How to trade options using thinkorswim
This will bring you to the Trade Tab with an order to close the vertical call spread already prepared. Next we must modify it accordingly. What this does is places the order only if one of the two conditions is met in the table above. Next we must add the order to buy back the call for 0. Find the appropriate call this one is the June1 12 Weekly in the option chain above the Order Entry Tools. We must also change this order accordingly.
Change the Price to 0. Now go and follow the exact same steps for the put side of the Iron Condor. This order could be started right from the Trade Tab. About the middle of the screen under the Position Box, click the left arrowhead next to RUT to expand and show the 4 option positions.
Highlight them all and right click. This will populate the Order Entry. Here is what the final order will look like before you Confirm and Send. In conclusion, this article has visually displayed how to place two different types of OCO orders on a complex option strategy using the Thinkorswim platform. Using OCOs ensures that you will follow your trading plan rules which will ensure a higher chance for success in your trading endeavors. Thinkorswim often stylized and officially branded as "thinkorswim", lacking capitalization is a software product by TD Ameritrade that offers tools and educational services for online investing.
It is geared for self-directed stock, options and futures traders. It was previously offered by ThinkorSwim Group, Inc. TD Ameritrade provides services for self-directed option traders and institutional users who invest in equities , exchange-traded funds , futures , mutual funds and bonds.
Thinkorswim provides investor education and services for self-directed investors including trading tools and analytics. It offers a range of investor education products in a variety of interactive delivery formats, including instructor-led synchronous and asynchronous online courses, in-person workshops, one-on-one and one-to-many online coaching programs and telephone, live-chat and email support. Thinkorswim is used in conjunction with trades of equity securities, fixed income, index products, options, futures, other derivatives and foreign exchange.
Drew "Drew" and Eben D. Miller "Miller" were giving trading workshops under the guise of being full-time investors by trade, having made their fortunes in this manner as well as assuring students they would achieve the same results by following the Investools method. From Wikipedia, the free encyclopedia.