ThinkorSwim Advanced Stop Limit Order

Vince Field

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
 

rad14733

Well-known member
VIP
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...
 

Vince Field

Member
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.
 

rad14733

Well-known member
VIP
@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...
 

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