Need help creating an order template on TOS


I am completely new to TOS, and new to trading in general. I have only used RH so far and am trying to set up TOS before I make the switch. I mostly day trade options, and that is what I will use this template for. I know I will need to set up an OCO order, but I need to combine multiple order types. Here is what I want to happen.

  1. After purchasing the contract I would like to set up a stop limit to sell if the value drops past -20% of purchase price.
  2. For taking profit I would like it to trigger at +12%, but only sell if it drops 2% from there (down to +10%). In this way, if it happens to be a runner that shoots up from +10% to +30% then starts to fall I would secure profit at +28%.

I am fairly sure this is possible, but I am not sure how to make it work. If someone else knows I would appreciate the help.


Comments

Leave a Reply

Your email address will not be published. Required fields are marked *