Options Bracket Order Tradestation Setup and Customization

To set up a Tradestation for options bracket orders, you'll first need to navigate to the "Strategy" tab and select "Options" from the drop-down menu.

The "Options" tab is where you'll configure the specific options for your bracket order.

To customize your Tradestation setup, you can add or remove legs from the bracket order by clicking on the "Add Leg" or "Remove Leg" buttons.

You can also adjust the profit target and stop loss levels for each leg of the bracket order.

The "Legs" section of the Tradestation is where you'll define the specific parameters for each leg of the bracket order, including the option type, strike price, and expiration date.

By customizing these parameters, you can create a bracket order that meets your specific trading goals and risk tolerance.

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To place a custom OSO order, start by clicking OCO/OSO from the Trade Bar and selecting Custom OCO/OSO Order. This will open the Custom OCO/OSO dialog box.

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Enter a name for the order in the Stage OCO/OSO Name box if desired. This can be helpful for organization and tracking purposes.

To enter a symbol for the primary order row, simply type it in and press enter. Make sure to review the row to ensure the Symbol, Action, Quantity, and other fields are correct.

You can attach bracket and single orders under Advanced Settings if desired. This allows you to create complex order structures with ease.

To complete the order, choose an action from the available options. This will finalize the order and send it to the exchange.

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To place a custom OSO order, start by clicking the OCO/OSO button in the Trade Bar and selecting Custom OCO/OSO Order. This will open the Custom OCO/OSO dialog box.

From this dialog box, choose OSO Order (Order Sends Order) and click OK. The Order Cancels Order & Order Sends Order - Trade Bar dialog will then appear.

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Enter a name in the Stage OCO/OSO Name box if desired, to give your order a unique identifier. This can be helpful for tracking purposes.

Enter a symbol for the primary order row and press enter to proceed. Make sure to review the row to ensure that the Symbol, Action, Quantity, and other fields are correct.

You may need to use the dialog scroll bar to view all of the columns. This will help you catch any errors before proceeding.

To attach bracket and single orders, choose an order and select the relevant options under Advanced Settings. This can be done on the lower portion of the dialog box.

Here are the steps to place a custom OSO order in summary:

To place a custom OSO order, start by clicking OCO/OSO from the Trade Bar and selecting Custom OCO/OSO Order. This will open the Custom OCO/OSO dialog box.

Choose OSO Order (Order Sends Order) and click OK to proceed. The Order Cancels Order & Order Sends Order - Trade Bar dialog will then appear.

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To set up your order, enter a name in the Stage OCO/OSO Name box if desired, and then enter a symbol for the primary order row and press enter.

Review the row to ensure that the Symbol, Action, Quantity, and other fields are correct. You may need to use the dialog scroll bar to view all of the columns.

You can attach bracket and single orders under Advanced Settings if desired. When all of the order rows have been entered and reviewed, choose an action to complete the order setup.

Here are the basic steps to place a custom OSO order:

As you start building your bracket order, it's essential to understand the columns and fields available to you. The Trade Bar displays your Open P/L for the symbol that you enter, as well as your total buying power with a Last Update timestamp.

The Action column allows you to choose the type of order you want to place, such as Buy, Sell, Buy to Cover, or Sell Short. You can select the action that suits your trading strategy.

The Quantity field is where you specify the number of units you wish to purchase or sell, and the system will automatically insert the minimum quantity if required. In OCO/OSO orders, the Quantity field is blank by default.

You can choose from various order types, including Limit, Market, Stop Limit, Stop Market, Trailing Stop, and Trailing Stop %. Each of these order types is available for all asset classes.

The Price fields allow you to adjust prices by entering a number or using the up and down arrows. You can also transfer prices from the Bid, Last, or Ask buttons to the Price fields.

The Route field specifies how your order will be routed to a market participant, and you can choose from the available options or leave it as the default, Intelligent. Certain Advanced order settings may not be available for all durations.

The Duration field determines the length of time your order will remain valid in the market, and the available durations may vary depending on the selected order route and asset class. Some order settings may not be available for all durations.

The GTD (Good Till Date) order is resubmitted into the marketplace every day with its order duration set to DAY until it fills, is canceled, or expires. You can specify the date that the order will be good through, but GTD orders have a maximum life span of 90 calendar days.

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Here's a quick rundown of the columns and fields you'll need to fill out:

To create a custom OSO order, you'll need to click the OCO/OSO button in the Trade Bar and select Custom OCO/OSO Order. This will open the Custom OCO/OSO dialog box.

In this dialog box, choose OSO Order (Order Sends Order) and click OK to proceed. The Order Cancels Order & Order Sends Order - Trade Bar dialog will then appear.

To start setting up your order, enter a name in the Stage OCO/OSO Name box if desired. Next, enter a symbol for the primary order row and press enter.

Review the row to ensure that the Symbol, Action, Quantity, and other fields are correct. You may need to use the dialog scroll bar to view all of the columns.

To attach bracket and single orders, choose an order and select the Advanced Settings option on the lower portion of the dialog box. From here, you can add bracket and single orders as desired.

Here's a step-by-step overview of the process: