Order Types, Part Two | Exploring thinkorswim | 4-9-24

[@lraroarr]

I'm glad I found this. I've been doing things the hard way for many years.

[@tradertalkswebcasts]

Glad it was helpful ^BM

[@sjsphotog]

Very cool. Thanks Brent. Very helpful

[@tradertalkswebcasts]

Thanks for watching. ^BM

[@meesi7053]

This was a great tutorial. thanks much!

[@tradertalkswebcasts]

Thanks for watching ^BM

[@olliehopnoodle4628]

Thank you for these videos. Great resource. I stumbled on them while looking for details on a TOS release note from Feb 3rd, 2024. It's titled "Advanced Order Group Replacement". It reads, in part, "YOU ARE NOW ABLE TO BUILD ADVANCED ORDER GROUPS AND HAVE THOSE GROUPS REPLACED BY ANOTHER ADVANCED ORDER GROUP. " (caps were from original posting). It provides an example: "SAY YOU WERE TO SUBMIT A FIRST TRIGGERS OCO AND ORDERS 1 AND 2 WORKING. IF ORDER 1 EXECUTES, THEN ORDERS A AND B ARE NOW WORKING AND THE REST OF THE ORDERS ARE CANCELED (2, C, AND D). IF INSTEAD ORDER 2 EXECUTES, ORDERS C AND D ARE NOW WORKING AND THE OTHER ORDERS ARE CANCELED (1, A, AND B). PRETTY NEAT IF YOU ASK US.". How would this be done in advanced orders? Where is the best place to ask this question? Thanks!

[@tradertalkswebcasts]

In general the best place to ask navigation and functionality questions on thinkorswim is by using the chat support feature on thinkorswim. It is found by clicking on "Support" in the upper-right portion of thinkorswim desktop and then selecting "Create Support Request." However, let me see if I can give you some help on this one: What this is describing is a "1st Triggers 2 OCO" order. For some traders (including myself) this has been available for a few years, but to some it is a new feature. To place this order you need to bring up an order (stock or option) and then change the Advanced Order field from "Single Order" to "1st Trgs 2 OCO". You then will need to create 5 total orders...the initial order plus 4 additional. Typically this will take the form of an initial buy order and then 4 sell orders. ^BM

[@olliehopnoodle4628]

@@tradertalkswebcasts Thank for your response. I did check with chat folks this morning, after most of the trading was done. Luke helped out a bit. If you look again you will see their example isn't a 1st Trg OCO, it's more of a 'cascading' 1st Trigs OCO. Luke explained you do this by placing the original 1st trigs OCO. Once it is submitted you can cancle/replace each OCO leg with a full 1st Trgs OCO. He tried it papertrading (I have not) and sent a couple examples. Those guys are great.

[@sjsphotog]

Might be helpful to show students where the Target and Stop prices are shown ON THE CHARTS after you place the trades so they can see what was actually done and that it did execute the order properly and that they can monitor their trades after the BUY order.

[@tradertalkswebcasts]

Good idea. Thanks for your feedback. ^BM

[@FerrerChacin]

Catching up..

[@tradertalkswebcasts]

Thanks for watching! ^BM