 What's going on everybody? This is Giovanni from the options training channel today is Sunday, May 31st 2020 I hope everybody's having an awesome Sunday awesome weekend in today's video I explain how I go in and actually make a conditional order Per popular demand a lot of people have been asking me how I place those where that option is and all of that jazz Thus why I am making this video first and foremost I want to make a disclaimer out there Anything that I do say or show on today's video is simply for demonstration educational purposes only I am a true beginner when it comes to thinkorswim all the options and bells and whistles I've always used thinkorswim just for charting purposes and never to actually execute trade so navigating through thinkorswim I'm still learning my way around it Moving on guys what are conditional orders conditional orders are simply what it sounds like It's a buy or sell order that you can queue up that are tied to certain conditions or criteria meaning for technical indicators when something happens in action or price action tie those buy and sell orders to those conditions Now I was able to blow up the font and the display bigger so you can see whenever I actually navigate through here I am in simulated trading mode so because I do have an active account with thinkorswim or TD Ameritrade I don't want to screw anything up or forget to delete anything so I am using the simulated trading option here what we're looking at here is the spine one hour chart again just by one hour charm I do have the Bollinger bands on the actual chart and the MACD down below I'm going to be using these two indicators as examples on setting up these conditions how do you get to the conditional wizard window well there's a number of ways I like to go to the trade tab I like to hit you know the bid or ask but you can click on the price you can hit buy it brings up this window here and well you can put in your number of shares by side stock if you look all the way to the far right two buttons away these two tiny ones and this is the main reason why I wanted to blow up the font you can see this a lot better this little gear here right next to the limit whether you put in day or good to cancel this little gear right here this little guy brings up the order rules this is the first window that pops up price rules I hit market whether it's a good to cancel day if you're buying in or it's a just day and this is a little screwy a little glitch here you have to click the underneath the symbol you see these boxes that light up once I roll my mouse over you have to click on it it'll load up spy again I don't know it's a little glitch there and then right next to spy you have method you click on it and then this little window comes up these options come up you want to hit study and then you want to hit edits this brings us up to the study order condition window this is where we're going to actually be setting up all of our conditions now it has queued up the simple moving average with open and closed parentheses we want to delete that and first and foremost that is what I do um and then on the this button right here that looks like a deem you want to click there depending on what time frame what time duration you're looking to trade get in get out or whatnot you want to select that that's first and foremost I already screwed up on that believe me I like to trade the one hour chart so we're going to uh click the one hour chart changes to one hour of course this is spy now this is the condition preview this is where once you build your your condition it's going to show you where it would have executed that order in the past and it's going to use that as uh basically as an example for the future right so you can fine tune it to your liking because um you know we're going to start off with the MACD so I'm going to actually load up the MACD indicator here and literally you just right click on the chart studies edit studies and put in the MACD we're going to use the default setting so there we have it all right let's say that we like MACD uh crossovers of the fast line crossing above the slow line so anywhere the blue line crosses above this tan line we want to execute it order how do we do that well we can go here add condition we're going to hit select condition we're going to hit study we're going to find MACD and we're going to use the uh the default settings here it is the value that blue line it is the value line so we want that's going to stay by itself and then these are choices that you can so crosses above the the value line crosses above study MACD the average line and that's it if that's all we're looking for that's it nothing else um that we can hit save and looky here it's going to show you an arrow of exactly where it would execute our order let's zoom in uh it's a little bit too big right here the blue line crosses over the tan line and it's going to execute our order on this bar again this is using as an example as to where your order would execute and we can go back and actually see this you can fine tune this by hitting edit um you know if you have particular parameters that you would like to use other than the default ones you change them here um you can change what particular plot that you're looking for to cross above or below or greater or equal to or true or false this is where you build it it is that simple once you fine tune it and let's just say this is perfect um this is exactly what we want we're going to hit okay everything set you can set your quantity uh market limit order whatnot and then you we want to hit save and it'll queue it up confirm and send and again it's going to put it right there order conditions the value crosses above the average and the one hour chart is true we hit send it's that easy that's simple um if you want to use something like the Bollinger bands where the price closes above or below uh either the midline uh the upper band lower band let's go ahead and do that so let's actually start from the beginning again get to this order ticket here go off to the far far right hit that gear we're gonna hit markets gonna be day for the day symbol again we're just gonna click there it's gonna queue up spy method click there studies edits and then let's queue up and the Bollinger bands all righty so we're gonna delete the simple moving average there and we're gonna change our time duration to one hour that is very very important guys depending on what time frame the right trading here is the time frames that you can choose and let's hit add conditions let's say we want to buy whenever price closes above the upper band here so we're gonna add conditions we're gonna hit the price the close crosses above we're gonna find the study Bollinger bands and this is where it is where whatever line that we want price to close above so let's hit the upper band closes above the upper band default settings save and these arrows are gonna tell us where it would buy so see how the price closed above this band here this is exactly where it would execute that that order same here here now here's something that I use religiously for my trading again using it as an example for my trading I want to make sure that the price closes above that upper band the way that I ensure myself that I get in like for example on this candle here if it went across that upper band it would execute our buy order but then it closed below it I don't want to get in if it doesn't actually close above that upper band I want to make sure that it closes above that upper band what you have to do is you have to edit offset by one save and there it is if you missed it it was on this candle that it had the arrow on where it would execute our order and it moved it to the right by one candlestick again really quick edit if we go back to zero offset that's that's what this means offsetting the close by one save and it's going to move it back to this candlestick but I actually want to get in on the open of the following candle as soon as the price closes above the upper band we do that by hitting edit offsetting the close by one or if you want to whatever floats your boat that is how you do that save move it to the right once once you have your conditions all set up hit ok and down here in the description down below it'll put it in writing in words what you are trying to accomplish submit the following order by 100 shares of spy at current market price the order is valid only for the current trading day number two wait until the following condition is satisfied spy study closed from one bar ago crosses above the Bollinger band's upper band one hour is true this order will show a wait condition status during the waiting hit save confirm and send and it'll put it right there just so you know exactly what kind of an order you're putting up it'll send you'll be all set guys one last final tip before I let you go if you don't know much about coding or scripting in think script here's something really needs once you actually queue up your order here you can hit think script editor and this is the line of code that was generated by your condition you can copy this line of code and actually paste it to actually run a scan build a scan or actually build a study in thinker script and if you haven't seen my video about thinker script scripting for your own algorithm I'll link it down below in the description or put it somewhere here in the screen top right top left bottom left bottom right somewhere around here in the video at least in the description down below for sure so you can learn how to build your own strategy I hope this helps you out a little bit this was an extreme basic tutorial of conditional orders I am very new to this so I'm still learning but I am loving it this allows me to place orders queue up orders and then executing without me actually physically being there at the computer even though that I'm always near a computer guys if you found this video helpful in any kind of way please consider subscribing to my channel don't forget to like this video and comment down below what you thought about it guys or if you have any questions commenting down below or sending me an email guys thank you everybody I hope everybody has an awesome weekend guys take care