Building a Bracket Order without First Buying a Position

WayneG

New member
VIP
Hi, I'm trying to build a bracket order currently not in ThinkorSwim.

Let's

start with a standard OCO order in Active Trader, there are 3 parts to it:

  1. Buys a position in the market;
  2. Establishes a Limit order above the Buy to take profits; and
  3. Establishes a Stop order to minimize any loss.
What I want to build is used after a consolidation period:

  1. Establish a long buy that execute if the breakout from the consolidation goes long;
  2. Establish a short sale that execute if the breakout from the consolidation goes short;
  3. The order that executes will delete the opposite order.

So far, I have talked to Platform Support and the Futures Trading Desk with no luck. The gentleman at Futures had heard of it and used it on another platform.

Your help is appreciated,
wayneG
 

wtf_dude

Active member
what's your holding period? because really you can just put a buy stop and sell limit order at your breakout lines. If one is hit then you don't really need to worry about the other, you can cancel it out manually later.
 

Thomas

Active member
Hi, I'm trying to build a bracket order currently not in ThinkorSwim.

Let's

start with a standard OCO order in Active Trader, there are 3 parts to it:

  1. Buys a position in the market;
  2. Establishes a Limit order above the Buy to take profits; and
  3. Establishes a Stop order to minimize any loss.
What I want to build is used after a consolidation period:

  1. Establish a long buy that execute if the breakout from the consolidation goes long;
  2. Establish a short sale that execute if the breakout from the consolidation goes short;
  3. The order that executes will delete the opposite order.

So far, I have talked to Platform Support and the Futures Trading Desk with no luck. The gentleman at Futures had heard of it and used it on another platform.

Your help is appreciated,
wayneG
I don't know if you are trading or saw this,...but,.....
 

The Gun Guy

New member
VIP
I have been playing with the Trade order entry, and I can't seem to get it to work right (for what I want to do). I want to set a point, let's say 5% profit. Once price reaches that 5% want it set that price as "sell here if it gets back" and let it continue to run. Once it reaches 2% above that (7% total) I want the trailing stop to kick in and follow price at a 2% (or whatever window I choose). I'm not sure what configuration of OCO's I would use to make that work.

So to be clear... I buy $XYZ @ $1.00 I was to take 5% or more out of it. I want to trigger @ $1.05 but let it run by a variable % above that $1.05 but protect that 5% gain no matter what. I know how to set a trail stop, just not sure how to set this up to "lock in" that 5% (my first couple tries with a 2% window stopped out at 3%) meaning it dipped after crossing the 5% and the TS was active let it drop 2% and stopped out. I want to protect that 2% in between. Not sure how to accomplish that.
 

MerryDay

Administrative
Staff member
Staff
VIP
Lifetime
I have been playing with the Trade order entry, and I can't seem to get it to work right (for what I want to do). I want to set a point, let's say 5% profit. Once price reaches that 5% want it set that price as "sell here if it gets back" and let it continue to run. Once it reaches 2% above that (7% total) I want the trailing stop to kick in and follow price at a 2% (or whatever window I choose). I'm not sure what configuration of OCO's I would use to make that work.

So to be clear... I buy $XYZ @ $1.00 I was to take 5% or more out of it. I want to trigger @ $1.05 but let it run by a variable % above that $1.05 but protect that 5% gain no matter what. I know how to set a trail stop, just not sure how to set this up to "lock in" that 5% (my first couple tries with a 2% window stopped out at 3%) meaning it dipped after crossing the 5% and the TS was active let it drop 2% and stopped out. I want to protect that 2% in between. Not sure how to accomplish that.
What you are looking to build is called bracket orders. There aren't many threads covering this topic on this forum. I am surprised because I don't know how traders are exiting without them.

But there are over a million hits on google:
https://www.google.com/search?q=tos...8i13i30l6.12267j0j15&sourceid=chrome&ie=UTF-8
 

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