Music plays throughout.
Narrator: This demo explores how to create a conditional order on thinkorswim® desktop.
Conditional orders are advanced orders that are automatically submitted or canceled if certain criteria are met.
In this example, we create a conditional order with an option, but you can also use conditional orders to trade stocks or futures.
To start, navigate to the Trade tab, and enter the underlying security. Use the option chain to select an expiration. Then initiate a buy or sell order.
Preset Order Entry selections appear.
To add conditions to the order, point to the area next to BEST. Select the gear icon.
A new window appears displaying order rules, including conditions, that allows you to further customize your order.
As you make changes to your order—and add conditions—the order description updates automatically.
To add a conditional date and/or price to the order, use the Conditions section. To adjust the date and time your order is submitted, select the box next to Submit at, and enter your preferred date.
You can also set your order to cancel in a few days if the conditions aren't met.
To add conditions tied to factors other than time, use the table to enter a trigger. For instance, this order creates a mark, or price target, at a threshold of $42.
Animation: Arrow hovers under the Symbol box and enters the ticker symbol KO, then the less than or equal to symbol under Trigger, and then a $42 stock price under Threshold.
Narrator: Because the trigger is less than or equal to, the order is submitted only when the price of the underlying is below or equal to $42. These actions are detailed in the Description section.
To remove a condition, delete the symbol from the table, then select enter.
Or select Save to save it. MAN appears in the Link column, indicating that the order now includes the conditions you manually entered.
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