When opening a long position, I usually enter a limit between the bid and the ask. I "Split" it. But if there is a tight spread and good volume, and I really want into the trade, I'll use a market order. When setting a stop, I simply set a stop price below current price or my entry price, the distance depending on a number of factors. Don't make it complicated. At what price do you want to be protected on the downside? That should be your stop.
I think you're confusing a few concepts here. First, select what underlying you want to purchase an option on. Second, decide what strike price you want to purchase. Third, come up with a value that you want to pay for that option. Enter a limit order with the price you are willing to pay for that strike. For example (these are just made up numbers) APPL underlying at $96.50 Jan 16 Call, 90 Strike, price for option around $7.00. If you want to pay less, enter a limit order and see if the market comes to your level, same as with a stock.
You're still fundamentally misunderstanding what options are...When you're placing the order, the strike price is defined by the contract you're buying. Sure you could put your limit at the strike price... but why would you want to pay $100 for an option that is worth $5? Seriously, buy an options book or take a "For Dummies" tutorial online. I'm starting to have a hard time believing you've done any due dillegence before you ask ask questions on the forum. Just fair warning: If you keep doing this, you'll end up on peoples ignore list.
Your posts and questions continue to demonstrate that you are seriously misunderstanding key concepts about options. Others have tried to be of help, and have suggested that you turn to many other available sources for information. Simply Google "trading options", "Bid Ask Spreads Options" Not to be rude...but Welcome to my Ignore List.
Fair question to me. The OP wants to exit the option position when the underlying hits a certain price - in this case the strike of the option. Example: Long or short AAPL 100.00 calls - exit when AAPL hits $100.00.
Based on the questions he has been asking over the last couple of days, I don't think thats what he meant at all.... I think he wants to buy $100 Strike Call at a limit price of $100.... when the the underlying is priced at $105. I don't think he is talking conditional entry/exit at all..
I feel badly for the guy, he could really get himself into trouble if he puts any real money on the line. Seems like he wants to use options vs stocks for pure directional plays but doesn't understand the fundamental theory or mechanics. Hopefully he puts it together and is able to ask more coherent questions so people can help more effectively.