It is now possible to use take profit and stop loss orders attached to your entries when using TradeStation! This feature is useful for strategies that require a percentage take profit and or stop loss order attached to their entry orders.
The take profit and stop loss functionality is built on top of the functionality provided by your broker. When TradersPost is calculating your entry order, if you have a take profit or stop loss percentage configured, we will automatically calculate the take profit and stop loss orders and send them to your broker at the same time we send the entry order. We take advantage of the native OCO functionality of the broker so you get the same execution you expect when using your broker directly!
When you navigate to the order form in a TradeStation account, you will now see an option for attaching a take profit and stop loss order to your entry order.
Now you are ready to confirm your order before sending it off to your broker!
After you submit your order, we will make the necessary API calls to your broker to create the order exactly as it would be if you were to create the order directly with your broker!
What about if you want to use this functionality with automated trading strategies? Great question! Just head over to edit your strategy subscription and scroll down to the Take Profit & Stop Loss section of the form and configure the percentages for your take profit and stop loss orders. In this example I entered a 20% take profit limit order and a 10% stop market order.
After you click save, you will see an example entry order with your take profit and stop loss orders attached to your entry!