• Get $40 off VIP by signing up for a free account! Sign Up

Set Option Stop Losses based on Dollar Amount?


New member

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.

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.

Join useThinkScript to post your question to a community of 21,000+ developers and traders.

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
338 Online
Create Post

Similar threads

Similar threads

The Market Trading Game Changer

Join 2,500+ subscribers inside the useThinkScript VIP Membership Club
  • Exclusive indicators
  • Proven strategies & setups
  • Private Discord community
  • ‘Buy The Dip’ signal alerts
  • Exclusive members-only content
  • Add-ons and resources
  • 1 full year of unlimited support

Frequently Asked Questions

What is useThinkScript?

useThinkScript is the #1 community of stock market investors using indicators and other tools to power their trading strategies. Traders of all skill levels use our forums to learn about scripting and indicators, help each other, and discover new ways to gain an edge in the markets.

How do I get started?

We get it. Our forum can be intimidating, if not overwhelming. With thousands of topics, tens of thousands of posts, our community has created an incredibly deep knowledge base for stock traders. No one can ever exhaust every resource provided on our site.

If you are new, or just looking for guidance, here are some helpful links to get you started.

What are the benefits of VIP Membership?
VIP members get exclusive access to these proven and tested premium indicators: Buy the Dip, Advanced Market Moves 2.0, Take Profit, and Volatility Trading Range. In addition, VIP members get access to over 50 VIP-only custom indicators, add-ons, and strategies, private VIP-only forums, private Discord channel to discuss trades and strategies in real-time, customer support, trade alerts, and much more. Learn all about VIP membership here.
How can I access the premium indicators?
To access the premium indicators, which are plug and play ready, sign up for VIP membership here.