how to use thinkorswim - beyond insights...title what is options author jaren-goh created date...
Post on 24-Apr-2020
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How to use Thinkorswimto Buy a Call Option
with simple Profit Takingand Stop Loss
using Bracket Order
by Beyond Insights Sdn Bhd
Copyright © 2010 Beyond Insights Sdn. Bhd 1
Enter your Username and PasswordClick “OK” to log into Thinkorswim
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Toggle the ‘Triangle-icon’ to hide/unhide the detail of Stock & Options
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Click the ‘Triangle-icon’ to see the Option Chain (Jan 11 in this example means 3rd Friday of Jan 2011)
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Enter the # of Strike Price you wanted to see (4 Strike Prices in this example)
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27 days from expiration
Jan 2011 expiration
Call OptionsPut Options
Assume you are Bullish about Microsoft (MSFT)and you believe there is good Support @ $27.00.
So you decide to Buy a $27.50 Strike Price Call Option (closest strike Price available)
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Support
Right click on the Ask Price of the $27.5 Strike Call > Select “BUY Custom” > Select “with OCO Bracket”
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$27.5 Strike Price
Ask Price
Call Options
Bid Price
The ORDER ENTRY Window will reflect the $27.5 Call with OCO Bracket that we have just entered
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This is a BULL CALL Income Strategy :Buy $26 Call &Sell $27.5 Call
Default Profit Taking is $1 Above Entry Price &Default STOP LOSS is $1 Below Entry Price
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This is a BULL CALL Income Strategy :Buy $26 Call &Sell $27.5 Call
ORDER ENTRY
Default Entry Price @ Market Price
Default Profit Taking is $1 above Entry Price
Default STOP LOSS is $1 below Entry Price
Edit the # of Contract directly (or use the up/down arrow to adjust accordingly)
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Click the “Lock” to lock our Entry Price at our desire price instead of following the market price
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“Entry Price” Changed to $0.90 in this example(Assume our plan is to Enter @ $0.90 and Take Profit @ 1.20 and Cut Loss @ $0.60)
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Change the Day Order to Good Till Cancel Order(Day to GTC)
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Profit Taking Changed to $1.20 and STOP LOSS Changed to $0.60 in this example
(Assume our plan is to Enter @ $0.90 and Take Profit @ 1.20 and Cut Loss @ $0.60)
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Profit Taking @ $1.20
STOP LOSS @ $0.60
Good Till Cancel Order
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