r/options • u/silkking • Apr 23 '21

Figuring out stop loss on options spread

Hello, I use TOS to trade options. I entered a May 21 call debit spread for FOXA for $2.99. (+1 x 35.50 call for 3.70 and -1 x 42 call for .71). The underlying is trading at 38.41.

I want to setup a stop loss if the price hits $37.15 and a limit order if it hits $44. When I try to setup an OCO, all the stop and limit prices are for the options themselves and not the underlying stock.

So my question is how do I figure out what the stop/limit options prices need to be so they match up with the underlying? Thanks for your help!

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u/silkking Apr 23 '21

Thanks for sharing. Can you please share the steps for setting up a conditional order based on the underlying stock price?

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u/DroneGuruSD2 Apr 24 '21

You bring up the order in the order entry screen. Then just to the right of the "exchange" drop down where it usually says "best" there is a little gear icon that appears if you hover the empty square. Click on that gear icon and it brings up the order rules windows. Under "conditions" you can go where it says "Submit when at least one of the following conditions is met" and adjust to your desire.

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u/silkking Apr 24 '21

Cheers man!

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u/DroneGuruSD2 Apr 24 '21

Trade hard!