OptionStation Pro
Triggers specify the price pattern that will trigger a Stop, If Touched order, or Activation rule.
There is no guarantee that this feature will prevent all circumstances of a bad price tick triggering a stop order or prevent a bad stop order fill price.
From the TradeStation platform, access using the menu bar File > Preferences > TradeStation Order Entry and select Options > Triggers.
Stop/If Touched Trigger Types
Controls the TradeStation order server settings for stop order trigger types
Definitions
When working with multi-leg options orders, there are no trade ticks, so natural pricing is used. See below for examples of trigger types for all asset classes.
The following describe the use of single
Click an arrow to expand an item, or again to collapse.
Stop Orders | If Touched Orders | ||||
---|---|---|---|---|---|
Trigger Type | Order Type | Description | Example | Description | Example |
Single Trade Tick (STT)
(Selected by Default) |
Buy Orders | One trade tick must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One trade tick must print at or below your If Touched price to trigger your buy order. | If you place an order to Buy at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | One trade tick must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One trade tick must print at or above your If Touched price to trigger your sell order. | If you place an order to Sell at (Undefined variable: Localization.CurrenySymbol)50, a trade tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Single Trade Tick within NBBO (STTN) | Buy Orders | One trade tick must print within the National Best Bid and Offer (NBBO) at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | One trade tick must print within the National Best Bid and Offer (NBBO) at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. |
Sell Orders | One trade tick must print within the National Best Bid and Offer (NBBO) at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | One trade tick must print within the National Best Bid and Offer (NBBO) at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, the trade tick must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | |
Single Bid/Ask Tick (SBA) | Buy Orders | One Ask tick must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Ask tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Ask tick must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Ask tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | One Bid tick must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Bid tick must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Single Ask/Bid Tick (SAB) | Buy Orders | One Bid tick must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Bid tick must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, one Bid tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | One Ask tick must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, one Ask tick at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | One Ask tick must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, One Ask tick at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Stop Orders | If Touched Orders | ||||
---|---|---|---|---|---|
Trigger Type | Order Type | Description | Example | Description | Example |
Double Trade Tick (DTT) | Buy Orders | Two consecutive trade ticks must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive trade ticks must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two consecutive trade ticks must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive trade ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Double Trade Tick within NBBO (DTTN) | Buy Orders | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. |
Sell Orders | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two consecutive trade ticks must print within the National Best Bid and Offer (NBBO) at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | |
Double Bid/Ask Tick (DBA) | Buy Orders | Two consecutive Ask ticks must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Ask ticks must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two consecutive Bid ticks must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Bid ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Double Ask/Bid Tick (DAB) | Buy Orders | Two consecutive Bid ticks must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Bid ticks must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two consecutive Ask ticks must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive Ask ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Stop Orders | If Touched Orders | ||||
---|---|---|---|---|---|
Trigger Type | Order Type | Description | Example | Description | Example |
Twice Trade Tick (TTT) | Buy Orders | Two non-consecutive trade ticks in the same day must print at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive trade ticks in the same day must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two non-consecutive trade ticks in the same day must print at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two consecutive trade ticks must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Twice Trade Tick within NBBO (TTTN) | Buy Orders | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. |
Sell Orders | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or below the stop price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | Two non-consecutive trade ticks in the same day must print within the National Best Bid and Offer (NBBO) at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive trade ticks must be greater than or equal to the inside bid and must be less than or equal to the inside ask, at or above the If Touched price of (Undefined variable: Localization.CurrenySymbol)50 to trigger the order. | |
Twice Bid/Ask Tick (TBA) | Buy Orders | Two non-consecutive Ask ticks must print in the same day at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Ask ticks in the same day must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two non-consecutive Bid ticks must print in the same day at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Bid ticks in the same day must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | |
Twice Ask/Bid Tick (TAB) | Buy Orders | Two non-consecutive Bid ticks must print in the same day at or above your stop price to trigger your buy stop order. | If you place a stop order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Bid ticks in the same day must print at or below your If Touched price to trigger your If Touched buy order. | If you place an If Touched order to Buy at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Bid ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
Sell Orders | Two nonconsecutive Ask ticks must print in the same day at or below your stop price to trigger your sell stop order. | If you place a stop order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or below (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. | Two non-consecutive Ask ticks in the same day must print at or above your If Touched price to trigger your If Touched sell order. | If you place an If Touched order to Sell at (Undefined variable: Localization.CurrenySymbol)50, two non-consecutive Ask ticks at or above (Undefined variable: Localization.CurrenySymbol)50 will trigger the order. |
The above trigger types (single, double, and twice) also allow you to specify the type of tick, number, and pattern of ticks that will trigger a specific row of an activation rule. Bid/Ask and Ask/Bid triggers use the comparison operator (>/>= or </<=) for the row to determine which type of tick to compare.
The following are examples of different types of Stop and If Touched triggers. Click an arrow to expand an item, or again to collapse.
Let’s look at a table that shows If Touched trigger types for buy and sell orders for equities:
Underlying Price | Trigger Price for Limit Orders | Trigger Price for Market Stop Orders | Trigger Price for Market If Touched (MIT) Orders | Trigger Price for Stop Limit Order | Trigger Price for Limit if Touched (LIT) Order | |||
---|---|---|---|---|---|---|---|---|
45 | Buy Orders | Buy limit <= 40 | Buy stop >= 50 | Buy MIT <= 40 | Buy stop limit >= 50 | Order sent at limit price | Buy LIT <= 40 | Order sent at limit price |
Sell Orders | Sell limit >= 50 | Sell stop <= 40 | Sell MIT >= 50 | Sell stop limit <= 40 | Order sent at limit price | Sell LIT >= 50 | Order sent at limit price |
Example 1: If you place a Market if Touched buy order at <= (Undefined variable: Localization.CurrenySymbol)40, when the underlying price is (Undefined variable: Localization.CurrenySymbol)45, and then the underlying price moves to (Undefined variable: Localization.CurrenySymbol)40 or lower, a market order is triggered.
Example 2: If you place a Market if Touched sell order at >= (Undefined variable: Localization.CurrenySymbol)50, when the underlying price is (Undefined variable: Localization.CurrenySymbol)45, and then the underlying price moves to (Undefined variable: Localization.CurrenySymbol)50 or higher, a market order is triggered.
Let’s look at a table that shows If Touched trigger types for buy and sell orders for single options:
Option Price | Trigger Price for Limit Orders | Trigger Price for Market Stop Orders | Trigger Price for Market If Touched (MIT) Orders | Trigger Price for Stop Limit Order | Trigger Price for Limit if Touched (LIT) Order | |||
---|---|---|---|---|---|---|---|---|
1.50 | Buy Orders | Buy limit <= 1.20 | Buy stop >= 1.80 | Buy MIT <= 1.20 | Buy stop limit >= 1.80 | Order sent at limit price | Buy LIT <= 1.20 | Order sent at limit price |
Sell Orders | Sell limit >= 1.80 | Sell stop <= 1.20 | Sell MIT >= 1.80 | Sell stop limit <= 1.20 | Order sent at limit price | Sell LIT >= 1.80 | Order sent at limit price |
Example 1: If you place a Market if Touched buy order at <= (Undefined variable: Localization.CurrenySymbol)1.20, when the option price is (Undefined variable: Localization.CurrenySymbol)1.50, and then the option price moves to (Undefined variable: Localization.CurrenySymbol)1.20 or lower, a market order is triggered.
Example 2: If you place a Market if Touched sell order at >= (Undefined variable: Localization.CurrenySymbol)1.80, when the option price is (Undefined variable: Localization.CurrenySymbol)1.50, and then the option price moves to (Undefined variable: Localization.CurrenySymbol)1.80 or higher, a market order is triggered.
Let’s look at examples for both the SBA and SAB trigger types using the following option chain:
Calls | ||
---|---|---|
Bid | Ask | Strike |
1.18 | 1.41 | 120 |
0.71 | 0.92 | 125 |
For an SBA trigger type, let’s use a 120/125 long call vertical as an example, where 120 is long and 125 is short. Follow these steps to calculate the spread price used to evaluate stop triggering:
Strike | Leg Price | Minimum Ratio Quantity | Total Price |
---|---|---|---|
120 | 1.41 (Ask Price) | +1 (long) | 1.41 (Ask Price) |
125 | 0.71 (Bid Price) | -1 (short) | -0.71 (Bid Price) |
0.70 |
The SAB trigger type is more conservative than the SBA, and will not trigger stops as easily. For example, let’s use the same 120/125 long call vertical, where 120 is long and 125 is short. Follow these steps to calculate the trigger price:
Strike | Leg Price | Minimum Ratio Quantity | Total Price |
---|---|---|---|
120 | 1.18 (Bid Price) | +1 (long) | 1.18 (Bid Price) |
125 | 0.92 (Ask Price) | -1 (short) | -0.92 (Ask Price) |
0.26 |
Let’s look at examples for both the SBA and SAB trigger types using the following option chain:
Calls | ||
---|---|---|
Bid | Ask | Strike |
1.18 | 1.41 | 120 |
0.71 | 0.92 | 125 |
0.42 | 0.62 | 130 |
For an SBA trigger type, let’s use a 120/125/130 long call butterfly as an example, where 120 is long, 125 is short, and 130 is long. Follow these steps to calculate the trigger price:
Strike | Leg Price | Minimum Ratio Quantity | Total Price |
---|---|---|---|
120 | 1.41 (Ask Price) | +1 (long) | 1.41 (Ask Price) |
125 | 0.71 (Bid Price) | -2 (short) | -1.42 (Bid Price) |
130 | 0.62 (Ask Price) | +1 (long) | 0.62 (Ask Price) |
0.61 |
The SAB trigger type is the inverse of the SBA. For example, let’s use the same 120/125/130 long call butterfly, where 120 is long, 125 is short, and 130 is long. Follow these steps to calculate the trigger price:
Strike | Leg Price | Minimum Ratio Quantity | Total Price |
---|---|---|---|
120 | 1.18 (Bid Price) | +1 (long) | 1.18 (Bid Price) |
125 | 0.92 (Ask Price) | -2 (short) | -1.84 (Ask Price) |
130 | 0.42 (Bid Price) | +1 (long) | 0.42 (Bid Price) |
-0.24 |