An interesting strategy I found in TOS Orderbook
I wouldn’t use these prices, but the Trailing stop up and conditional RIMM price is a strategy that I have been thinking about, but especially, I wouldn’t execute a trade like this without first having it check that it’s above it’s low trade or within x range of it’s high or something… etc… But yeah, just noting this so I can remember it later.
(Actually everything on here that I post to remember later, I have never looked at - I need to organize this stuff.) Argh. Tried using a wiki but I always lose it or forget where it’s installed at and make another. So at least I can’t delete this by accident. :)
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1. Wait until the following condition is satisfied: RIMM MARK AT OR ABOVE 70.01. This order will show a WAIT COND status during waiting;
2. Submit the following order: BUY +23 VERTICAL RIMM 100 OCT 08 70 CALL TRAIL STOP LIMIT.
This order contains both a TRAIL STOP and a LIMIT price. The LIMIT order is submitted when the TRAIL STOP component is triggered. The TRAIL STOP is triggered when the bid price is at or above the calculated TRAIL STOP price. The trail stop price is calculated from the market ask of the security when the order is submitted plus +1.10. The trail stop price is continually updated if and when the bid price moves lower, but does not change if the bid price moves up. That is, the trail stop price is automatically adjusted when the bid price moves in a “favorable” direction. The LIMIT order is to execute at the market ask at the LIMIT part activation time or better. This order will show a WAIT STOP status as it waits for the stop to be triggered. The order is valid until it is either filled or cancelled;
