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good afternoon how would you like to have better control over the prices that you receive when you place orders today I'm going to show you how thinkorswim can help you accomplish that hold on all right well I'm so happy to see you joining me here this afternoon and we have people joining us from all over the place we've got New Jersey Miami Columbia Salt Lake City whoo-hoo North Carolina Florida couple Florida's Naples Jacksonville Gardnerville Nevada and Maryland hey thanks for joining us here this afternoon one of the things we're going to focus on is how you can use the controls and thinkorswim to help you get the prices that are more desirable to you and help you feel like you have more control let's go through our disclosures and then we will get down to the fun of things and lay out our agenda options are not suitable for all investors is the special risks inherent option trading may exposed investors to potentially wrap it in substantial losses past performance of any security strategy is not guarantee future results or success a stop order will not guarantee an execution at or near the activation price once activated they compete with other incoming market orders all right appreciate yeah I see a few more places here we've got Chicago in Arizona and Puerto Rico Albany that's awesome I enjoy kind of seeing the different places that you're coming from now for our agenda today I'm going to teach you we're gonna build upon what we talked about last week and I'm going to teach you some additional things beyond that in terms of placing orders maybe you feel like hey I've got some of those basics down I'm ready for a little bit more meat well we're gonna have a little bit more meat now for some of you it'll be really easy to pick up those of you that are maybe you super super new to the thinkorswim platform you may have to review this recording again or we may talk about trades you're not quite - at this point but there should be something for everybody all right so we're going to show you that I'm going to teach you a custom template that you can use over and over again if you decide you like it or you make your own variation of it alright and then what I want to do at the end is leave it about five minutes or so to answer you questions and some classes it's easy to accommodate that it seems like in this class there are lots of questions so we'll save some time at the end for that alright let's jump over to thinkorswim here that out of our way there we go as my screen comes up here you can see my Twitter handle it's the coolest supposedly because it's at chilled underscored TDA and as coaches we put out information during the day that we think maybe is helpful to you or things that we notice and so it's nice if you go ahead and follow us you can be updated on all those types of tweets when they come through also if you subscribe to our channels investor insights and trader talks that will give you updates so that you know when something new has come out that could be really helpful for you all right we're looking at CSX and you may notice that they're potentially for some people might be a buy signal here today right trend has definitely been headed up with higher highs and higher lows it looked like today that it broke out with some really pretty decent volume above that short for resistance area so some people may say hey they like that as a potential entry and it didn't go really far past the resistance so that might really act as support for the stock so we're going to just take those assumptions into consideration here as we do a practice paper trade on CSX now I'm going to come to the trade tab and we're gonna bring up CSX and the first thing we're gonna do is we are going to put in an order here we're gonna suppose that you're bullish on the trade this spread is widened out a little bit since I looked at it earlier today but we're gonna go ahead and run with it let's go ahead and we're gonna get the 65 strike price we're gonna put an order in and go ahead and select on it just a single click and you'll see it brings the order type in now normally when I haven't been playing around with it it'll bring this little field up here as a single order in fact I want you to keep your eye on this area because we're going to be changing it a little bit here all right so you're gonna keep your eye in that area so we have our comm for 263 now let's suppose on the call just like we would do with this stock we're interested in doing and one cancels other order there's a lot of different ways to piece these together but what I'm gonna do is I'm going to select on single order and I'm gonna choose first triggers OC oh and remember OC all means one cancels other typically people will set it up so that they have a target at one end and I stop on the other piece and then whichever one it hits first that's the one that's going to get executed so let's go ahead and kind of build this out so I'm gonna do a right mouse click anywhere on that row and I'm gonna say creat create opposite order I'm gonna do that twice create opposite order now you can do it any way they're identical I'm in the habit of saying my first one is the target and my second one is the stop-loss now let's suppose that you want to make this be based on the price of the stock rather than the price of the option okay let's go through and do this instead of having limit orders here we're gonna change both of them actually we're gonna change both of them here this one's get a BS stop and then it doesn't appear until you hover over it but then there's going to be this little gear that's going to allow us to put some conditions in there now notice the price of the stock is 66 and so we are going to say we're gonna use that price looks like as last price was sixty six point forty one so a little bit of change so I click on that gear and up pops this little box now in the past and what we did last week is we just put the price of the stock in here that we were buying the stock we wanted to get out at a certain price this time we're gonna say well it's the option we want to get out of so we're gonna click on symbol CSX comes in method typically the system likes the mark that's the midway between the bid and the ask in this case it's going to be less than or equal to and we want to have a certain price now I'm going to put this is the target so I'm going to put something higher than 66 and changed I'm going to go ahead just for our purposes and put it at 71 I know it's a little hard for you to see that I put 71 in there and then come down here and look and just make sure you've got this setup the right way and the price of the security is less or equal to 71 I actually want that to be greater than or equal to so we're gonna switch this to go this direction that's how you can verify all right now up at the top here the second or the first part of the screen tells you how do you want the order submitted and this is where you can gain a little bit of control where otherwise you might not have used it in the past because this bottom section basically says what are the conditions and then once the conditions are Matt how do you want the order to go in and so we might say well we certainly want this to be longer than a day order let's make it a good tell cancelled you could do it here or you could do it down here at the beginning screen then this is where you can have a little bit more control the price rules right now and this is the default and you're probably used to this it says once that condition is met put in a market order sometimes if the conditions are Matt first thing in the morning and you may have found this that sometimes you don't get a great fill rate because prices are bouncing everywhere and a market order says fill me at the next available prices so sometimes it's not as happy as good as you would hope for it to be and maybe even as good as what you are singing a trade for so this is the trick instead of having it be a market order come down here and have it be a limit order and then we are going to link it to something here we're going to link this to a trigger price and then all of these fields are used together this limit offsets basically says I'm willing to pay whatever this price is beyond actually let's yeah beyond the price that it would trigger so if it's a buy order what's it going to trigger it's gonna trigger the ask price if it's a bit order it's a sell then it's and it's a sell then typically it's going to trigger off that the bid price so if you wanted to say gee I want it I want to get a little bit more out of it submit the order a little bit higher you could come in here and say add five cents to it or if you're trying to get in and you're trying to get filled on something and you don't want to pay quite the limit price and you see there's a little bit of a spread you might be able to work with you could come in here and say okay minus ten cents maybe it's a 30 cent spread or something like that and you want it to be submitted as a limit order but take 10 cents off of that so hopefully you get filled at a little bit better price now for some of you this may make a difference and you might like it for others of you you might not like it you might say I don't want to risk being stuck in there because I'm trying to save a dime or trying to save a nickel all right you may say I'm okay with zero just put it in at the current limit price and I'll be happy with it okay but if you did want to massage it a little bit that is how you could do it is with of at the top part of that order now I'm just checking in here to see if there's any questions that are pertinent to our discussion right now and I don't see any so I'm going to continue on all right does that make sense you guys this is how you want it to execute this is the control that you have or the conditions that you want to have met and you can do it on both sides of the order that was selling at the target and this one might be the stop you could have it be based on the price of the option see if the price of this went down to a buck fifty you could do that on the price of the option and have the other side be based on the price of a stock or if you liked having it based on the price let's put this back to stop the price of a stock let's say in this case let's say it drips or slips down to say 63 and you can do the same thing here we want the price of the stock to be triggered on less than or equal to sixty three dollars and just check down here less than or equal to sixty three dollars just to make sure you've got your less than or equal that or less than or greater than sign the right way and then you could do the same thing up here do you want the trigger price to be a buck fifty do want the trigger price not really to be there but maybe based on a market order based on the price and you could do the same thing here where you say I want it to be a limit order linked to in this case let's keep it as a manual and the limit price you could specify that but if we come down here and say the trigger it changes to limit offset and this is where you could say well it's a stop I don't want to pay them I would like to get a little bit better out of it than the natural bid price and so you could say oh you know give me ten cents more but sometimes remember that means it'll submit it as a limit order ten cents higher than the current bid price you might not get filled just to be aware of that all right let's go to the next thing I want to do with you and show you how it works I'm gonna just delete all of that we're gonna look at Appl most people have heard of Apple and might be very familiar with Apple we are going to create our own custom template those of you that are not option traders yet don't let your eyes glaze over too much because you might be thinking of applications where you could use it as well in the sense of creating something that you like and wanting to use it over and over again with that having to recreate the well so what we're gonna do here on Apple we're gonna do a little trade and it's going to be a short vertical trade so we're going to go on the put side of things those of you that are option traders know typically Apple has a lot of open interest in their options which makes it easier for us to trade right if there's other contracts to trade with well we are gonna do we're gonna do a short put vertical on the to 72 65 foot spread we don't have a lot of time left in this and I don't want to get in too much into the strategy of short verticals if you're interested in that strategy there's a class that we teach on it every Wednesday and let me double check the time at 3:00 Eastern Time for this specific strategy short verticals all right so we're gonna come up here to the 270 Road it looks like the bid a sporadic on this particular strike price is a little bit wide right now but normally that's not because so you can see the 267 50 is just 15 cents difference same thing down here so this is just happens to be a little bit artificial not a problem and we're going to say sell vertical it's going to queue up the two strike prices in order but we're going to change the to 67 52 to 65 here we go to 65 and then our credits gonna change and be a little bit different now it's not so important what that credit is for what I'm going to show you because this really isn't a strategy class it's a platform demo class now suppose that you treated your stops and you're locking in profits the same all the time then you might think hey let's set up a custom template here so this is set up to do a first triggers lco because that was the last thing I had in here if we wanted it to be different we would need to come and change it but in this case it's actually what we want we're going to come in and create two opposite orders again so I'm going to say create opposite create opposite now what if you like to get a certain percentage of the max potential gain of a dollar 65 suppose you were always as part of your role structure we're happy with getting out at 80% people might use different numbers we're gonna use 80% today let's plug that in alright so what we're gonna do is we're gonna change this to a trigger and right here where my mouse is right above it it has a plus and a minus you can use dollars and cents with it we're gonna use percentages I'm gonna click on that twice hopefully you can see that's a percentage I think that doesn't show up the best but that's what it is okay if you try it on your exchange it - trigger click it twice to get the percent and here what if you said you know if I can get 80% of the max gain and I'm good with that whatever the 80% of a buck 65 is you are a happy camper alright then we're going to set that one up at 80% and notice here it has a little minus sign in front of it now sometimes people do this and you don't have to do this but they'll have an order set in their mind that a point they might want to get out on a spread all right and so let's suppose in this case the reason you the way you wanted to get out is if it went a hundred percent against you typically in a max loss scenario it would be more than a hundred percent of the credit that would go against you right because it's a high probability trade so let's suppose in this case you said let me set my stop over here we're gonna do a little trigger and again that little field comes on with the plus and minus I'm going to click on it twice we're going to get the percent sign and then in this case we are going to put we're gonna say if it gets to 100 percent plus meaning twice about 65 if he goes against me the amount of credit I was gonna get in that's where I want to stop it and you suppose that was rear rules and you like those rules and I'm not saying everybody should have those rules but just the idea that that's maybe how you like to treat that type of a trade you can set this up as a custom template so that every time you don't have to rebuild this we could pull it up so we're gonna do that I'm gonna come over here to this little icon it's gonna be left of the delete button I'm gonna select on it and it's gonna give it a name which usually is a pretty long name first triggers oco-2 vertical to wide right it gets all the stuff on it maybe for our purposes I'm gonna go to the very front here and I'm gonna give it a much shorter name I'm gonna call it I'm gonna call it a short put vertical Osio 80 100 to me that makes sense without drawing the whole thing out now in our case we're just gonna do one contract size because I just want you to see how it works and I'm gonna go ahead and hit save and that is going to save as a template that you can use anytime and we can also go ahead at this point and hit confirm and send I made a mistake here I need to go fix it I forgot to make these good till cancelled so glad I caught that we're gonna update this and we're gonna go grab PLAs um here we go this last one here you can tell I've created a few SP vo Co 8100 now I've got the good tool councils on there alright and then we're gonna go ahead and his same let's see here it's acting a little frozen not sure why it's freezing there of course it's because we're live right I'm gonna hit escape and see if I just can't either save that or cancel it or give it a different name let's put a Z in the end maybe it'll like it if it's completely different okay it's got a Z at the end now and then you could confirm it in confirming sand send it in because I don't necessarily want to follow up with that but I want to show you how to use it in a different example it's gonna hit delete we're gonna go choose a different stock let's go choose Disney we're not gonna debate the merits of Disney having a good trade right now looks like their spreads are a little bit wide here after hours but let's come around this 30 ish Delta so that's the 101 strike I do a right mouse-click and I'm gonna say sell custom and then look at these choices down here alright here's our one that we just created SP d short put vertical o Co 8100 Z I'm gonna choose it and then it'll apply that custom template to these filters what it was supposed to do that didn't look so good you should have put these percentages in here I'll try it again here we've got our trigger percent and then we're gonna say minus 80 that's what we had there here's our stop we're gonna make it base B based on a trigger as well and we're gonna say plus 100 it goes a hundred percent against us make him gtcys where's those did come up as gtcys that needs to be a percent not sure why it didn't do the way that I was trying to show you how to do it I'm just gonna check in my notes here and the chats Chris is telling me set your linked maybe it's not to me Oh LC out I'll see y'all I'm not sure if I pronounced that correctly said how do you get the % again and Chris was trying to help when you change this to a trigger TRG then it gives you this little box and initially it brings it in as a plus and a minus click it on there twice and it'll go through a tick and then the next one will be % alright so you just quit till you get those two percents okay perfect perfect so the bottom line here is once you identify how you would like it to acts you can use it over and over again and like I said I'm not sure why you did not go and save it as my percents here it saved it just with the 53 cents credit so I'm gonna trace saving this again with a very distinct order third very distinct name than what we use I'm gonna say class SPV template and we'll go ahead and hit save ok to confirm and sand and then I'm just gonna delete it you can read up here sort of in English what you're expected to do or what you're expecting the system to do just read through it and as I do it looks like it's got a proper - 80% plus a hundred percent and then the nice thing about this is that it will always be based on whatever this number is okay doesn't matter if it's 53 senses it's a buck 65 if it's 275 it really doesn't matter then you're not going through and figuring out the math although there's nothing wrong with figuring out the math it's a nice thing to do now let's try this one more time sell custom short put vertical I called it class SPB templates okay came up right this time I'm not sure why it didn't come up right the last time my guess is is I didn't take it to the confirm in sand spot initiating a finalization of it so that that could be why it didn't do it but it definitely brought up the template just like we set it up so again you could bring this up with anything so how do I get the template again right mouse click sell custom and then come down to your custom template that you've already set up and this can be really helpful give you a little bit more control so you don't have to like go recalculate things oh I got filled out about 50 instead of about 20 that I was expecting awesome let's you know you don't have to go out and do that type of mouth all right so let me check and see if there are others out here that have any other questions all right this took a little bit longer than I expected it to take although I knew it would take a little bit longer do you have any questions on this and actually any questions on anything we've talked about and I'm just gonna leave about five minutes at the end of our session to have question and answers so if you have any go ahead and chat those in while I go through my closing procedures all right so today we talked about ways to give yourself more control over a order in terms of the pricing that you're looking for taught you how to create a custom template for short verticals in this case sort put vertical and now we're gonna have a question answer period now what can you do to reinforce this go out and give it a try if you're somebody that knows about short verticals or knows a particular trade go ahead and try to create your own custom template and then save it give it a name you'll recognize and then go out and see if it works okay my advice to you is make sure to take it to the confirm and send stage because that's what I think messed my not why it didn't lock it into place even though I think it should have all right so to reinforce that just go through and try to do it yourself and then I would say you know take like say three or four different stocks and work through different scenarios using that custom template that will help reinforce how to do that in the future a jason says I noticed that after you clicked at it on the confirm page it changed from trigger to manual let's go look meaning when I put it I think this is what you're saying to me Jason when I said confirm in sand when I did this originally on not Disney but Apple you're saying when I did it here you noticed it changed something up here or did it tit or did it change it over here that could be hmm question let's see oh you're thinking it's a glitch you've had it happen to you a couple of times okay appreciate that Jason Anthony says did you and so did you enter for by lines again actually in this case that we just did a short poet vertical we'll come back to it here and the pink line is when you're selling that vertical it creates a credit and so we're we're selling that and then we have two rows that are Oh Co orders and technically this one goes together that one goes together that did change that did not I went to confirm in sand and then I hit at it when I came back from a de it had changed it so I think you're right Jason there's a little glitch going on I'll report that because that shouldn't occur to change those back to those credits that should keep those percentages that we had in there there's a question here dumper slack is they're totally basic class that goes over everything from the beginning now technically you're in that class alright but this was not the first class where we started over so let me show you where you can find it and I'm going to use TD Ameritrade cuz I can kind of make it a little bit bigger for you to see and so to find it you come over here to education and then come over here to webcasts and this is where you're beginning to see the layout of the classes coming up as well as the archives and so this little tab here right to the right of the upcoming webcast archived webcast that's where you can see the recordings of not only this class but other classes but suppose you were looking for the previous two weeks okay where we did cover a little bit more basic material come over here and select beginner and then topic select platform demo and then come over here and just choose my name there are three of us that teach some getting started classes and so oh I forgot to click on archived webcasts let me do it one more time beginner platform demo and my name there we go so last week we did more sophisticated order types though didn't mean to click that all the way I just meant to point this one right before it right here novice placing and finding trades that might be a more appropriate for you because we're doing just very basic orders this one we took it up a notch from what we had covered last week in the week before so my suggestion is come out here listen to that and you may have to listen to it a couple times if this is very new if trading is new to you and and it's not only the platform but trading as new as well you might find it helpful to do it a couple of times and then go and practice in your paper money account that's a great plain ground that uses actual data but you're not really risking your money Anthony I guess I probably didn't totally answer your question when you said why two lines for each order it wasn't supposed to be the system changed it back and that's the glitch that Jason was letting me know about that it seems to be doing that okay so so it shouldn't be doing that let's see what kipper says here okay kipper let me let me read through this I want to practice options on paper trade good papers good can they be saved and executed or can they only be created and then you always have to delete them or my expert back tuitions incorrect well let me go back here to thinkorswim because I don't want to use this one because it didn't come back correctly let me redo it actually that's not true let me just do it let me delete it and let's just do say a basic call and suppose you wanted to practice basic calls and you said oh there's a little bit there maybe I can negotiate between the bid and the ask you could come in and type in a different price or you could see down here there's this little line and it shows you in lighter colored gray so you might not be able to see it that well it says midpoint price natural price so you can put in whatever price you want and absolutely you're on paper go ahead and hit confirm and hit Send where does it go since the markets closed is going to come over here to your working orders and all right here we have ten work you know orders you can see most of them are pink which means their stop-loss orders and then I've got this order here for Disney that I just put in and so no you can absolutely follow it through that's the beauty of having pay per trade you don't just have to set it up like hey this is how I would buy it or I would sell it it's like no push it through and then follow it so you can really understand the strategies and so you're you're on track but no go ahead and push it through after you hit confirming sans go ahead and his sound ooh Kippur wants to know where are we taught how to draw lines in charting we're gonna do that in a couple of weeks all right we can only eat a piece of the elephant a little bit at a time and this has so many parts to it next week I'll tell you we are going to be on the trade tab and if you're an options trader or you are wanting to know about options and and how this page can help yeah we're that's what we're gonna spend our time on it's talking about the trade tab most of its going to be particular to option traders or wannabe option traders Louie says his thinkorswim basically and the options trading platform you can certainly trade stocks ETFs all sorts of things as well as options I will say this it has a light a lot of nice functionality for option traders but it doesn't mean you have to be an options trader to use it because it's really a pretty slick platform alright so so don't worry if you're not an options trader you would probably more so just use the top part let's say for example the trade tab and then if you're like ok yeah I want to buy a Disney stock just you know come over here and select on the ask price or you could say buy custom with and I'll steel bracket order and it would set up a target and a stop for you so it has some really nice tools and you don't have to be an option trader yes so and you know your question kipper was you're you're wanting to know about drying lines on the charts I'm willing to bet if you went to one of our other classes that is an option strategy class my guess is they will show you as just they will be demonstrating how to draw those lines okay the other place you could learn a little bit is in getting started with stock investing when we talk about technical analysis we use support resistance and I tell people and show you how in that quiet class to draw those lines alright so that could be an archive you can check out as well Jason do you find an undemanding for filling the day of trading when the market is closed I would I don't play a lot with the on-demand but what I do check our futures contracts to just kind of see where the morning is likely to start because we've got Asia to trade we've got Europe to trade before we open up our markets again and many times what happens over there will will influence how our markets trade alright last question here appreciate you throwing some questions out me because I want to help you out chris is let's see okay chris is giving you some idea about drawing on the chart with Fibonacci's which might be a little bit more advanced but it would give you the idea of how you draw on charts Cory says can you further explain the first triggers osio order you bet and that's the one we have up here and basically what it means is until this first order that's the buy order is filled the other two are not going to get filled they're not going to go out to working orders this one has to get triggered first then it'll go so for example say here you had the order good for a day and it didn't get filled that day both of these would cancel out although more likely than not you'd already changed these to good till cancelled which is about six months but it absolutely must trigger or because you if not you don't want any of those sell orders out there because that would sell you short that would not be happy hopefully that helps on that Cory appreciate that Jason saying hey we've got a lot of information in our archives and we absolutely do okay Celina let me just comment on Lina's if I already have a single order as a short put vertical and enter the trade can I set up a closing order with triggers and stops on the way that I showed it like maybe the next day or the day after yes let's come over here to my monitor tab and let me go find something that doesn't have an order on it and let's look at this is just our Disney order that we just did so let me go to one of my others let's use Boeing as an example here this is a vertical trade this and was actually a long put vertical I was trying to find one that's exactly the same as what we're looking at which I don't think I have a good example of but this is what you would do come over here to where is this Boeing do a right mouse-click create clothing order and then it'll give you three choices choose the top one and then that will put it'll create that one closing order then you to come down here and you would change it it's not going to be a first triggers Oh CEO just select Osio and then create a duplicate order and then you can configure them one for the target one for the loss and yes anytime you've got an order in there and you you don't have a closing order on it you absolutely can set that up so probably others that have that same question thank you Lena kunal ok Kunal you've got the last question I'm looking for a way to stop the message as long as the markets are open the TD Ameritrade Network will continue to be life I think I know what you're talking about Kunal and what you're talking about are messages that correct me if I'm wrong ok messages that occur here in the upper left hand corner throughout the day some of those messages have to do with some of the programming that thinkorswim has going on so what you can do you can come to this upper right hand corner I haven't played with this for all but I think it's still where I'm gonna take us so come to set up come to application settings come to notifications and then over here on the left are the different things you can select notifications on and I bet if you go into yours toss announcement has a checkmark and if you didn't want that just go ahead and turn it off ok some people will still want to know when the order gets filled and get that little message I think that's kind of a helpful one but that's what I think you're talking about and so you could turn that off we do have a cover 2 cos class kipper wants to know I keep telling you this is the last question ok for real tip for last question we do have a cover cause classes on Mondays back let's go back to our thinkorswim and I'm going to bring it to our calendar and it took place today let's see here I'm the last class of the day and I thought it was on there it is from 3 to 3:45 Eastern Time everything's Eastern Time on the website it's a strategy focused class which means we follow up with it week after week it's covered cause and short put verticals and short putts puts alright so very frequently will they talk about covered calls yes they may have some covered calls they may have some shorts short puts ok but that's where we focus on that class probably the archives will be ready if you want to go out and check that out today could very well be ready for you right now all right well you guys this is the last class of the night tomorrow morning John McNichol will be here with I think it is yeah swing trading I almost forgot he's going to talk about swing trading starts at 9:30 Eastern so right when the opening bell rings John it's gonna be here at that class I'd love to have you joining especially those of you that maybe are looking to see what can I do in shorter time frames when we've got some volatility going on a little bit of swinging of the market all right like I said next week we're gonna spend time on the trade tab and then after that we will be going to charts all right that'll be our next couple of weeks that we get into so appreciate you joining me I'm glad you have some questions we get answer for you we do have some question answer sessions during the week Wednesday at 5 p.m. Eastern Time as well as Thursday we have question answer sessions that you can come you can ask any question you want and one of our coaches will be able to be there and answer the questions for you all right thanks everyone appreciate your goodness stay safe we'll see you next time oh I don't need to do one other thing I almost forgot I do need to go through our closing disclosures and remind you that in order to demonstrate functionality of the platform we need to use actual symbols the TD Ameritrade does not give commendations are determined suitability of any security or strategy for individual traders any investment decision you make in your self-directed account is solely your responsibility have a good night everyone we'll see you next week bye bye you