TC2000 Help SiteTrading Stocks & Options Trading StocksHow to Place Conditional Orders on Stocks

How to Place Conditional Orders on Stocks

Using conditional orders, you can place an order for a stock which is triggered by a condition met by price, indicators, etc., on that stock. Here are the steps for triggering an option order based on a condition or condition set.

1. Open the Stock Order Ticket

Click the Buy button at the bottom left of the chart price pane.

Select Buy {Sym}...to place a Limit Order on the chart

Note: Conditional orders can also be set on all types of Stock orders: Buy Market, Stop, Stop Limits; Sell, Sell Stop, Sell Stop Limit; Buy to Cover, Sell to Close; Trendline; Indicator; etc.

This places an on-chart order ticket for a limit order on the chart.

2. Set the Order parameters

Using the drop down menu select the desired Order type

Using the Trade Slider, click and drag the Strike Price line to the desired Limit Price.

Select the Limit basis

Select the Quantity

Set the Duration for the order

Optional: set the More options

3. Create New Condition for the Order

Click the Condition icon (blue funnel) to open the condition menu

Click Add Condition

Select Add Condition

In the Search field type the name of the condition(s) to be used for the Order.

If you don't know the name of the criteria you can use the Categories to narrow the list and scroll to find the desired criteria desired.

Click the criteria to be used for the condition.

Note: In this example we will build a Condition set looking for this stock to have a price over $270 and Volume above its moving average. However, any indicators, fundamentals, formula, etc., in the condition criteria library can be used for constructing a condition/condition set. For more on creating conditions, click here.

Click the Condition dropdown and select Greater Than from the list.

Set the desire value (e.g. above $270) and click OK.

Set the desired Minimum and Maximum values and click OK.

Click Add Condition to create a second condition. You can use multiple conditions (a Condition Set) to trigger an order.

Select Add  Condition

In the Search field type the name of the condition(s) to be used for the Order.

If you don't know the name of the criteria you can use the Categories to narrow the list and scroll to find the desired criteria desired.

Click the criteria to be used for the condition.

Add a moving average to Volume (using the plus sign next to Volume).

Set the desired Minimum and Maximum values and click OK.

Click the Condition dropdown, choose Above Moving Average 50

Click OK to add the second condition.

Note: when creating individual conditions, click the Save button to name and add them in the condition library for re-use.

4. Apply the Condition to Trigger the Stock Order

Click OK to Add the conditions to the order ticket.

The conditional order icon (blue funnel) will now show a number next to it (in this example, 2). This is the number of conditions involved in the conditional order.

5. Place the Limit Order

Click Buy {Sym} and then Place Order on the confirmation screen when it appears.

The order now appears on your chart. The conditions are noted by the condition icon (blue funnel) with the number of conditions next to it. Only when the conditions are met--the price above $270 on above average volume--will the order be placed.

You can edit the conditions in the live order by clicking on the condition icon (blue funnel) and then selecting/changing the individual conditions.

Submitting any edited conditions will create a modify order ticket and will actually modify the existing order based on the new condition parameters.

6. Alternative: Use Saved Condition from the Condition Library (Replacement in Step 3)

As an alternative to creating a new condition or condition set to use in the order, use a saved condition from the library. Click the Condition icon dropdown arrow (next to blue funnel) to open the condition menu

In the Search field type the name of an existing Condition or Condition Set to be used for the Order.

Select the existing Condition/Condition Set to be used.

This will apply the Condition/Condition Set to the Order ticket.

Follow step 5 to place the order.

The trading tools work on either a LIVE brokerage account or a PAPER (simulated) trading account. Live market trading requires an account with TC2000 Brokerage (www.TC2000Brokerage.com).

Disclaimer: Please note, because of the unique nature and many details in a conditional order, whenever you use any conditional order you will be prompted with the disclaimer explanation seen here. It is important to read and understand the implications of using conditional orders.