馃攳
How to Create a Thinkorswim OCO Order - Thinkorswim Tutorial - YouTube
Channel: Riley Coleman
[0]
So what is an OC Oh order in thinkorswim
and how do you use it in your trading in
[5]
this video I'm gonna walk you through
how to trade with an O Co order so you
[10]
can streamline your trade hey how's it
going on this channel you will learn the
[20]
steps to make a full time income trading
in the stock market so if we're new here
[24]
consider subscribing and at any point in
the video feel free to check out the
[29]
notes and links in the description below
I'll list out any valuable resources
[33]
down there now today we were talking
about Oh Co brackets in thinkorswim so
[39]
an o co order stands for one cancels
other so essentially if one of the
[44]
orders gets filled the other one will
get cancelled so generally what these
[49]
can be used for is a stop loss and a buy
limit so essentially for either cutting
[57]
your losses in a trade or taking profits
so for an example if we bought into
[63]
Apple right here and we wanted to take
profits if Apple went up to here or cut
[72]
our losses if Apple broke below this
level and so what you would do is then
[78]
you would place in a oshio order and if
the stock went up here and hit your
[84]
limit to take your profits this order
down here would get cancelled and then
[91]
the other way around if the stock went
down here this order up here would get
[98]
cancelled and you would get stopped out
of the trade one way to enter into these
[102]
trades is going to the trade tab and
then clicking on the price up here and
[107]
then clicking buy custom and then you'll
see it comes up with with osio bracket
[113]
and so this will bring up a trade to
then buy shares of Apple and then create
[119]
that osio bracket around that to where
we can essentially buy in and then the
[124]
trade will just run itself and we won't
have to do anything we can have that
[128]
stop-loss or that take profits limit
order
[132]
and I actually like to do this any
charts so then you can look at it a lot
[136]
more visually so we're actually going to
go back to charts but I just wanted to
[139]
show you this is one way to do it though
back in charts over here another way to
[146]
do this and bring this up is right click
on the chart and then again it'll bring
[152]
up that by custom and then we can go
over here with Osio bracket and so I'm
[157]
just gonna change down here you'll see
that we have to buy the shares and then
[162]
it'll have that Osio order these two
sell orders will be that ocl order so
[168]
first I'm going to change this to a
market order to buy just so we can make
[173]
sure we get filled and then the first
order down here this limit order is
[178]
going to be that profit-taking order so
if we look up here maybe we want to take
[185]
profits when the stock gets up to around
22 or 222 so I'm going to just set this
[191]
at 222 and so that'll put that limit
order for taking profits on this trade
[197]
up here and then we can say oh maybe we
want to have it down here at 220 and and
[205]
a half for our stop loss so if the stock
goes down that far we want to get out of
[211]
this trade and not lose any more money
so we're gonna change this and then to
[217]
220 and a half and so this will set up
this order and when I send this in
[223]
it'll fill us at the market order for
these shares and then we can go in and
[230]
we can see where these orders will be
set up so I'm gonna click and send looks
[236]
like we have enough buying power so send
this order in initially you'll see that
[242]
order of a hundred shares of Apple get
filled and then this order or this Osio
[248]
bracket pops up so up here at the top we
have that limit order and then down here
[254]
we have that stop-loss order and so this
allows you to then just leave this trade
[260]
forever and it will do exactly what you
said it to do you won't you have limited
[264]
risk
you'll you won't get stuck in the trade
[267]
if it keeps going down
you automatically closed out and you'll
[271]
automatically get your profits taken and
then once one of those gets triggered
[275]
your other order will get cancelled so
you don't have to go in and cancel it so
[280]
you don't get filled by that other order
by accident and you're by accident long
[284]
shares or short shares so one way you
can either change these as you can if
[291]
you wanted to move your stop up you can
just click and drag and then it'll just
[296]
click with another send box and then
that'll change that ordering again you
[301]
can also do this with your limit you can
move your limit up and then resend that
[306]
and that'll just change the price of
these orders another way you can do this
[312]
is right-click on this and it'll come up
with copy cancel or cancel and replace
[317]
and so if you want to go in here and do
actual value like to the cents this is a
[323]
better way to do that instead of just
clicking and dragging an easy way to
[327]
tell that these orders are linked if
you're not sure is you see this little
[332]
chain it has next to the amount of
shares you have bought and also it has
[336]
this little line that goes up the side
that shows that it's also linked if you
[342]
want to actually cancel these orders you
want to make sure you click cancel o Co
[346]
Group if you just click cancel order
it'll cancel this single order so
[351]
another way to do that is just click X
but this will also just cancel the one
[356]
order so if you want to cancel this you
want to make sure you want to click
[359]
cancel o Co Group and then it'll take
both of those trades out another way to
[365]
actually put these Osio orders in is
actually using an active trader tab so
[371]
if I click over here on the right on the
active trader tab it'll bring up this
[375]
active trader tab and we can create a
another oshio order or a buy with a no
[382]
Co order so how to do that is you want
to click on template and then trigger
[388]
with bracket and so
this will allow you to buy shares with
[395]
the O Co bracket order with that you
know stop-loss or that buy limit for
[401]
taking profits for Apple here for this
trade we probably want to have about 50
[406]
cents on each side just for a good
example so we want to change the offset
[411]
here to 50 Cent's and we want to make
sure that this stays a negative number
[416]
for our buy stop otherwise it'll be
positive and we might get filled 50
[421]
cents above the market right away so
even though on here you can see at the
[426]
active trader it says that these
triggers look like they're gonna be
[430]
right next to each other once you get
filled they will go to their respective
[434]
distances so if I click over here to
actually buy because we want to buy
[438]
under chairs I'm just gonna buy 100
shares here and then that'll get filled
[445]
up potentially so you can see that this
order then because we haven't got filled
[450]
on these buying a hundred shares that
that order will be shown there as well
[455]
so you can see we have the hundred
shares trying to get filled and then we
[459]
also have the stop order as well here to
quickly show you one last thing if you
[465]
want to just move this whole bracket up
as a whole
[469]
essentially trailing up your stop and
moving your limit higher you can drag
[475]
this gear over here or the link on the
side so if I just click and drag this
[481]
you can see that the little bar is
moving and that's where your stops will
[486]
get moved to so I can just move these if
I wanted to move them a little higher
[489]
it'll come up with another order and
then that'll send in that new limit
[494]
order and you can see it'll be in a
different spot so that's a different way
[499]
to just change both of them around
instead of one individually at a time a
[504]
things are chain of this video if you
want to learn more about the thinkorswim
[507]
platform or just trading in general make
sure to subscribe to the channel and if
[512]
you have any questions make sure to ask
them in the comments below
Most Recent Videos:
You can go back to the homepage right here: Homepage