Order Set-up Question

[Bear.22]

Guys,

How does one set up an order where I include a trailing stop and let's say a 2 to 1 profit/risk limit stop and if the order hits either all positions close?

E.g., let's say the trade hits the limit stop, closes yet the trailing stop remains open.

How I can get the trailing stop to CXL if the trade hits the limit stop and vice-versa the limit stop to CXL if the trade hits the trailing stop first?

Thanks!
G

 

[rad14733]

@Bear.22 That is the purpose of OCO bracket trade orders... One Cancels Others bracket trade orders allow for multiple exit types, Limit, TrailingStop, and Stoploss all in a single bracket where whenever one condition is hit then the other components of the bracket are immediately cancelled... I never trade without them...

 

[Bear.22]

@Bear.22 That is the purpose of OCO bracket trade orders... One Cancels Others bracket trade orders allow for multiple exit types, Limit, TrailingStop, and Stoploss all in a single bracket where whenever one condition is hit then the other components of the bracket are immediately cancelled... I never trade without them...

Thanks. I figured OCO was the way to go. Now to build some templates....

 

[Bear.22]

Next question: is there anyway to edit templated OCO brackets without having to create an order/trade ticket?

 

[rad14733]

Next question: is there anyway to edit templated OCO brackets without having to create an order/trade ticket?

You create the order bracket and save it for later use... There ae two main ways to go about this... You can set them up in Active Trader or you can use the Order Entry Panel... There are videos on YouTube, as well as those in the Thinkscript Learning Center...

When I create OCO's that can be accessed from my Charts I Right-Click on the Chart and Select Buy Custom > with OCO Bracket to open a pre-populated OCO Bracket Order and then make any adjustments needed before saving...

When creating OCO Brackets for use in the Active Trader Panel I open the Order Template panel, which I have configured to my liking, open the drop-down, select the appropriate bracket type that matches my desired order type, and make whatever adjustments I desire...

This is only a very brief overview and I would urge you to watch several of the many YouTube videos that cover these processes in greater detail... We can answer any additional specific questions here if you have any...

 

[Bear.22]

You create the order bracket and save it for later use... There ae two main ways to go about this... You can set them up in Active Trader or you can use the Order Entry Panel... There are videos on YouTube, as well as those in the Thinkscript Learning Center...

When I create OCO's that can be accessed from my Charts I Right-Click on the Chart and Select Buy Custom > with OCO Bracket to open a pre-populated OCO Bracket Order and then make any adjustments needed before saving...

View attachment 25378

When creating OCO Brackets for use in the Active Trader Panel I open the Order Template panel, which I have configured to my liking, open the drop-down, select the appropriate bracket type that matches my desired order type, and make whatever adjustments I desire...

View attachment 25377

This is only a very brief overview and I would urge you to watch several of the many YouTube videos that cover these processes in greater detail... We can answer any additional specific questions here if you have any...

Next question: I can't seem to set-up trailing stops with OnDemand is this a known limitation?

 

[rad14733]

Next question: I can't seem to set-up trailing stops with OnDemand is this a known limitation?

Yes, because OnDemand uses random price action rather than being a playback of how the market actually behaved... IMHO, OnDemand is about as worthless as using Chart Strategies for BackTesting... That being said, you might have better luck using PaperMoney as it relies on real time trading data...

 

[Bear.22]

Yes, because OnDemand uses random price action rather than being a playback of how the market actually behaved... IMHO, OnDemand is about as worthless as using Chart Strategies for BackTesting... That being said, you might have better luck using PaperMoney as it relies on real time trading data...

Good to know. Thanks!

 

[Bear.22]

Hey Rad, can you go into a bit of detail of what the lock/unlock feature does with respect to setting up an OCO template? (what's circled)

 

[rad14733]

Hey Rad, can you go into a bit of detail of what the lock/unlock feature does with respect to setting up an OCO template? (what's circled)

View attachment 25397

I have never really paid attention to those locks due to my trading method - plus most all of my trades are entered using the Active Trader panel...

That being said, if you hover over said lock you will see it's purpose which is to either keep the price from when the order is being created (locked) or for price to follow chart price (unlocked), as depicted in the image below... When I initially Right-clicked on the chart and selected Buy Custom > OCO with Bracket the price was 0.68 and when I unlocked price it dropped to 0.45... Essentially, the difference is whether you want to enter as a Limit Order at a specific price (locked) or whether it is a Market Order at current price (unlocked)...

Hope this answers your question...

 

[Bear.22]

Gotcha. I am going to have to play around with this in PM to see how it behaves in real time.