Ever wanted to buy an option when a stock got to a certain price level but weren’t sure what the price of the option would be? Me too, so instead I often use Contingent orders so that when a stock or ETF reaches a price level I specify, then the option order is triggered and I’m in the trade. This video goes over how to place this order in the Think or Swim platform and is a trade I’m looking to get in once my price target is met.
At StockOptionAssassin.com, we often use Contingent orders and One Cancels Other orders in our Marketing Timing Service to help our clients automate their option trades so they don’t have to watch the market all day.
Enjoy the video and contact us if you have any questions
about this technique.
Contingent Order Tutorial Video Transcription
Good afternoon. It’s Thursday, October 6th, almost 3 p.m. I wanted to make a quick video for our subscribers on how to place a contingent order in the ThinkOrSwim platform to purchase an option. Sometimes you can do this with ETFs or stock, but not everyone knows how to do this with the option. I just wanted to show this.
So, the setup I’m looking for is here in VLO (Valero Energy). And I’m actually looking to get short here because it hit here and rallied back up. It’s coming in on the 61.8 retracement of this impulse leg down. It’s pretty bullish the last few days.