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I purchased 500 shares of an ETF at $64. I want to set up a stop-limit to sell all 500 shares if the price hits my stop of $63.80. But if the price goes up, I want to sell 200 shares at $64.50 and 300 shares at $65.

I know how to do an OCO with just two orders (for instance if I wanted a stop-limit at $63.80 and to sell everything above $65). But I can't figure out how to create something with three orders like this (with two or more limit orders above the current price, each selling a portion of my holdings as the price moves up).

I am using the ThinkOrSwim trading platform from Ameritrade. Whenever I try to create the first two orders (the stop-limit at $63.80 and the limit at $64.50), if I then try to create another limit order to sell the remaining 300 shares at $65, then thinkorswim cancels the first order (because it treats it as conflicting with the stop-limit, I think).

What is the correct way to create an order like this in thinkorswim?

  • Have you considered call trade support at Ameritrade? – Bob Baerker Oct 27 '19 at 19:27
  • Yes, I have considered it. – J Tray Oct 27 '19 at 22:49
  • It is possible that they don't allow it because what if your limit sell order for 200 shares at 64.50 gets filled, and then the price drops to 63.80? At that point you have a stop sell order for 500 shares, but you only own 300 shares. – 7529 May 9 at 21:31
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One way is to set conditional orders when you open the trade, then input your limit orders and place a stop on each individual limit order.

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