Hotkeys In ThinkOrSwim

[sserendipity]

Hi,
I am a Stock Options trader. Is there a way to Automatically open/close my options orders in the mid-point between bid and ask, using a hotkey/button? This is intended for Options with big spreads. The idea is Not to have to manually define the midpoint but let the system to do it automatically to save time and be more precise. Thanks !

 

[Betozenho]

Hello, I am wondering if there is a way to create a hotkey or script to place a buy order 1 cent above the close of the current candle and set the stop loss 1 cent below the low of the candle. For short positions, the script should place a sell order 1 cent below the close of the current candle and set the stop loss 1 cent above the high of the candle. To take profit, the script should use a 2:1 risk-reward ratio based on the size of the candle.

Additionally, I would like to inquire if it is possible to integrate a calculator or label that displays the number of shares to buy based on a fixed dollar risk calculated using the size of the candle. This would be very helpful in managing my position sizing. Thank you.

Thank you in advance for your assistance.

 

[lucian_dinu]

@Cliff I believe that EntryPrice() is created AFTER an order is opened, and it appears (from the limited code you've posted) that there is no defined price at which you would like to Open an Order. Without the rest of your code, it's not possible to determine where the issue is.

See the example below which I use as a baseline script when creating backtest strategies. See the use of entryPrice to set a buy price and the use of EntryPrice() to determine when the Order will Close.

'entryPrice' is my variable that defines the specific amount to trigger an Order Open, which is this case is the 'close' price.

'EntryPrice()' is the TOS function that recalls the price at which my Order was opened.

PS: I do not advise using the strategy below to place live orders...it's just an example.

# Start Script
# Inputs
input amountToRisk = 5000;
input entryPrice = close;
input lengthMA = 21;
input avgTypeMA = AverageType.Exponential;

# Calculate Shares to Buy
def sharesToBuy = amountToRisk / entryPrice;

# Create a Buy Trigger
def buyTrigger = If entryPrice crosses above MovingAverage(avgTypeMA, entryPrice, lengthMA) then 1 else 0;

#Create a Sell trigger
def sellTrigger = EntryPrice() * 1.5;

# Open an Order
AddOrder(OrderType.BUY_TO_OPEN, buyTrigger, entryPrice, sharesToBuy, name = "Buy");

# Close an Order
AddOrder(OrderType.SELL_TO_CLOSE, sellTrigger, Open[-1], sharesToBuy, name = "Sell");

# End Script

Hi, I am not a programmer so it will take my probably a week to sort this out.... WHELP!

any way this Code can be modified so you enter with defined RISK amount and a stop is automatically placed to a price point that you've mouse clicked?

The way would work is:
1. click with the mouse where you want your stop loss to be
2. click hotkey to execute the $ amount you are willing to risk

This has been done on DAS Trader and it worked pretty awesome, example on the youtube video bellow and also they have their code for DAS Trader

Thanks in ADVANCE!

 

[MerryDay]

ToS does not provide these types of hotkeys.
Some members have been playing with the macro recorder:
https://usethinkscript.com/threads/macro-recorder-questions-for-thinkorswim.14339/

@sserendipity @Betozenho @lucian_dinu