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Set Option Stop Losses based on Dollar Amount?

Racer_X

New member
Hello,

Is there anyway to create stop losses at a desired dollar amount - say bought an option 6C at .50 for a desired expiration date for a $5.67. How would I set the stop loss at $5.30 or another dollar amount without going into an option calculator or website to get the stop loss in decimal form? ( __ . __ ).

Can you please send a video link if you have one?

Thanks in advance.
 
I don't think you can do that. You can try to guesstimate the premium of the option contract at your desired share value and set it there.

Every time you place a buy or sell order, ThinkorSwim will plot an entry point on your chart that correlates to the order's price level. You can try to input the order several times until it gets to the dollar amount you want.

jQfWlMZ.png
 
You can create a conditional sell order for your open option contract. Under the monitor tab, right click the option contract, click create sell order. Once the order template pops up, click the very small gear (setting) icon on the far right. In that window you can tell it to sell when the specified ticker hits a certain price level.
 

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