To improve your profit potential and better manage your trading risks, conditional orders let you set order triggers for stocks and options based on price movement of other stocks or indices.
Automatically adjusts your stop order when market conditions move in your favor.
Releases your order when your specified price is met on a stock or index.
Create a live primary order and a secondary order triggered if the primary executes.
Two live orders - if one executes the other is automatically cancelled.
A trailing stop order is either a stop loss or stop limit order in which the price of the stop adjusts automatically when the market is working in your favor.
A trailing stop helps protect profits while providing downside protection.
With a trailing stop order you do not need to manage your open stop orders by constantly adjusting for price changes in the stock.
Important Details
- Trailing stop loss orders trigger a market order
- Trailing stop limit orders trigger a limit order
- Trailing Stop can be either Day orders or Good 'Til Canceled (GTC) orders
- GTC orders are good for 120 days
- Trailing Stop orders are available on equities
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Trailing Stop orders can be set with a percentage (%) or dollar ($) trail value
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A contingent order triggers an equity or option order based on the price movement of any stock or up to 40 selected indices.
Important Details
- Order can be for stock or single-leg options
- Contingent Orders can be either Day orders or Good 'Til Canceled (GTC) orders
- For Day Contingent Orders, both the contingent criterion and order are good for the day only
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For GTC Contingent Orders, both the contingent criterion and order are good for 120 days. If the contingency is met on day 60, the triggered order is live for 60 days.
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A One Triggers the Other order (OTO) actually creates two orders: a primary order and a secondary order. If the primary order executes, the secondary order is automatically triggered to release to the market
A One Triggers the Other order can help you save time: place a buy order as your primary order and a corresponding sell limit or sell stop at the same time. Or, if you trade options regularly, use a One Triggers the Other order to leg into a buy-write or covered call position.
A One Triggers the Other order can be set for stocks or single options in any combination.
Important Details
- Create an OTO for any combination of stock and/or single leg options
- Time in force must be same for both orders
- For OTO orders that are GTC, the whole order is good for 120 days (e.g., if the primary order executes on day 15, the secondary order is live for 105 days)
- If the primary order is cancelled, the secondary order is also cancelled
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If the secondary order is cancelled, the primary order remains open as separate order
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With a One Cancels the Other order (OCO), two orders are live in the market at the same time. If either order executes, the other is automatically triggered to cancel.
Orders can be for any combination of stocks or single-leg options.
Important Details
- If either order is cancelled, the other order remains open
- For retirement accounts, a price reasonability check helps prevent both OCO orders from executing in a fast market. This feature does not exist in non-retirement accounts.
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Orders can be for the same shares of the same stock, but on opposite sides of the market (sell limit and sell stop)
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