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 many types of Stock orders: Buy Market, Sell,  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

Select + Add Condition to open the condition wizard. Select Choose Condition(s).

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. $270).

Set the desired Minimum and Maximum values and click OK.

Click + Add Condition to create a second condition. This opens the condition wizard. Select Choose Condition(s).

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).

Click the Condition dropdown, choose Above Moving Average 50

Click OK to add the second condition and apply the conditions to the order.

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

4. The Conditions are set to Trigger the Stock Order

The condition icon now shows the 2 conditions which must be met before the order is sent to the Market to be filled.

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 (blue funnel) to open the condition menu

Click the Folder icon to open the Condition Library.

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.