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How to Add Q-OCO Orders with Trailing Stops
Video Transcript
Let's get fancy! Let's come in here and do some advanced strategies with the Q-OCO's. Let's come in here and create a new one. We're going to add a new OCO, and I'll label it here in just a minute. We want to come in and we're going to put a Stop count at 25 and I'm going to do a Limit at 45. I'm going to make this be a Stop order, but this time I'm going to tell it that the Stop order that we placed the OCO Stop order, I want it to automatically trail. I'm going to have it trail, and I've got a whole selection over here of things that I can trial behind. Percent Open Profit, Dollars Behind, Number of Price Bars Back, etc..
I'm going to use Number of Price Bars Back. I'm going to put in here 3.1. What that means is, it's going to trail back behind the market the OCO that I placed in there, once the order is filled and it starts trailing, it's going to trial 3 price bars back and plus 1 minimum move. So, 1 minimum move beyond the 3rd price bar back. I'm going to trail until break even, and I'm going to use a Filter Lower, Higher/Higher Lows. That Lower, Highs/Higher Lows is basically for the number of price bars back, that's what we use that one for.
That's my Stop Entry settings. I'm going to come in here and I'm going to make this be a Stop: 25 and 45 on the Limit. I'm going to also put in here that it is a Number of Price Bars. Let's put that in there: let's go 3 Price Bars Trailing Stop. That makes sense to me! So, now we can go in there, we can hit okay. Now I have my settings in here to be- I have a setting that I can say Stop: 25 with a 45 Limit and it's going to automatically trail 3 Price Bars back. I select that one, go ahead, place the order. Place that order in there, and hit okay.
What's going to happen is if the market goes up, fills this order, these orders will then become active and this trailing stop will automatically jump to 3 Price Bars back and 1 minimum move, and continue to trail 3 Price Bars back with 1 minimum move, as long as that market is continuing to rally in our favor. That's a nice neat little trick of being able to come in and automatically set up your settings to automatically trail that stop so all of your settings are set automatically with one simple little click of the mouse!