Help with advanced order in Thinkorswim

Discussion in 'Order Execution' started by VinceField, Nov 2, 2020.

  1. 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.
  2. Ayn Rand

    Ayn Rand

    There is no way to do what you would like in Think or Swim.
  3. I believe you can do that with ScaleTrader in IB and and Tradestation. ThinkorSwim is very limited plateform when it comes to complex order entry and exit.