How To Place an OCO (Trade Without Being Glued to your Computer!) l ThinkorSwim

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Trading consistency involves cutting losses and taking profits with a rules-based approach. This removes the emotional element of deciding whether to stay in a position or closing it out. One of the best ways to stick to your plan is by placing orders to take profits and cut losses at pre-determined levels by using an OCO order. In today's video, I show you how to place an OCO on an option or spread using the ThinkOrSwim platform.

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#placeanoco #thinkorswim #tradingconsistency

[SteveLavin]

Danger: By using a STOPLIMIT order with a $4 Limit and a $4 Stop, as shown here, your stop won't get filled unless it is trading at exactly $4. If the spread price gaps over $4 (overnight for example), your Stop will never get filled. To prevent this, you could use a Market Stop of $4 to insure it will get filled if trading at $4 or above. Or, you could set a $4 Stop and a $5 Limit for example, to reduce the risk of not getting filled due to a gap in price. Be careful - A STOP order WILL get filled (at current market price), a STOPLIMIT order may never get filled if a gap over your limit price occurs due to news or an overnight gap.

[meesi]

After watching 7 other videos on how to do OCO for spreads, I came here and found the information in a very clear and concise manner. Professional presentation and clear explanation. Thanks much!

[himanshuvaishnav]

Terrific video Tony! People talk about this method of bracketing but no one shows the process to do it. A request though, Is there any possibility of using a larger font so people like me can see the figures clearly and understand your outstanding work?

[edwardt]

Tony, really thorough explanations. This video alone is worth watching again and again. I appreciate the very specific instructions you provide and the in depth discussion on spreads which is superior to most other "experts"---really good.

[javierhernangioia]

Would be great if you also explain how to use 1st triggers OCO in TOS. So you know your stop loss and profit take the moment you enter the trade

[erik]

You should have talked about when to put in your orders. These type of OCO orders can trigger in the first 5 minutes due to volatility when they shouldn't have. ToS allows you to pick the time to start the OCO each day

[astrometaqua]

Tony, do you mind re record this with TOS background to lighter color ? thanks

[allenwicks]

Great presentation, Tony. I also follow you on CNBC. Do you have a similar video for OCO Debit Spreads? I'm having trouble making the analogy from your credit spread video. Would your stop exit be on the 100% loss on the debit that you paid? And the 50% credit exit be on the spread - debit paid? Thanks -- Allen

[jimfrohn]

You should have zoomed up so we can see the screen.

[tonychia]

does the thinkorswim platform have conditional order that automatically close your spread at 21 days? i.e. the 3rd scenario of your best practice?

[EngineerHarris]

Thanks for this Tony.

Do you know how to show the current 'Value' of the Credit Spread in ThinkorSwim under Monitor. I see my P/L which I can add/subtract from the Credit I received - but what if I also want to see the current value of this spread instead of just P/L? Is there a Column I can select that will give me that? I've tried a few things to no sucess. Thanks

[FerrerChacin]

Hey Tony - this brief video was excellent and very useful. Thank you :-)

[kohkoh]

Was looking for how to do this, thanks for the simple and fast explanation and walk through!

[chenweiqiang]

Hi Tony. Your example only deals with a vertical spread that already filled. What about if I want to create a vertical spread where I sell a put for 100 and buy another put at 105 which gives me a credit premium of $1.30

While waiting for the above spread to be filled i also want to place an OCO based on the above spread. I want to put a take profit at 0.65cents and another OCO order for $5.00
How Do I do it?

[joshh]

Thanks Tony! I've been wondering how to do this for quite some time.

[cannotgitrite]

Excellent explanation! Exactly what I was looking for. Thanks

[tcs]

Thank you Tony!! This video is awesome and is going to save me a TON!!

[MrDemian]

hello helpful video thanks. do you have anymore videos about how to place a option stop order on tos please.

[jaishankarkasthuri]

NIcely explained. I am able to do this with multi-legged stock options. However, I'm unable to do such an OCO with Futures options, like say a strangle on /ES. In this case, the only order type available is 'Limit' - can't set one order to 'Stop limit'. Is this a limitation of TOS, or is it some issue with how my TOS is configured?

[timcromwell]

Thank you Tony. You share a lot of great info. What are your thoughts on a stop limit order that gets you stopped out of a trade on a during the day spike even though the day recovers in your favor?