Dynamically show underlying expected price for a target option price?


New member
Hi all,

I am new here posting but have learned so much from all of you recently. I am using TOS for observing my underlying for one of my intra-day options strategy but I am executing my trades on a different platform at this time.

My strategy consist roughly of selling one far OTM put and one call on an intra-day time frame. Part of the strategy is to set stop losses when things go against me. My stop loss at this time is set to a fix amount for the option to go to. For example if I sell for $1, I could set my stop losses to be out if the price of that option get to $3 or $4, otherwise I let it ride. Simple enough.

Now, what I'd like to do is to be a bit smarter with my stop losses based on what I see on the chart of the day and how the day progresses, including support and resistance levels. For example, I don't want to put my stop losses right below a resistance or above a support, if that makes sense. I'd like to be able to adjust my stop losses during the day up or down within a safe range to optimize with these levels.

So what I'd like to have in TOS is a script that would allow me to have on my underlying chart a line or indicator that dynamically adapt as the day progresses and the greeks change for a specific stop loss value as an input.

It was pointed out to me that something like this is available when having an active order for an option, showing the sell order on the underlying chart and that it'll move with the price of the underlying as time passes. However as mentioned, I do not trade in TOS at this time, and so I cannot directly use this feature. So I'm looking for something that would be similar but without having to do the sell order.

Maybe something related to this Black Scholes Options Model by Mobius for ThinkorSwim. Tried to modify by fixing the strike in the code but I am not getting the right option price, so I probably did something incorrectly and I have just started to look at TOS scripting only very recently so I have limited knowledge.

So to summarize, I'd like to input an option chain (.SPXW200413P2700) and price ($4.00) and have the script draw a line on the graph at what underlying the sell order may trigger.

I hope this makes sense and that I followed proper etiquette for this forum.


Similar threads