Stops on Spreads Using ThinkorSwim Mobile App
Today we’ll be learning how to place stops on spreads within the thinkorswim app. We’ll go through a few different examples, using stops on different types of spreads like verticals, iron condors, butterfly’s - and we’ll cover how this is done on a position you already hold as well as how to attach it to a brand new trade.
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The stop, or stop market order will let us set a specific price and if the spread ever hits that price a market order would get submitted to sell it immediately.
The stop limit is very similar where we set a price we want to get out at, but instead of a market order being submitted, we use a limit price. That allows us to set a minimum amount that we’re willing to accept…but again, pretty similar to the standard stop.
The final one, trailing stop let’s us set a trailing amount rather than a specific stop price. Meaning we could say if the spread ever drops by 5% get me out, or by .50 cents get me out. So rather than specifying an exact stop price, were saying we want the stop to move up along with the spread, then if it ever drops by that amount - then we want to exit the trade.
Timestamps
0:00 Intro
0:32 Stop on butterfly spread
6:03 Placing stop on iron condor
8:39 Placing stop on long vertical
10:12 Placing stop on short vertical
14:49 Outro
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