Conditional Orders

[Tomahawk6117]

I have recently placed an order to sell a stock when 1 of 2 conditional orders were met, and this worked. The first conditional order was to sell the stock if the price increased at least 10% from the market open price. The second conditional order was to sell the stock if the price decreased at least 20% from the market open price. The stock price increased 10% from the market open, and it triggered, which is great.

I then tried inserting a third conditional order to sell the stock at the time, 15:55:00. I put this conditional order in place in the instance that neither of the original conditional orders filled. However, when I included this third conditional order, none of the conditional orders worked, even though this stock increased more than 10% from the market open.

I have tested the thinkScript for the third conditional order on its own, and it did trigger at approximately 15:55:00. However, when included as the third conditional order, the other two conditional orders did not trigger. Below I have included the code for the third conditional order, as well as a screenshot of what my conditional order entries look like. The code is revised from an original code I learned about through a post by @halcyonguy, thank you. May someone please provide me with some guidance so that all three conditions will work? Thank you very much for your time and your help.

input time1 = 1555;

def timez = SecondsFromTime(time1) == 0;
def desiredbar = timez;

plot z1 = desiredbar;

 

[Tomahawk6117]

Hi @MerryDay, I hope you are doing well. I know you have posted about conditional orders before, and I was wondering, would you please be able to offer any advice to the post above? Thank you very much for your time and your help.

 

[MerryDay]

The number of conditional orders does not matter.

So we have to look at other issues.
My guess is that your trigger order (step 2):
2. Wait until trigger order for this group is filled
is preventing you from ever getting to (step 3):
3. Wait until at least one of the following conditions is satisfied

should look like:

 

[Tomahawk6117]

The number of conditional orders does not matter.

So we have to look at other issues.
My guess is that your trigger order (step 2):
2. Wait until trigger order for this group is filled
is preventing you from ever getting to (step 3):
3. Wait until at least one of the following conditions is satisfied

should look like:

Thank you very much @MerryDay, I really appreciate your response. The reason why there is a step 2, "Wait until trigger order for this group is filled," is because I am executing a "1st trgs seq" order. In order for the sell order to execute, there has to be a buy order first, which is executed at the market open.

In regards to the code below, which is the 3rd conditional order, do you believe there is anything I can do to improve upon it? I am trying to set a code so that the the stock sells at 15:55:00 if the other conditions are not met. Or do you have any other suggestions to try first? Thank you very much for your time and your help @MerryDay.

input time1 = 1555;

def timez = SecondsFromTime(time1) == 0;
def desiredbar = timez;

plot z1 = desiredbar;

 

[MerryDay]

Thank you very much @MerryDay, I really appreciate your response. The reason why there is a step 2, "Wait until trigger order for this group is filled," is because I am executing a "1st trgs seq" order. In order for the sell order to execute, there has to be a buy order first, which is executed at the market open.

In regards to the code below, which is the 3rd conditional order, do you believe there is anything I can do to improve upon it? I am trying to set a code so that the the stock sells at 15:55:00 if the other conditions are not met. Or do you have any other suggestions to try first? Thank you very much for your time and your help @MerryDay.

input time1 = 1555;

def timez = SecondsFromTime(time1) == 0;
def desiredbar = timez;

plot z1 = desiredbar;

My understanding of your situation is:

You want the sell order to execute if:
(condition1 or condition3)
OR
(condition 2 or condition3)

To test if this works:
1. Add condition 3 to condition1 script
2. Add condition3 to condition2 script.
3.Test and debug using these steps:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-80482

 

[Tomahawk6117]

My understanding of your situation is:

You want the sell order to execute if:
(condition1 or condition3)
OR
(condition 2 or condition3)

To test if this works:
1. Add condition 3 to condition1 script
2. Add condition3 to condition2 script.
3.Test and debug using these steps:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-80482

Thank you very much @MerryDay, I really appreciate it. I will follow the steps you outlined.

 

[Tomahawk6117]

I believe this issue is now resolved, thank you very much for your help @MerryDay.

 

[Michael Kim]

Is it possible to create an order that always selling price higher than the buying price? Do I need to function "if"?


To stop losses in stocks, would these commands be helpful? (close < EntryPrice() + 0.05) or (EntryPrice is less than bid)

 

[MerryDay]

Is it possible to create an order that always selling price higher than the buying price? Do I need to function "if"?

entryprice() is not an available data field in OCOs

 

[Michael Kim]

entryprice() is not an available data field in OCOs

When I conditionally sell my stock, It appears that establishing the EntryPrice within the Study function and comparing it with "less than" against the bid price in the prices, would enable the creation of the Stop Loss Conditional Order on Bid for ThinkOrSwim. What do I think about it?

 

[MerryDay]

When I conditionally sell my stock, It appears that establishing the EntryPrice within the Study function and comparing it with "less than" against the bid price in the prices, would enable the creation of the Stop Loss Conditional Order on Bid for ThinkOrSwim. What do I think about it?

Yes, EntryPrice() functions works on charts and in backtesting with AddOrder statements.
But supposedly not in conditional orders.

How Conditional Orders work:
In the below conditional order, it says sell when close>close[10] bars ago
See where the alert indicator at the bottom ticks up to 1 when the condition is true, ticks down to zero for false?

Now, here is an example using EntryPrice().
I bought $PWR at $178.85

Here is a sell order to sell when EntryPrice() < $200
There are no upticks at the bottom, because the conditional order does not recognize the EntryPrice() function. This order will never fill.

I do use OCOs extensively; but to be honest, I have never used EntryPrice() in my OCOs.
Given that conditional orders need to be set up manually. And given that I know my entry price, I just hard-code it into my conditional orders.
This is the fastest and easiest way from me to get my OCOs set up.

Here is how to run your conditional orders though testing:
https://usethinkscript.com/threads/answers-to-commonly-asked-questions.6006/#post-80482

If you get it to work in the above testing process. Why not try it live?
Come back and relay your experiences.