Iron Condor trailing profit target

[buy23jim]

I am having a severe brain freeze and cannot figure out how to do this on trading plan I am working on.

Say for instance, I want to put in a order to cover an iron condor I sold. The current price is $2.75. When the price drops to $2.08 (10% profit for me), I want to trigger a stop order so that if the price rises to $2.39, a limit order to buy my condor back at $2.44 (5% profit) (giving up .05 to help cover bid/ask spread).

I would also like to know how to replace this order automatically if the price then drops to $1.72, with a stop order of $2.44 if the price rises to $2.39. etc.

Thanks for any help, say this in on the TOS platform.

Jim

 

[buy23jim]

Is there a way I can set up these contingent order(s):



I want to put in a order to cover an iron condor I sold. The current price is $2.75. When the price drops to $2.08 (10% profit for me), I want to trigger a stop order so that if the price rises to $2.39, a limit order to buy my condor back at $2.44 (5% profit) (giving up .05 to help cover bid/ask spread) is executed.



I would also like to know how to replace this order automatically if the price then drops to $1.72, with a stop order of $2.08 if the price then raises to $2.03. etc.


Note I would have another stop loss order to limit a loss (ideally OCO with this one) and also that this is NOT just a trailing stop I am trying to set up as I don't want it to trigger if my profit goes to 14% and then down to 9%, but would want it to be able to go down to 5% profit before I bought back my condor.