help with THINKORSWIM please! / how can I automatically replace STOP with TRAIL STOP?”

Discussion in 'Trading Software' started by KAISER, Mar 4, 2018.

  1. KAISER

    KAISER

    Hi All,
    being new here.
    I hope this could be a so stupid, simple question for some out there :)

    thanks alot for your time...



    my basic problem is;
    “how can I keep the same STOP LOSS rate on position upto a certain rate and then automatically replacing that STOP with TRAIL STOP?”


    I cannot follow-up the market during the market hours.
    or, cannot do any transaction or modification on the orders during the business hours.

    I need to put a BUY order before market opens, previous day night.
    that order should be filled exactly at tomorrow’s OPEN rate.
    to that BUY order, I need to attach a STOP LOSS order.

    if the rate goes down,
    the position will be closed at STOP LOSS rate.


    if the rate goes up,
    is it possible to keep the same STOP LOSS rate on position upto a certain rate and then automatically replacing that STOP with TRAIL STOP?

    and additionally putting a new LIMIT order for the positive side?



    exp:

    1-best case:
    buy stock-X at OPEN=70.
    set STOPLOSS=60 (target loss = -10)
    set the pre-determined change rate at =80. (change from STOPLOSS to TRAILSTOP)


    rate moves up.
    donot do anything till it hits 80.
    when it hits 80,
    first, set LIMIT=100
    second, replace STOPLOSS with TRAILSTOP (lets say at TRAILSTOP=70, trailing market rate with -10).


    rate still goes up to 90.
    TRAILSTOP moves with it to 80(still -10).

    rate still goes up to 100.
    then LIMIT at 100 filled, close the position with +30 profit.


    2-worst case;
    buy stock-X at OPEN=70.
    set STOPLOSS=60 (loss = -10)
    set the pre-determined change rate (change from STOPLOSS to TRAILSTOP) at =80.

    rate moves down.
    donot do anything till it hits STOPLOSS at 60.

    when it hits 60,
    close the position with -10 loss.


    3-in-between case;
    buy stock-X at OPEN=70.
    set STOPLOSS=60 (target loss = -10)
    set the pre-determined change rate at =80.

    rate moves up & down.
    donot do anything downward till it hits STOPLOSS at 60.
    when it hits 60, close the position with -10 loss.
    or, it moves up to = 79, donot do anything, still keep STOPLOSS=60.

    it moves up = 80(change rate); replace STOPLOSS with TRAILSTOP (lets say at TRAILSTOP=70, trailing market rate with -10), and set LIMIT=100

    then rate moves up=90
    TRAILSTOP moves with it to 80(still -10).
    then rate moves down =80
    TRAILSTOP is still at 80.
    close the position with +10 profit.