Cool things to do with
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Saved Custom Orders
Are you addicted to a particular set of OCO
rules, and get tired of recreating them every
time you want to do that trade? That’s what
that new little “floppy disc” icon is for in the
order entry panel.
You can now save your favorite order type
as a custom order. To do this, (1) create the
order you want to save on the Trade page. It
could be an OCO, or a stop order with a particular set of trigger rules, or a set of GTC orders
you want entered if a first order is filled. (2)
Next, look for a green floppy disc with an
orange puzzle piece (hey, it made sense to the
programmers) on the right-hand side of the
order entry panel. If you click that, ( 3) you can
create a name for your order and save it. Once
you’ve done that, if you right-click on the bid
or ask of the stock or an option, you can select
“Buy Custom” or “Sell Custom” and choose
your saved order from the menu. This will load
up that order type in the order entry panel.
Always double-check the details and look at
the order confirmation box to make sure it’s
still the order you want to route.
Figure 1 (top): 3 steps to saving a custom order. Figure 2 (bottom): Simple back-testing in 4 steps with thinkBack.
Back-Testing with thinkBack
thinkBack is thinkorswim’s new option back-testing feature. thinkBack lets you see
option quotes up to five years back, enter
simulated orders using those quotes, then
advance the date and see how that trade
fared over time.
For example, how would that short put
spread have done in BSC right before March
expiration? Or how about a short call vertical
in the VIX at about the same time, when the
volatility index spiked to 35%?
Simply (1) go to the thinkBack tab on the
thinkorswim software, (2) type in the under-
lying symbol in the upper left-hand corner
and hit the Enter key. ( 3) You’ll
see the current quotes by
default, but if you go to “Quote
Date” in the upper right-hand
corner, you can use the arrow
keys to scroll back through
time and ( 4) see the stock and
option prices change. You can
enter a simulated order in
thinkBack the same way you
would a real trade. Click on the
bid or ask to buy or sell, or right-click to cre-
ate a spread order. Then, go to “P/L Date” on
the lower right-hand side and change the
date to see how much money that position
would have made or lost.
Back-test your theories and cut
down time placing extravagant
orders with two of our newest tools.
Please, no applause necessary.