less than $0.00 if submitted..which should never happen
This really does help! Ty! Question, once you submit such a sell order with those conditions (SL based on underlying), suppose your option is now in profit. Do you have to manually cancel your order? Also Would the flatten button apply to such an order and cancel the SL order and then market sell?
Really great content and exactly what I was looking for but cldn't find while googling, glad you made this video and others to answers these uncommon questions and do such a detailed walk through. Thank you!
This helped immensely. Just learning on the ToS simulated platform. Today I tried to set a conditional order to stop out of my 4370/4385 SPX call credit spread if the price breached the short leg and went up to 4372. I sold it for 1.75 credit. It filled the second I sent it for 3.40 debit! After watching your video I think my mistake was not changing the default "less than or equal to" sign in front of the Trigger so it executed at any price BELOW 4372 instead of ABOVE. This probably saved me a lot of $$ going forward. THANKS!
This video is exactly what I was looking for; you answered all of my questions in a very clear easy to understand manner. I even give you bonus points for covering how to do it on Puts ;-) Your video is excellent quality, production-wise. You just got another subscriber and I will check out many of your other videos and playlists. Well done, brother.
Thank you for the video! I assume that if it was set up as the inverse (selling a call when it hits your price target) would be to switch the trigger to greater than or equal to, correct?
I have a trade ticket filled out to sell a DITM sell put on Ford, and at the moment the current market price is 12.74 and I haven't placed the trade yet. Show me how to create a (buy) stop when current market value moves up to $13.10, Thus when price hits $13.10 the trade ticket is executed. Does this involve an "if/then" OTA type order? Thanks in advance.
Awesome! This is really helpful to follow the move. I have a question, so I tried to use Web page, but it doesnt appear to have this kind of features that stop loss will be sold at mid point in the market price like mobile, so I guess we can't stop out at market mid point?
Question, say the stock trades sideways, and you set a stop loss based on the underlying, you technically could still be in the position despite THETA eating away 80% of the options value eventhough the underlying price hasn't changed. Could you stack an Options stop loss on top of this underlying stop loss? Thanks.
Love the video, clear communication and explanation; however, speaking a little slower would support. Also, I got a bit lost on setting a stop loss for a put trade.
Is there a way to make this default for all orders? TOS really needs to make a way to control the option from the instruments chart When I place options OCO from the options actual chart, TOS will create the Stop and Limit Stop "flags" on the instrument but you cant move them, it just gives you an idea where in relation your option stops are to the instrument - but again if they made it so you could adjust option stops on say QQQ's chart for example that would be excellent and probably keep folks from getting stopped out too soon or late
How would set a stop at a particular contract (premium$) value or a TP in percentage terms of premium collected on a strangle for instance? Thanks in advance.
Question: Was doing some trades and realised that setting the conditions for stoploss based on price rules: "mark (limit)" might be quite an issue for stocks that might have gapped downwards (assuming my stoploss for a long trade), would you suggest using "market" instead? I understand you mentioned about the bid/ask spread risk that might be disadvantageous to us (especially for low vol. options stocks, which I rarely trade) but it does seem like in my scenario, the limit order submitted would not be hit because of the gap down. I ended up needing to close at a lower price (for my buy call). Appreciate some guidance or ideas =). TIA!
For me, I find it very difficult to ever use a market order to close an option. However, you're absolutely correct about the possibility on not filling on your order if you use my method of using the mark. I would say it's really what you're comfortable with. If you're sticking to highly liquid underlyings and are comfortable with using market orders then I think thats fine. You'll just have to keep in mind that sometimes you'll end up filling at a price that might not be warranted. You could also just try putting the limit offset to push it to a more competitive offer. Again, it still wont be perfect. You're asking for a price better than the bid/ask, but at least incorporating some protection by still using a limit. Hope this helps!
@@shortthestrike thanks for the reply! That was really helpful, extra insight about using offset even if I choose to use mark price, didn't think of that. Still, it might be hard to set a good offset unless one is really familiar with the prices. Understand about the risk I'll be taking, will experiment and see how it goes. Thank you!
@shortthestrike I tested with market order and it really isn't ideal, more like disastrous, had a stock that triggered and it was close to max loss when the market order executed even though it was at 60 DTE away from the date it triggered.
Is it possible to have a trail stop limit in place and set up a conditional order based on stock price? Thank you so much for this tutorial, it’s golden!
Could you give me an example of your trying to do? We can do pretty much anything with the conditional order tool, but if you describe it I might be able to walk you through it a bit
Almost identical, you may just need to flip the the method from greater than or equal to less than or equal to just depending on when you want the order to go out to buy back the short leg
This is great. Could you show how to use the 1st Trg OCO? I’m trying to figure out how to sell my option when the stock price reaches a certain price level. I got wrecked today because I did the following. 1. Buy Call at market when price level is >= $100 2. Sell Call at market when price level is >=101 The spread on this stock was wide and liquidity was dry… so although the stock moved higher, I guess when TOS sells, it sells at BID… so my Step 1 bought at ask and my step 2 sold at bud which was at a loss….
I can make a video on it, but you'll have issues with using this if you're doing it on options with wide bid/ask spreads. Its not really a thinkorswim thing, but just what will occur when the spread is wide. This may also not be perfect since what I submit are order based on the mark at the time the price condition is met and if the spread is crazy wide that wont really mean much. But I'll try and make a more in depth video on what you're asking!
Yes you can. The only difference being you won’t be able to set the order based on the mid point the time the order is filled. But you can set a condition based on the underlying
When I open the gear icon next to the option I’m about to put a stop loss on, the bottom half of the conditions tab isn’t showing where I can enter the symbol, method, trigger, and threshold. Is this because I’m OnDemand?
TOS should really create an easier way to create a sell order based on stock price....it should be integrated into the right click menu when you are on the chart. If you are a day trader this process is entirely too tedious to do when time can make or break a trade.
Hey man, when I right-click and click "create opposite order," it just changes that particular order's side from sell to buy. Any reason why you think that might be happening?
It sounds like you may not have changed the advanced order from single to either first trgs sequence or 1st triggers OCO. You can find that it in the lower left hand corner of the order ticket. Let me know if that helps!
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Talking slowly and clearly and not going too fast - I'm in love! LOL!
This guy's videos are so well structured and very clear without any stuttering. Evidence that he puts so much effort into his videos. Thank you.
Wow, thank you!
Thanks so much for this! Can go take a nap and not be stuck watching charts!
I’ll likely never meet this man but I trust him. I’ve downloaded and saved every video I’ve seen so far.
After reviewing many videos and reading many articles, this communication stands out. It is clear and direct. Well done. thank you for the video
Life saver. I have been searhng for this for so long. I've been waiting for someone to show an easy way of doing a set it and forget it option buyiing and selling based on stock price for the longest. I tried it out and it works like a char. Thank you SOOO MUCH !!
Glad it helped!
Best stop loss video for options👌
My favourite channel so far. Crystal clear and fast. IMHO those looking for these type of videos are most probably not a slow beginner, so there is no need to talk super slow and add so many filler words just for the sake of making the videos longer. Keep it up, really appreciate your efforts.
Thank you!!
So helpful, just what I was looking for. Thanks for the clear explanation and demonstration, crazy I've never seen this much needed task explained elsewhere.
This video was pure gold for me.
Thank you!
I'm so excited I found this video. It's Saturday so I can't work it into my trade system/plan at this second but I am so excited to make this work. I've been really trying to figure out a better way at controlling my down side on my options day trades (which has been a struggle) and its mostly because (one of the reasons anyway) is that I've been trying to control my stops myself without actually placing a limit order in. So what I mean is, when I see my trade not working I would then go in and put in an order to get out (which takes a minute) and if its really going against me (fast mover) I'm usually chasing to get out, and its all because I didn't know how to (or that I could) do exactly what you just explained in this video. Just another tool to my arsenal lol, I'm so thankful for this vid... thank you for taking the time to put it up. I CAN NOT WAIT TO USE THIS!!!!! lol. I'm gonna check out your other vids now... and just subscribed. - Thank you.
I hope it ends up helping!
Excellent tutorial! The' limit link to market' order -type taught in this video worked well on a recent option trade that unfortunately stopped out but at a lower loss of capital. Thanks for saving me some valuable trading capital!
Excellent explanation.
Excellent video with clear instructions and straight to the point. Thanks!
Thanks for this video! I was missing out on lots of covered call selling on Tesla because I didn't know where to put in a sell price on the option a few days out and it can be crazy volatile sometimes. I can't watch my computer all day and for tax reasons I didn't want to get assigned so I often just would put off selling the call at all and missed out on easy premium. Now I can relax a little on that and sell more calls!
The only question I have is that when I set up the conditional call just like you do with the limit price offset at -0.05 or +0.05 is gives me an error saying "Single Orders must have a positive limit price". Not sure why, so I end up having to put in a market order conditional order and hope I don't get burned on the spread.
Thanks again!
Russ
Wow, thank you! So you’re building out an order to sell the call if Tesla hits a set price, and want the call to go in at whatever the mid point is whenever that happens?
I’ll have to try and recreate what you’re seeing. That message should really only be displayed if the order would go in less than $0.00 if submitted..which should never happen
Great video as usual. Will have to watch it a few times to get the offset portion down.
LIKED and SUBSCRIBED. You are one of the most no nonsense articulate instructors I have experienced. Great explanation and great video composition.
Thank you!
This really does help! Ty! Question, once you submit such a sell order with those conditions (SL based on underlying), suppose your option is now in profit. Do you have to manually cancel your order? Also Would the flatten button apply to such an order and cancel the SL order and then market sell?
Exactly what I needed. Thank you
awesome video! been trying to make the switch from robinhood and this was exactly what I needed
I hope it helps! Definitely big shift from Robinhood!
Really great content and exactly what I was looking for but cldn't find while googling, glad you made this video and others to answers these uncommon questions and do such a detailed walk through. Thank you!
This helped immensely. Just learning on the ToS simulated platform. Today I tried to set a conditional order to stop out of my 4370/4385 SPX call credit spread if the price breached the short leg and went up to 4372. I sold it for 1.75 credit. It filled the second I sent it for 3.40 debit! After watching your video I think my mistake was not changing the default "less than or equal to" sign in front of the Trigger so it executed at any price BELOW 4372 instead of ABOVE. This probably saved me a lot of $$ going forward. THANKS!
You got it for next time. For that one just need to flip it to greater than or equal to. Hope it helps!
pratice on paper trades it helps alott, but i did the same thing and will practice til i get it right
This video is exactly what I was looking for; you answered all of my questions in a very clear easy to understand manner. I even give you bonus points for covering how to do it on Puts ;-) Your video is excellent quality, production-wise. You just got another subscriber and I will check out many of your other videos and playlists. Well done, brother.
is there a way to do this on Webull?
Let me know when you find out. I’ve been looking for this. All I find is options based sloss.
Hello, great video, how do you close out a put credit spread based on SPY on both legs in one shot?
Perfect! This is the info I needed! Thank you.
Thank you for this information. I was wondering how you would apply this if you had a credit spread in place that has both long and short positions?
Thank you for the video! I assume that if it was set up as the inverse (selling a call when it hits your price target) would be to switch the trigger to greater than or equal to, correct?
Super useful! Thank you so very much! Happy new year and God bless!
I have a trade ticket filled out to sell a DITM sell put on Ford, and at the moment the current market price is 12.74 and I haven't placed the trade yet. Show me how to create a (buy) stop when
current market value moves up to $13.10, Thus when price hits $13.10 the trade ticket is executed. Does this involve an "if/then" OTA type order? Thanks in advance.
Wow great Vid, explained super well with no B.S. in-between, and gave multiple scenarios. New subscriber for sure
Thank you!!
Your videos are fantastic; well thought out and clearly articulated. Thanks for all your efforts.
Thank you, that means a lot!!
Would you change the greater or “equal to” trigger to opposite direction if you were buying puts?
It's nice to know that if I want to go ahead I can go ahead and go ahead!
Great video! I would love to use the stock price to close out both legs of a spread option...is this possible using TOS?
Excellent explanation for SL.
Fantastic, just what I was needing to know! Thanks!
Hope this helps!
Can you show how to place OCO stop loss for selling IC on both the short put/call sides of its strike price coupled with a partial profit taking?
Is it possible to dave the conditional order as a template for Active Trader?
Awesome! This is really helpful to follow the move. I have a question, so I tried to use Web page, but it doesnt appear to have this kind of features that stop loss will be sold at mid point in the market price like mobile, so I guess we can't stop out at market mid point?
Amazingly clear
Question, say the stock trades sideways, and you set a stop loss based on the underlying, you technically could still be in the position despite THETA eating away 80% of the options value eventhough the underlying price hasn't changed. Could you stack an Options stop loss on top of this underlying stop loss? Thanks.
How would this look on a bear call credit spread. Selling the 295 strike buying the 300 for example let’s say you want to set the stop at 293
Love the video, clear communication and explanation; however, speaking a little slower would support. Also, I got a bit lost on setting a stop loss for a put trade.
Do you happen to have a video of how to do this on Fidelity?
Is there a way to make this default for all orders? TOS really needs to make a way to control the option from the instruments chart
When I place options OCO from the options actual chart, TOS will create the Stop and Limit Stop "flags" on the instrument but you cant move them, it just gives you an idea where in relation your option stops are to the instrument - but again if they made it so you could adjust option stops on say QQQ's chart for example that would be excellent and probably keep folks from getting stopped out too soon or late
Simple explanation
So can you do this when the market is an open and have it trigger once it opens if it hits the price?
Yes, you could make it time based as well if you need to
Is there a way to do "Limit linked to: MARK" on the web version?
How would set a stop at a particular contract (premium$) value or a TP in percentage terms of premium collected on a strangle for instance? Thanks in advance.
Could you explain to me what you mean by submitting the contract five cents below the mid pt. in order to make it more "competitive"?
Question, you placed these orders as day orders. Should they not be GTC?
I'm trying to adjust the conditional order based on an adjustable line on the graph is this possible?
In your example of the AAPL purchase with the stop loss shouldn't the trade have been set up as a GTC?? Thanks
Yeah, I'd almost always use GTC on a stop
What about creating a templet order for this stop loss with an OCO with the profit target? That would make an interesting video.
Question: Was doing some trades and realised that setting the conditions for stoploss based on price rules: "mark (limit)" might be quite an issue for stocks that might have gapped downwards (assuming my stoploss for a long trade), would you suggest using "market" instead?
I understand you mentioned about the bid/ask spread risk that might be disadvantageous to us (especially for low vol. options stocks, which I rarely trade) but it does seem like in my scenario, the limit order submitted would not be hit because of the gap down. I ended up needing to close at a lower price (for my buy call). Appreciate some guidance or ideas =). TIA!
For me, I find it very difficult to ever use a market order to close an option. However, you're absolutely correct about the possibility on not filling on your order if you use my method of using the mark. I would say it's really what you're comfortable with. If you're sticking to highly liquid underlyings and are comfortable with using market orders then I think thats fine. You'll just have to keep in mind that sometimes you'll end up filling at a price that might not be warranted.
You could also just try putting the limit offset to push it to a more competitive offer. Again, it still wont be perfect. You're asking for a price better than the bid/ask, but at least incorporating some protection by still using a limit. Hope this helps!
@@shortthestrike thanks for the reply! That was really helpful, extra insight about using offset even if I choose to use mark price, didn't think of that. Still, it might be hard to set a good offset unless one is really familiar with the prices.
Understand about the risk I'll be taking, will experiment and see how it goes. Thank you!
@shortthestrike I tested with market order and it really isn't ideal, more like disastrous, had a stock that triggered and it was close to max loss when the market order executed even though it was at 60 DTE away from the date it triggered.
gap down is a relly good question, did u find a answer? short the strike says it should be ok , but?? idk
Left time in effect on Day. Wouldn't that disappear at the close of business today?
Is it possible to have a trail stop limit in place and set up a conditional order based on stock price? Thank you so much for this tutorial, it’s golden!
Could you give me an example of your trying to do? We can do pretty much anything with the conditional order tool, but if you describe it I might be able to walk you through it a bit
How can I do this on the short leg of a credit spread?
Almost identical, you may just need to flip the the method from greater than or equal to less than or equal to just depending on when you want the order to go out to buy back the short leg
@@shortthestrike Thanks. I just attempted to do one, and it only allows me to take off the whole spread, not just the short leg.
@@dwayneseegars1086 You can leg out of it assuming you have enough capital to maintain just the long leg in your account
AMAZINGGGG! THANKS!
This is great.
Could you show how to use the 1st Trg OCO?
I’m trying to figure out how to sell my option when the stock price reaches a certain price level.
I got wrecked today because I did the following.
1. Buy Call at market when price level is >= $100
2. Sell Call at market when price level is >=101
The spread on this stock was wide and liquidity was dry… so although the stock moved higher, I guess when TOS sells, it sells at BID… so my Step 1 bought at ask and my step 2 sold at bud which was at a loss….
I can make a video on it, but you'll have issues with using this if you're doing it on options with wide bid/ask spreads. Its not really a thinkorswim thing, but just what will occur when the spread is wide. This may also not be perfect since what I submit are order based on the mark at the time the price condition is met and if the spread is crazy wide that wont really mean much. But I'll try and make a more in depth video on what you're asking!
@@shortthestrike Thank You!
When I try to set a conditional order the "or..." window with symbols does not appear. Is there a setting that needs to be turned on?
Are you in OnDemand or in your live account?
Can you do this on the mobile app?
Yes you can. The only difference being you won’t be able to set the order based on the mid point the time the order is filled. But you can set a condition based on the underlying
Is this not offered anymore?
I'm not seeing the "Symbol, Method..." box in the Conditions section.
When I open the gear icon next to the option I’m about to put a stop loss on, the bottom half of the conditions tab isn’t showing where I can enter the symbol, method, trigger, and threshold. Is this because I’m OnDemand?
Yes, it’s not available on OnDemand unfortunately
TOS should really create an easier way to create a sell order based on stock price....it should be integrated into the right click menu when you are on the chart. If you are a day trader this process is entirely too tedious to do when time can make or break a trade.
Hey man, when I right-click and click "create opposite order," it just changes that particular order's side from sell to buy. Any reason why you think that might be happening?
It sounds like you may not have changed the advanced order from single to either first trgs sequence or 1st triggers OCO. You can find that it in the lower left hand corner of the order ticket. Let me know if that helps!
@@shortthestrike Thank you, im a moron ahahah youre the best
JUST WONDER WHY THE TIME IN FORCE IS NOT GTC?
awesome
Think or swim needs to make active trade more efficient. By the time you do all this you can be down thousands
Lol… clearly this is not a process to use if you are scalping… lol… by the time you’re done… lol
oh man this is so time consuming, there must be a better way