• LIMITED TIME OFFER: use coupon code PRIMEDAY at checkout to save $50 off VIP membership (down to $149 / year). Valid through Tuesday 6/22.

Conditional order off option structure delta

thefilmguy

New member
Is there a method to create a conditional order based off portfolio delta or a structure? For example, if I'm in a delta 25 iron condor and I have some risks on the upside I want to make adjustments for without being at the screen, can you do that in ToS? And if so, are these conditional orders server side or does ToS need to be open for them to trigger?
 

Kalumnus

New member
Sir, did you ever find and answer to that question? ...I'm in the same boat (only at delta 30) and gluing myself to the SPX chart until 4pm is getting too stress full!
 

rad14733

Well-known member
VIP
Sir, did you ever find and answer to that question? ...I'm in the same boat (only at delta 30) and gluing myself to the SPX chart until 4pm is getting too stress full!

What, specifically, are you wanting to attempt as far as Conditional Order...??? Are you looking to trade based on the Delta of the Option that you have selected...??? One thing to keep in mind is that the Delta you can extrapolate using Thinkscript is not the same as the Delta you see in the Option Chain panel... I have tried multiple times to get them to match without success...
 

Kalumnus

New member
I'm attempting something far (hopefully) simpler then that. If I could auto-close the spread with a stop.market order >= $4220. I'm talking about REAL orders (even if I could create real ALERTS that would be a good start).

Real Order = Order that opens/closes a real spread
Real Alert = One that appears/notifies on every platform

Side note: My strategy is to capture the end-of-day odds. So 30-delta will, over the long run, generate a 70% return (especially if you're only using <= 25% of your capital).
 

rad14733

Well-known member
VIP
@Kalumnus I think you'd better contact Technical Support because I don't think there is any way to automatically close complex option trades... As far as I know you can only close each leg separately... That is, unless it can be accomplished with a 1st Triggers All conditional order... I don't think Blast All would work...

The "Real Alert = One that appears/notifies on every platform" needs more explanation... TOS is the platform so what is your interpretation that you are attempting to convey...???

Don't be surprised if Technical Support replies that your concept is too complex for the Thinkorswim platform... However, if such is not the case, please share their response for the community...
 

Kalumnus

New member
LOL!! ...they did! They straight up told me that the ThinkScript team was only about 8 people total and that NOBODY on there regular help teams specialized in Thinkscript! I will give it to them, they tried there very best. I'm going to scour random internet code examples until I find something worth while. ...if I find anything useful I'll share it ^_^!

"Real Alerts" behave/look like the ones below ("LAST >= 4240.00" and "LAST <= 4223.00").

AqyjpEt.png


The ThinkScript Alert function does alert you when triggered, but it isn't a living breathing alert. ...one you can edit after creation.
 

Similar threads

Top