How to create a "nested" conditional order for profit taking and stop loss at specific conditions

[missingt]

What I would like to achieve:

• Enter a call/put position when a specific price condition is met on the underlying stock
• Create a OCO when position is opened
  • If market price of contract is -10% of entry price, close the position
  • If market price of contract is +10% of entry price, close 10% of position
• If position is still open, create a OCO
  • If market price of contract is at entry price, close the position
  • If market price of contract is at +30% of position, close 20% of position
• If position is still open
  • create a trailing stop loss at -20% of current price

Example:

AAPL below $100 buy 10 contracts of [defined option] for $1.

• If value is $0.90 close position
• If value is $1.10 sell 1 contract

If position is still open:

• If value is $1 close position
• If value is $1.3 sell 2 contracts

If position is still open

• Set a trailing stop loss for -20% of current value($1.3)

My current attempt is via a saved 1st trigger 3-OCOs template w/custom studies.

1. Buy order w underlying price conditional
2. first OCO
   1. stop limit at -10% of avg price, sell order of 100%
   2. stop limit +10% of avg price, sell order of -10%
3. second OCO
   1. stop limit at average price, sell order of 100% w/custom study
   2. stop limit at +30%, sell order of 20% w/custom study

def quan = GetQuantity();
plot "e10" = quan > 0 and EntryPrice() * 1.1;

4. third OCO

1. trailing stop at -20% w/custom study
2. sell order at breakeven (should be unreachable) w/custom study

def quan = GetQuantity();
plot "e10" = quan > 0 and EntryPrice() * 1.3;

I'm still learning the thinkscript, but it seems like my values/functions just don't work in OCOs, i can't seem to nail down the logic on how to write it. Any guidance would be super helpful!

Would it just be best to use the API...?

 

[halcyonguy]

What I would like to achieve:

• Enter a call/put position when a specific price condition is met on the underlying stock
• Create a OCO when position is opened
  • If market price of contract is -10% of entry price, close the position
  • If market price of contract is +10% of entry price, close 10% of position
• If position is still open, create a OCO
  • If market price of contract is at entry price, close the position
  • If market price of contract is at +30% of position, close 20% of position
• If position is still open
  • create a trailing stop loss at -20% of current price

Example:

AAPL below $100 buy 10 contracts of [defined option] for $1.

• If value is $0.90 close position
• If value is $1.10 sell 1 contract

If position is still open:

• If value is $1 close position
• If value is $1.3 sell 2 contracts

If position is still open

• Set a trailing stop loss for -20% of current value($1.3)

My current attempt is via a saved 1st trigger 3-OCOs template w/custom studies.

1. Buy order w underlying price conditional
2. first OCO
   1. stop limit at -10% of avg price, sell order of 100%
   2. stop limit +10% of avg price, sell order of -10%
3. second OCO
   1. stop limit at average price, sell order of 100% w/custom study
   2. stop limit at +30%, sell order of 20% w/custom study

def quan = GetQuantity();
plot "e10" = quan > 0 and EntryPrice() * 1.1;

4. third OCO

1. trailing stop at -20% w/custom study
2. sell order at breakeven (should be unreachable) w/custom study

def quan = GetQuantity();
plot "e10" = quan > 0 and EntryPrice() * 1.3;

I'm still learning the thinkscript, but it seems like my values/functions just don't work in OCOs, i can't seem to nail down the logic on how to write it. Any guidance would be super helpful!

Would it just be best to use the API...?

oco code might not be able to read portfolio data?
https://tlc.thinkorswim.com/center/reference/thinkScript/Functions/Portfolio

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these posts might help

https://usethinkscript.com/threads/auto-trade-algo-in-tos.7546/#post-32123
post6

https://usethinkscript.com/threads/thinkorswim-first-triggers-oco-order.2880/

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i would create a strategy to test your rules and see how it works out. a strategy is a study, with addorder() functions, for simulating buying and selling.

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i haven't used the api, so don't know

this is a discord server, talking about the td api
name: tda-api
https://discord.gg/n9nMD5kt

 

[missingt]

i read this reply as, convert the study to strategy to test the studies i had?

make the studies as conditionals with executable blocks that return the expected order i hoped to achieve via custom study