Conditional Stop Order

In this article you will learn how to put a stop lost on your options which tag along with the stock price. You also will learn how to put on the profit target. This will be done by using OCA group. This mean if the profit target get triggered, the stop lost will get cancel. This stop order will be able to prevent from the gap down effect of the stock.

Press the bid button to get the order out.

Right click on the order. Mouse over the modify to get the condition. Click on the condition.

When you click on the condition, you will be able to see the pop-up. Click on the conditional tab. Type in the stock symbol that you want to put the stop lost. Make sure your Exchange is smart and Description is Stock. Trigger method DOUBLE LAST. If you buy a call your stop lost will be <= and vice verse. Remember to put the stop price. This stop price will be the stock price. Click ok when you are done.

Once you click ok, you will be able to see the order that you created.

Once you have check the order, click on the accept button. NOT THE TRANSMIT BUTTON!!!

Change the Limit order to market order. This order will be execute by the stock price (not the option price). Therefore when the stock price hit 140, the option will be sell at the market price.

Check that the price change to MARKET. If you just want to put the stop lost, this order will be good enough. Just press T button to transmit the order. Take note: if you want to put the stop lost forever till it get triggered, remember to change the DAY to GTC (good till cancel).

This slide show you how to put the target profit and stop lost at the same time. Click on the bid column to open the order. Key in your profit target.

You have to put in the OCA group. Remember to label the order (profit target and stop lost) using same characters.

You will be able to get your OCA group under the Global configuration.

When you are done with everything, remember to press the transmit button.

Please test it out yourself at the paper platform first. Experience it for yourself then proceed on to the real trade.