I sold covered call options, and I would like to buy to cover when the market opens on Monday. For this particular instrument, trading volume is a bit thin, and I would like to "hide" my orders so they are visible only when they are triggered by the market price.
Since I am buying to cover, I would love to get the lowest price available and lock in my profit. With volume very thin, the price is quite volatile.
I tried setting "STOP-LIMIT" buy to cover, with a $20 stop below the current price, and an Limit with $10 below the current price. TD Ameritrade app did not place the trade, and I received a notice : The stop price must be above the current bid and last for buy stop orders and below the current ask and last for sell stop orders. It seems as if STOP-LIMIT for buy order works only to get into a position for long, and is not suitable for closing out open short positions.
How do I set a hidden order to buy BELOW the current price ? I do not want to set a STOP-MARKET order. Given how volatile the option is, it could easily fill above my sell-price once triggered if there is not limit set.
Please advise :)