Regarding Stop Loss & Take Profit

Discussion in 'Options' started by XM911E3, Aug 14, 2007.

  1. XM911E3


    Hi everybody, i need help regarding setting stop loss and take profit in options trading. By the way, I am using interactive brokers. I still have an open trade in my 'LIVE' account but not sure how to apply it.

    By setting Limit and transmit at $3 means I take my profit at $3 when the market goes up.

    * And by setting my stop order and transmit at $1.50 means I stop loss at $1.50 right?

    *** That's means I have to transmit 2 orders. 1 is a limit and 1 is a stop right?
  2. Sounds about right.
    Prolly wanna do a OCO (one cancels other) so you don't screw yourself.

    Also, IF the market goes up and IF it does not blow thru your stop. :D
  3. XM911E3


    hi bro, thanks for your input. But interactive broker doesn't seems like it got OCO ( One Cancels Other ). I am going off to Miami for a holiday so gotta figure it out before I go for my holiday. How to use OCO in interactive broker?
  4. I use OX... gonna have to leave it up to someone else.

    OR just watch it like a hawk. :p
  5. wiseass


    just wondering which option is the OCO in TWS?
    i cant seem to figure it out.