I'm trying to figure out if I got this right. The attached screenshot from the TOS interface shows an example order I put together, but I'm trying to confirm that all the knobs mean what I think they mean. In this particular example, what I'm trying to do is this:
- buy 100 CEF @ LMT $20.00, then only when that fills, submit a stop-limit order to sell the same 100 CEF.
The 2nd order will be submitted with a stop limit of (MARK - 1.00) (initially $19) and a limit offset of 10c.
*if* I got this right, the max loss for the trade if the stock falls continuously is $19 (the initial stop price) less the 0.10 limit offset or a final price of $18.90. (Assume at least for now that the stop limit DOES fill).
is that what this actually does, or do I have some of the parameters wrong?
- buy 100 CEF @ LMT $20.00, then only when that fills, submit a stop-limit order to sell the same 100 CEF.
The 2nd order will be submitted with a stop limit of (MARK - 1.00) (initially $19) and a limit offset of 10c.
*if* I got this right, the max loss for the trade if the stock falls continuously is $19 (the initial stop price) less the 0.10 limit offset or a final price of $18.90. (Assume at least for now that the stop limit DOES fill).
is that what this actually does, or do I have some of the parameters wrong?