ThinkorSwim Advanced Stop Limit Order

Vince Field

Active member
I want to be able to buy at market or at the ask and have a stop loss a certain percent below my order. I'd like to have it set up so I can buy with the click of a button and have the stop loss attached without having to enter any values each time. How can I do this?

Edit: I figured it out. See below.

Custom buy order with stop in ThinkorSwim

Screen-Shot-2020-11-02-at-3-54-51-PM.png


Change to these settings (you can adjust the stop loss percentage)...

Screen-Shot-2020-11-02-at-3-55-20-PM.png


You can save it as a template...

Screen-Shot-2020-11-02-at-3-55-44-PM.png
 
You can create custom trade templates that can be accessed either by Right-Clicking on the chart or via the Active Trader Right-Click Menu... You can also add them to the Active Trader Template Selector Drop-Down... You have options... It is all explained in the TOS Learning Center...
 

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

Is there a way to set up this order as a template in Thinkorswim?

3 profit targets: 50% of shares at 1R, 25% at 2R, 25% at 3R
2 stop losses: 1st stop loss at 1R. If 1R profit is hit, this stop loss is removed and the 2nd stop loss is triggered at breakeven. I would like the entire process to be automated.

So it executes like this:

Initial execution- Sell 50% of shares at +1R or Sell 100% of shares (stop loss) at -1R.
If +1R limit order is executed, initial stop loss of -1R is moved up to breakeven and new sell limit order of +2R of 25% of total shares is set. If +2R is reached, new sell limit of +3R of remaining shares (25% of total shares) is set. Stop loss remains at breakeven.

Ideally I would have this as part of a market buy order, and also as a buy limit order, so if I ever need to enter a trade quickly it will be part of the market order, and if I have more time to choose my entry it will be part of the limit order.

Thanks and sorry if I overcomplicated the explanation.
 
@Vince Field Nope...!!! Buy and Sell conditional orders are one-shot deals... You would need to create multiple conditional orders... And making conditional changes may be possible but you never know if things will play out according to your logic... I'd suggest doing some intensive logic testing in PaperTrading before risking your real money...
 

Similar threads

Not the exact question you're looking for?

Start a new thread and receive assistance from our community.

87k+ Posts
460 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.
Back
Top