Creating a custom Options Stop Loss
I have been looking for some way to be able to easily adjust my stop loss manually on the chart for intraday trades on SPX. The contract price can move very fast and the dragging of the stop loss in Active trader is tedious and hard to correlate to the underlying price.
I came up with using a custom Thinkscript study to plot a simple line on the chart with an input that I can manually enter.
Then I will create a contingent order template that will fire off the sell order to close the trade if the SPX price crosses below my created line for a Call stop loss.
So theoretically I can just add that custom Stop Loss study to my chart and then manually set it where I want it to stop me out at different levels.
The contingent order will stay working and stop me out when my custom line is crossed.
Before I do all this am I missing some place you can just drag the stop loss to a specific price point on the chart for options. Seems u can do it for stocks but not for option contracts?
Posted Sep 6, 2025, 8:54 PM UTC